Fisher Radio Revenue Falls For First Quarter
May 10, 2011 at 4:39 AM (PT)
While the company's management battles with dissident shareholder FRONTFOUR over their competing slates of director nominees, FISHER COMMUNICATIONS showed revenue growth for first quarter, with consolidated revenue up 7.3% to $37.9 million and net loss narrowing from $2.2 million (including a gain of $1 million from exchange of broadcast equipment and net insurance reimbursements) to $1.7 million (25 to 20 cents/share). However, radio net revenue fell 1% to $5.2 million and cash flow was off $52,000 to $304,000, blamed on the flipping of KVI-A/SEATTLE from Talk to Oldies and the winding down of the Joint Sales Agreement with Classical KING-F/SEATTLE, which has gone noncommercial. Net TV revenue jumped 9.5% (up 12.3% excluding political revenue).
Pres./CEO COLLEEN B. BROWN said, "FISHER's successful execution of its strategic plan has continued our business growth by improving ratings, growing revenue share and adding new advertising categories and local solutions. The strong revenue and EBITDA growth we delivered in the first-quarter reflects our market leading positions and the power of our brands, which has allowed FISHER to take full advantage of the early advertising recovery.
"We also remain very pleased with the growth of our Internet portfolio, which focuses on delivering highly localized content and information across a number of platforms, including mobile devices and social media tools. We are combining these multi-platform offerings with innovative advertising solutions to better position FISHER to capture a larger share of the total market advertising spend. Our ability to leverage the strength of our core broadcasting assets with technological innovation has put FISHER at the forefront of redefining our industry for the future."