Fisher Q2 Revenues Fall, Mariners Or Not
August 6, 2009 at 6:45 AM (PT)
FISHER COMMUNICATIONS, INC. second-quarter radio revenue fell 49% to $5.9 million, but radio Broadcast Cash Flow increased $1.4 million with the end of News KOMO-A/SEATTLE's deal to air SEATTLE MARINERS baseball. Excluding the M's deal, radio revenue fell 21% and radio Broadcast Cash Flow decreased 30% over the same period.
Overall company revenue fell 30% to $32 million, much of which was expected due to the end of the MARINERS contract and loss of political advertising. Net loss for the second quarter was $2.1 million (24 cents/share), after 2008's net income of $63.7 million ($7.29/share), which included an after-tax gain on the sale of 1.5 million shares of SAFECO CORP. of $67.4 million. Excluding the after-tax gain, net loss in the second quarter of 2008 was $3.7 million (42 cents/share).
FISHER Pres./CEO COLLEEN B. BROWN said, "Our financial performance continues to be affected by the overall weakness in the economy and its impact on our clients' advertising budgets. While we expect that our advertising and business partners will remain cautious until the economic recovery begins, we believe we are seeing signs that the worst may be behind us, including an improvement in TV ad pacing. It is too early to make definitive predictions, but these are positive indications that we will be closely monitoring for the remainder of the year.
"We are pleased to have completed our key cable retransmission agreements, gaining some recognition for the value of our stations, and to have settled our dispute with DISH NETWORK. In this challenging economic environment, we continue to seek new opportunities to drive incremental revenue by expanding our broadcast to broadband strategy. We also remain focused on improving our operational performance and effectively managing our cost structure."