EX-99.1 2 v19927exv99w1.htm EXHIBIT 99.1 exv99w1
 

EXHIBIT 99.1
FOR IMMEDIATE RELEASE   (FISHER LOGO)
     
CONTACT:
            Rob Bateman, CFO of Fisher Communications, Inc. (206) 404-6776
FISHER COMMUNICATIONS ANNOUNCES FIRST QUARTER 2006 RESULTS
SEATTLE—(BUSINESS WIRE)—April 27, 2006—Fisher Communications, Inc. (Nasdaq: FSCI) today announced its financial results for the quarter ended March 31, 2006. The Company reported net loss of $1.7 million in the first quarter of 2006, compared to net loss of $5.1 million in the first quarter of 2005.
Fisher Communications’ revenue increased 9 percent in the first quarter of 2006 to a total of $33.8 million, as compared to $31.0 million in the first quarter of 2005. “We gained solid revenue and net operating improvements in the first quarter of 2006 – especially in our large-market ABC-affiliated television stations and our Seattle radio stations,” commented Colleen B. Brown, President and CEO of Fisher Communications. “Though the first quarter of the year is generally seasonally lower in the broadcasting industry, we are very encouraged by our first quarter 2006 results and look forward to the remainder of the year.” Television revenue increased $2.0 million, or 10 percent, in the first quarter of 2006, in comparison to the first quarter of 2005; radio revenue increased $0.6 million, or 7 percent, in the same periods. These increases in broadcasting revenue occurred in both local and national revenue categories.
Fisher Plaza revenue increased 13 percent in the first quarter of 2006, primarily as a result of increased occupancy and services fees. The Company recently signed agreements for additional third-party data center customers that increase Fisher Plaza occupancy to 95 percent in the fall of 2006 (after the tenants’ completion of required build-outs).
Cost of services sold in the first quarter of 2006 decreased $0.9 million, or 5 percent, as compared to the first quarter of 2005, due in part to reduced syndicated programming expenses. General and administrative expenses in the first quarter of 2006 decreased $1.3 million, or 13 percent, as compared to the first quarter of 2005, primarily as a result of first-quarter 2005 separation expenses of approximately $1.0 million for the Company’s former chief executive officer, as well as reduced personnel levels in the 2006 period. Depreciation expense decreased

 

 

in the same quarterly comparative periods due primarily to lower levels of depreciation as certain assets have become fully depreciated.
The Company will hold its annual meeting of shareholders on Thursday, April 27, 2006, at 10:00 AM Pacific Time. The presentations at the annual meeting are expected to include information regarding the Company’s operating results for the quarter ended March 31, 2006; therefore, the Company does not intend to hold a separate quarterly conference call.
The combined annual meeting and first quarter 2006 presentations are being webcast and can be accessed at the investor information page of Fisher Communication’s Web site at www.fsci.com. A replay of the webcast will be available until Thursday, May 4, 2006, and will also be accessible at the Fisher Web site, as is other information about Fisher Communications.
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Fisher Communications, Inc. is a Seattle-based integrated media company. The Company’s nine network-affiliated television stations, and a tenth station 50% owned by Fisher Communications, are located in Washington, Oregon, and Idaho, and its 27 radio stations broadcast in Washington and Montana. The Company also owns and operates Fisher Plaza, a facility located near downtown Seattle.

 

 

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 
    Three months ended
    March 31
(in thousands, except per-share amounts) Unaudited   2006   2005
 
Revenue
   $ 33,828     $ 30,957  
Costs and expenses
               
Cost of services sold
     15,740       16,623  
Selling expenses
     6,638       5,878  
General and administrative expenses
     8,623       9,875  
Depreciation and amortization
     2,582       4,129  
 
 
     33,583       36,505  
 
Income (loss) from operations
     245       (5,548 )
Other income, net
     898       850  
Interest expense
     (3,454 )     (3,371 )
 
Loss before income taxes
     (2,311 )     (8,069 )
Benefit for federal and state income taxes
     (610 )     (3,001 )
 
Net loss
   $ (1,701 )   $ (5,068 )
 
 
                
Net loss per share
   $ (0.20 )   $ (0.59 )
 
                
Weighted average shares outstanding
     8,706       8,625  

 

 

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                 
    March 31     December 31  
(in thousands) Unaudited   2006     2005  
 
Assets
               
Current assets
   $ 52,740     $ 60,253  
Marketable securities, at market value
     151,201       170,053  
Other assets
     66,025       65,775  
Property, plant and equipment, net
     143,667       144,312  
 
Total assets
   $ 413,633     $ 440,393  
 
 
                
Liabilities and stockholders’ equity
               
Current liabilities
   $ 18,652     $ 24,691  
Long-term debt
     150,000       150,000  
Deferred income taxes
     24,419       31,381  
Other liabilities
     24,565       24,700  
 
Total liabilities
     217,636       230,772  
 
Stockholders’ equity, other than accumulated other comprehensive income
     100,823       102,193  
Accumulated other comprehensive income, net of income taxes
     95,174       107,428  
 
Total stockholders’ equity
     195,997       209,621  
 
Total liabilities and stockholders’ equity
   $ 413,633     $ 440,393