Fisher Revenues Fall In Third Quarter
November 7, 2011 at 6:36 AM (PT)
FISHER COMMUNICATIONS, INC. third quarter total consolidated revenue fell 5% to $39.7 million, with net income down from $3.3 million (including a $2.9 million one-time gain from insurance reimbursements from the FISHER PLAZA fire and $300,000 from the exchange of broadcast equipment) to $1.4 million (38 to 16 cents/share). Radio revenue fell 14% to $5.3 million, partly due to the discontinuance of the Joint Sales Agreement for Classical KING-F/SEATTLE.
President and CEO COLLEEN B. BROWN said, "Our solid third quarter performance demonstrates the continued strength of our market-leading broadcast properties and the growing popularity of our digital platform. Through the successful execution of our strategic plan, we have transformed FISHER into a leader in local media by improving audience and revenue share, embracing new ways to distribute our content, and leveraging our unique multiplatform approach. Our demonstrated ability to anticipate the changing nature of advertisers' spending while developing innovative platforms and channels to meet their needs, positions us well to deliver long-term value to our communities and our shareholders."
TV revenue rose 8% excluding political ads to $29.6 million. Internet revenue grew 52% to $1.4 million.