8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

August 7, 2006

Date of Report
(Date of earliest event reported)

FISHER COMMUNICATIONS, INC.

(Exact Name of Registrant as Specified in Charter)

Washington	000-22439	91-0222175
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(IRS Employer Identification No.)

100 Fourth Avenue N., Suite 510, Seattle, Washington 98109

(Address of Principal Executive Offices, including Zip Code)

(206) 404-7000

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition
	Item 9.01. Financial Statements and Exhibits
SIGNATURE
Exhibit Index
EXHIBIT 99.1

Item 2.02 Results of Operations and Financial Condition

     The information in this Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, unless expressly set forth by specific reference in such filing.

     On August 7, 2006, Fisher Communications, Inc. issued a press release announcing financial results for the second quarter ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d)	Exhibits
99.1	Press release issued by Fisher Communications, Inc., dated August 7, 2006.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FISHER COMMUNICATIONS, INC.
Dated: August 7, 2006	By	/s/ Jodi A. Colligan
		Jodi A. Colligan
		Vice President Finance Acting Chief Financial Officer

Exhibit Index

99.1 Press release, dated August 7, 2006.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

CONTACT: Colleen B. Brown, President & CEO, Fisher Communications, Inc.
(206) 404-6783

IMPROVING PERFORMANCE FOR FISHER COMMUNICATIONS AS SECOND QUARTER 2006 RESULTS RELEASED

SEATTLE—(BUSINESS WIRE)—August 7, 2006—Fisher Communications, Inc. (Nasdaq: FSCI) today announced financial results for the second quarter and year-to-date periods ended June 30, 2006.

Fisher Communications reported income from continuing operations of $1.8 million for the three months ended June 30, 2006, compared to a loss from continuing operations for the three months ended June 30, 2005 of $1.5 million. Including income from discontinued operations amounting to $476,000, second quarter 2006 consolidated net income was $2.3 million. Including income from discontinued operations of $372,000, second quarter 2005 consolidated net loss was $1.1 million.

Income from continuing operations for the six months ended June 30, 2006 was $5,000, compared to a loss from continuing operations for the six months ended June 30, 2005 of $6.6 million. Including income from discontinued operations amounting to $562,000; six-month 2006 consolidated net income was $567,000. Including income from discontinued operations of $410,000, six-month 2005 consolidated net loss was $6.2 million.

As announced in May 2006, the Company signed a definitive agreement to sell its twenty-four small-market radio stations located in Montana and eastern Washington for $33.3 million. The operating results for this group of stations have been reported as discontinued operations due to the pending sale, which is subject to FCC approval and certain other conditions.

“Again, we gained solid revenue and realized operating improvements in the second quarter and first half of 2006, especially in our large-market stations,” stated Colleen Brown, President and CEO of Fisher Communications. These increases in revenue occurred in both local and national

broadcasting revenue categories. The Company’s two ABC-affiliated television stations accounted for approximately 51% of the Company’s total year-to-date 2006 revenue from continuing operations. Total revenue from continuing operations increased $6.1 million, or 9 percent, in the first half of 2006, in comparison to the first half of 2005.

Also announced in May 2006, the Company closed the purchase of two Idaho low-power television stations for an amount of $1.0 million, and paid a $3.5 million deposit toward the purchase of two Oregon television stations for $19.3 million. These transactions were initially announced in December 2005.

In June 2006, the Company announced an agreement to purchase the stock of African-American Broadcasting of Bellevue, Inc., licensee of television station KWOG, in Bellevue, Washington. Fisher purchased 25% of the stock for $4.0 million in conjunction with the execution of a Stock Purchase Agreement and a related local marketing agreement with a commencement date contingent upon certain events.

In July 2006, the Company announced that it entered into a local marketing agreement to manage four low-power television stations located in Eastern Washington, and an option agreement whereby Fisher has the right to acquire the stations until June 30, 2007. The stations currently provide programming to the Yakima-Pasco-Richland-Kennewick television market in Washington through an affiliation with Univision.

Commenting on the transactions, Brown said, “By selling our small-market radio stations, we are able to focus on increasing the synergies and operating performance of our remaining cluster of Northwest stations. The combined group of Spanish-language television stations will provide Fisher the opportunity to obtain duopoly economics in markets in which we currently operate, as well as serve our fast growing Hispanic population”.

###

Fisher Communications, Inc. is a Seattle-based integrated media company. Its eleven network-affiliated television stations, and a twelfth station 50% owned by Fisher Communications, are located in Washington, Oregon, and Idaho, and its 27 radio stations broadcast in Washington and Montana. It also owns and operates Fisher Plaza, a facility located near downtown Seattle.

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months ended						Three months ended
	June 30						June 30
(in thousands, except per-share amounts) Unaudited	2006			2005			2006			2005
Revenue	$	71,271		$	65,178		$	40,190		$	36,865
Costs and expenses
Cost of services sold		34,734			35,915			19,632			19,947
Selling expenses		12,267			11,260			6,654			6,355
General and administrative expenses		14,183			16,026			6,456			7,060
Depreciation and amortization		5,027			7,619			2,511			3,558
		66,211			70,820			35,253			36,920
Income (loss) from operations		5,060			(5,642	)		4,937			(55	)
Other income, net		1,767			1,754			881			923
Interest expense		(6,822	)		(6,775	)		(3,368	)		(3,404	)
Income (loss) from continuing operations before income taxes		5			(10,663	)		2,450			(2,536	)
Provision (benefit) for federal and state income taxes		—			(4,095	)		658			(1,074	)
Income (loss) from continuing operations		5			(6,568	)		1,792			(1,462	)
Income from discontinued operations, net of income taxes		562			410			476			372
Net income (loss)	$	567		$	(6,158	)	$	2,268		$	(1,090	)
Income (loss) per share:
From continuing operations	$	0.00		$	(0.76	)	$	0.21		$	(0.17	)
From discontinued operations		0.07			0.05			0.05			0.04
Net income (loss) per share	$	0.07		$	(0.71	)	$	0.26		$	(0.13	)
Income (loss) per share assuming dilution:
From continuing operations	$	0.00		$	(0.76	)	$	0.21		$	(0.17	)
From discontinued operations		0.07			0.05			0.05			0.04
Net income (loss) per share	$	0.07		$	(0.71	)	$	0.26		$	(0.13	)
Weighted average shares outstanding		8,708			8,658			8,710			8,690
Weighted average shares outstanding assuming dilution		8,716			8,658			8,719			8,690

CONDENSED CONSOLIDATED BALANCE SHEETS	June 30		December 31
(in thousands) Unaudited	2006		2005
Assets
Current assets	$	49,038	$	60,253
Marketable securities, at market value		169,632		170,053
Other assets		76,040		65,775
Property, plant and equipment, net		143,970		144,312
Total assets	$	438,680	$	440,393
Liabilities and stockholders’ equity
Current liabilities	$	19,868	$	24,691
Long-term debt		150,000		150,000
Deferred income taxes		31,786		31,381
Other liabilities		26,638		24,700
Total liabilities		228,292		230,772
Stockholders’ equity, other than accumulated other comprehensive income		103,235		102,193
Accumulated other comprehensive income, net of income taxes		107,153		107,428
Total stockholders’ equity		210,388		209,621
Total liabilities and stockholders’ equity	$	438,680	$	440,393