Fisher Radio Revenues Down 18.3% For Q4
March 12, 2009 at 6:51 AM (PT)
FISHER COMMUNICATIONS fourth-quarter 2008 revenues rose 7.2%, attributed to the addition of CBS affiliate KBAK-TV (CBS 29) and FOX affiliate KBFX-CA (FOX 58)/BAKERSFIELD and strong political revenue ($14.2 million gross). The company fell from net income of $31.4 million ($3.60/share) in fourth quarter 2007 to a net loss of $47.7 million ($5.46/share) for fourth quarter 2008. The company took a $78.2 million non-cash impairment charge this quarter.
Radio revenues fell 18.3% to $6.6 million for the quarter. The decline was blamed mostly on an 18% drop in SEATTLE market revenue.
Pres./CEO COLLEEN B. BROWN said, "The economic slowdown deepened in the fourth quarter, which resulted in further declines in advertising spending, most notably in the key categories of Automotive and Retail. Despite the weakening advertising picture, FISHER was able to increase same-station revenue in the fourth quarter as well as 2008 as a whole, due to strong political spending and improved market share in a majority of our markets.
"In this weak economic environment, we will remain focused on improving our operational performance. We will continue to aggressively compete for every advertising dollar and strategically identify new streams of revenue, including retransmission from our distribution partners, our Internet platform and our digital spectrum. We also will maintain a disciplined focus on containing costs, but are mindful of avoiding decisions that will undermine the significant momentum we have achieved in improving our operations over the past several years."
Phelps K. Fisher Retires From Board, Wortsman Named Non-Exec Chairman
In addition, Non-Executive Chairman PHELPS K. FISHER has announced his retirement from the board, effective APRIL 1st. MICHAEL WORTSMAN will assume the Non-Executive Chairman of the Board position upon FISHER's retirement.
"It has been an honor for me to be affiliated with this great organization over such a long period of time and I know that going forward, FISHER COMMUNICATIONS will continue to educate, entertain and improve the communities that we serve," said FISHER. "While the current economic situation presents challenges for this Company and many like it, FISHER has repeatedly demonstrated throughout its 100-year history that it is capable of adapting to new and trying circumstances and I am confident it will do so again. I leave the Company in capable hands."
WORTSMAN added, "For more than a half of FISHER's 100-year history, PHELPS has been an important part of the Company and during that time he has been an unwavering advocate for our customers, employees and shareholders. PHELPS was a driving force behind FISHER's successful transformation from a flour milling company into the regional broadcasting company we are today. On behalf of the Board and our employees, I want to thank PHELPS for his many accomplishments and contributions and for his tireless efforts to better serve our customers and communities."
The Company also announced today that at the request of Directors WILLIAM W. WARREN, JR, and GEORGE F, WARREN, JR., its board will reconstitute the Nominating and Corporate Governance Committee and replacing these two Directors on the committee following the 2009 Annual Meeting.