Fisher Sees Sharp Revenue, Income Increases In Fourth Quarter
March 3, 2011 at 6:40 AM (PT)
FISHER COMMUNICATIONS, INC. fourth -quarter 2010 total revenue rose 49% to $57.6 million, credited to strong political advertising revenue and improvements in other advertising categories. Radio revenue increased 17% to $7.1 million; excluding political ads, radio revenue rose 6% to $6.322 million.
Net income grew from $1.1 million (with a pre-tax gain on exchange of broadcast equipment of $2.6 million and a $1.3 million pre-tax gain from net insurance reimbursements received from the FISHER PLAZA electrical fire insurance claim) to $8.3 million (12 to 93 cents/share).
Pres./CEO COLLEEN B. BROWN said, "We are very pleased with our fourth-quarter results, which reflect FISHER's highest quarterly revenue during the past 10 years. Our five-year track record of ratings and core advertising market share growth confirms that our strategic plan to drive EBITDA growth is working.
"The continued improvements within our traditional broadcast business and digital portfolio contributed to a very strong year in terms of operational performance, profitability and cash flow. We plan to leverage these strengths as we continue to transform FISHER into a more highly diversified local media company. In 2011, we are focused on using our multi-platform offering to aggressively strengthen our position and pursue a larger share of audience and local advertising in the markets we serve."