Fisher Q3 Revenues Slide
November 5, 2009 at 8:10 AM (PT)
FISHER COMMUNICATIONS third-quarter net revenue decreased 18% to $34.5 million, with radio revenue off 49% to $6 million due to the loss of SEATTLE MARINERS baseball by News KOMO-A-F to crosstown BONNEVILLE Sports KIRO-A (710 ESPN SEATTLE). Without the impact of the MARINERS, radio revenue fell 21% for the quarter. Net income fell from a gain of $29.8 million ($3.41/share) to a loss of $4 million (46 cents/share), but without a one-time $2.6 million after-tax loss attributed to a fire at the company's FISHER PLAZA building in 2009, the 2009 figure would have been a loss of $1.4 million (16 cents/share).
FISHER Pres./CEO COLLEEN B. BROWN said, "Despite the unprecedented challenges facing our advertising partners and the direct effect it is having on our near-term performance, we remain confident in our business. We expect that the proactive steps we are taking to improve our operational and financial performance will allow FISHER to emerge a stronger media company once the economic recovery takes hold. Our strategic focus on increasing market share, expanding content offerings, aggressively fighting for every advertising dollar and maintaining a disciplined approach to cost management will allow us to better serve our viewers and create long-term value for our shareholders and business partners.
"A key element to our future success is positioning the Company to take full advantage of the opportunities that are being created by the proliferation of new technologies. Through our broadcast to broadband initiative, we are leveraging our inherent broadcast strengths to deliver new and exciting content to consumers through a variety of platforms. The launch of our hyperlocal websites enables users to access community news and information in an easy-to-use fashion, as well as provides local advertisers with a cost-effective way to reach their target audience. While this initiative is still in its infancy, we anticipate that it will play an important role in the Company's future."