Fisher Revenues Rise In Q3
November 2, 2010 at 3:12 PM (PT)
FISHER COMMUNICATIONS, INC. third-quarter total revenue rose 22% to $42.2 million, and radio revenue rose 10% to $6.5 million, with political spending and continued growth in core advertising credited for the increases. Net income jumped from a loss of $4 million to a gain of $3.3 million (including a $275,000 pre-tax gain on a SPRINT NEXTEL asset exchange and a $2.9 million pre-tax gain on insurance reimbursements for the JULY 2009 FISHER PLAZA fire.
Pres./CEO COLLEEN B. BROWN said, "We are pleased with the financial results for the quarter, which represented FISHER's third consecutive quarter of revenue growth. Our performance reflects continued growth in core advertising and robust political spending in CALIFORNIA, WASHINGTON and OREGON. Our stations continue to take higher shares of both ratings and revenue, and as we look ahead beyond elections and into 2011, we are cautiously optimistic that the core advertising rebound that began a year ago will continue."
The company also disclosed in a Form 8-K filing with the SEC that SVP/CFO JOSEPH L. LOVEJOY has announced his resignation, effective DECEMBER 31st. VP, Finance HASSAN N. NATHA will take over as VP/CFO on JANUARY 1st.
In addition, GEORGE F. WARREN, JR. has notified the company that he will retire from the board of directors at the end of his current term in 2011.