11.05.2009 03:00 PM
Fisher TV Revenues Fall 8 Percent
SEATTLE: Revenues fell 8 percent for the 21 TV stations
owned by Fisher Communications for the quarter ending Sept. 30. The stations
generated $25.1 million compared to $27.3 million generated in the comparable
period of 2008. The decline was attributable to lower local, national, and
political advertising at a majority of stations, Fisher said in its earnings
release. The drop was partially offset by an increase in retransmission revenue
of more than fourfold.
Fisher said it recorded $4.2 million in total retransmission consent revenue in
its third quarter. Around $2 million of that was attributable to the first half
of 2009 for contracts executed in the third quarter, covering periods
beginning Jan. 1, 2009.
Broadcast cash flow was $3.6 million compared to $5.6 million last year, down
37 percent, pegged to revenue declines. The stations posted $530,000 in net
political revenue in 3Q09 compared to $4.8 million last year.
Consolidated revenues for Fisher’s TV, radio and real estate properties were
$34.5 million compared to $42.3 million last year, down 18 percent. Net loss
was $4 million or 46 cents a share, compared to a profit of $29.8 million or
$3.41 per share last year. This year’s results included a $2.6 million loss
related to a fire at Fisher Plaza, while last year’s included a $31.8 million
after-tax gain on the company’s Safeco shares.
Adjusted net loss for the quarter was $1.4 million or 16 cent a share compared
to a net loss of $2.1 million or 24
cents a share in the year-ago quarter.
Fisher (NASDAQ: FSCI) ended the quarter with $49.5 million in cash and
equivalents and long-term debt of $122 million. Shares gained about 4 percent
in today’s trading to reach around $20.40 in mid-afternoon.
More on Fisher:
August 6, 2009: “Fisher Falls on Ad
Fisher TV stations showed the effects of an off-election year, in addition
to the industrywide slump in advertising.
June 10, 2009: “Fisher Stations
Restored to Dish Network”
Fisher Communications are back on the Dish Network line-up, the two
companies said this week.
April 29, 2009: “Fisher Falls on
Politics and Cars”
Retransmission helped the 20 Fisher Communications TV stations during
the first quarter of 2009, but it couldn’t make up for the implosion of the
April 21, 2009: “Fisher Signs Up for
Fisher Communications has signed a station group agreement with
Backchannelmedia to deploy its opt-in Clickable TV technology.
April 10, 2009: “Firms Advise Fisher
Shareholders to Block Gamco Gambit”
Fisher Communication said today its advisers have recommended a “no” vote
on a proposal from an institutional investor wanting to limit Fisher’s ability
to buy assets.