Fisher Q2 Revenues Rise
August 9, 2010 at 6:14 AM (PT)
FISHER COMMUNICATIONS, INC. second-quarter total revenue increased 28% to $40.8 million, boosted by a 37% increase in television revenue. Radio revenue rose 8% to $6.4 million, but radio broadcast cash flow fell $312,000 to $1.1 million due to higher sales commissions, advertising and programming costs.
Overall net income rose from a loss of $2.1 million (including $1.2 million of pre-tax gain on extinguishment of debt) to a gain of $328,000, including an $842,000 pre-tax gain on a SPRINT NEXTEL asset exchange and a $309,000 pre-tax gain on insurance reimbursements related to the fire at FISHER PLAZA in SEATTLE in JULY 2009.
Pres./CEO COLLEEN B. BROWN said, "FISHER benefited from the strong revenue growth in the television advertising market, the sustained recovery in local advertising and our ability to capture a larger share of the markets we serve. Our second-quarter results demonstrate the power of our brands and the popularity of our news and entertainment programming. In particular, we are pleased with the operational performance of our TV stations, which included the top-rated stations in the SEATTLE (ABC affiliate KOMO-TV) and PORTLAND (ABC affiliate KATU-TV) markets.
"As we look ahead to the remainder of 2010, we are optimistic that the increased advertising spending will continue to drive growth opportunities for local broadcasters. Over the past several years, we have strategically positioned FISHER to benefit from this recovery by improving our broadcast operations and developing a robust digital platform that enables us to meet the growing demand for local online and mobile content. We believe this diversified approach will allow us to create long-term value for our viewers, shareholders and business partners."
On the company's conference call, BROWN told analysts that the company has stopped actively trying to sell its GREAT FALLS, MT radio stations, saying that interested parties have not been able to obtain capital.