Fisher Q1 Revenues Down 29%
April 28, 2009 at 8:46 AM (PT)
FISHER COMMUNICATIONS first quarter radio revenue fell 29% to $4.9 million but the division's loss from operations narrowed year-to-year from $373,000 to $74,000, based on lower expenses. The company's overall revenues fell 25% to $28.5 million. with income from operations falling from a gain of $1.3 million to a loss of $5.4 million, blamed on lower revenues across the board.
President and CEO COLLEEN B. BROWN said, "During the first quarter, our financial performance continued to be hampered by the negative macro-economic conditions that have been affecting the entire broadcast industry since the middle of last year. The worsening automotive, financial and credit crises combined with the ongoing decline in consumer spending has resulted in advertisers significantly curtailing their spending. FISHER has taken a number of proactive steps to mitigate the impact of the downturn, but our results are clearly being impacted by a weak economy and an even weaker environment for consumer advertising.
"Despite this softness, our stations continue to take market share where ad dollars are being spent, which is a reflection of our commitment to delivering quality content that benefits our viewers, listeners, advertisers and business partners. We also remain focused on diversifying our sources of revenue by expanding our fast-growing Internet business and by monetizing our valuable content that we provide our distribution partners through retransmission fees."