-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KRNnSTwWIGbol18TAv1v88O8f0aeeBlJLkdE1ViZDu2K6PfBgG27sMQocr0fMlSD 9t7iNXjxvX/4Usx1rimvHA== 0000950124-06-006556.txt : 20061107 0000950124-06-006556.hdr.sgml : 20061107 20061107154710 ACCESSION NUMBER: 0000950124-06-006556 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20061106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061107 DATE AS OF CHANGE: 20061107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FISHER COMMUNICATIONS INC CENTRAL INDEX KEY: 0001034669 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 910222175 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22439 FILM NUMBER: 061193876 BUSINESS ADDRESS: STREET 1: 100 FOURTH AVENUE NORTH STREET 2: SUITE 510 CITY: SEATTLE STATE: WA ZIP: 98109-4932 BUSINESS PHONE: 2064047000 MAIL ADDRESS: STREET 1: 100 FOURTH AVENUE NORTH STREET 2: SUITE 510 CITY: SEATTLE STATE: WA ZIP: 98109-4932 FORMER COMPANY: FORMER CONFORMED NAME: FISHER COMPANIES INC DATE OF NAME CHANGE: 19970226 8-K 1 v24932e8vk.htm FORM 8-K e8vk
Table of Contents

 
 
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
November 6, 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

Table of Contents

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 November 6, 2006, Fisher Communications, Inc. issued a press release announcing financial results for the third quarter ended September 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 November 6, 2006.

 

Table of Contents

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: November 7, 2006
  By /s/ Jodi A. Colligan
 
Jodi A. Colligan 		   
 
  Vice President Finance    
 
  Acting Chief Financial Officer    

-3-

Table of Contents

Exhibit Index
     
99.1
  Press release, dated November 6, 2006.

-4-

EX-99.1 2 v24932exv99w1.htm EXHIBIT 99.1 exv99w1
 

EXHIBIT 99.1
     
FOR IMMEDIATE RELEASE
  (FISHER LOGO)
     
CONTACT:
  Colleen B. Brown, President & CEO, Fisher Communications, Inc. (206) 404-6783
IMPROVING RESULTS AT FISHER COMMUNICATIONS AS THIRD QUARTER 2006 RESULTS ANNOUNCED
SEATTLE—(BUSINESS WIRE)— November 6, 2006—Fisher Communications, Inc. (Nasdaq: FSCI) today announced financial results for the third quarter and year-to-date periods ended September 30, 2006.
The Company reported that revenue from continuing operations increased $3.1 million, or 9 percent, for the quarter ended September 30, 2006, compared to the same quarter in 2005. Political advertising contributed to the revenue increase as mid-term election campaigns started to heat up. Total revenue from continuing operations increased $9.2 million, or 9 percent, in the nine months of 2006, in comparison to the first nine months of 2005.
Third quarter income from operations increased to $1.9 million from $304,000 in 2005. YTD income from operations increased to $6.9 million from a loss of $5.3 million in 2005. “Our consistent revenue growth and cost controls enabled us to significantly outperform prior year results,” stated Colleen Brown, President and CEO of Fisher Communications.
The Company reported a loss from continuing operations of $784,000 for the three months ended September 30, 2006, compared to a loss from continuing operations for the three months ended September 30, 2005 of $1.1 million. The third quarter 2006 net loss includes a tax expense adjustment of $388,000 as a result of an audit of the 2003 federal tax return. Including income from discontinued operations amounting to $113,000, third quarter 2006 consolidated net loss was $671,000. Including income from discontinued operations of $328,000, third quarter 2005 consolidated net loss was $790,000.
The loss from continuing operations for the nine months ended September 30, 2006 was $779,000, compared to a loss from continuing operations for the nine months ended September

 

 

30, 2005 of $7.7 million. Including income from discontinued operations amounting to $675,000, nine-month 2006 consolidated net loss was $104,000. Including income from discontinued operations of $738,000, nine-month 2005 consolidated net loss was $6.9 million.
As announced on November 1, the Company closed on the sale of eighteen out of twenty-four small-market radio stations located in Montana and Eastern Washington for $26.1 million. The remaining six stations were excluded from the original sale in order to secure FCC approval, but continue to be held for sale. The operating results for this group of stations are reported as discontinued operations.
Also announced in November, the Company finalized its purchase of two Oregon television stations for $19.3 million, effected through a like kind exchange of the sold radio properties mentioned above. This transaction was initially announced in December 2005 and included the purchase of two Idaho TV stations that was finalized in May 2006.
In September 2006, the Company completed the purchase of African-American Broadcasting of Bellevue, Inc., licensee of television station KWOG, in Bellevue, Washington, for $16 million. Fisher purchased 25% of the stock on June 26, 2006 for $4.0 million, and the remaining 75% was purchased in September 2006.
These transactions were funded by a combination of cash flow from operations, proceeds from the sale of the small-market radio stations, and borrowing from a revolving line of credit.
Commenting on the transactions, Brown said, “The sale of our small-market radio stations and the purchase of these affiliated stations in the Seattle, Portland, and Boise markets enable Fisher to leverage the synergies of our emerging cluster of Northwest stations. Furthermore, the purchase of these stations creates an opportunity to enjoy duopoly economics in our key markets and expand our service to the Hispanic community, which is the fastest growing population in the Northwest”.
###
Fisher Communications, Inc. is a Seattle-based communications company that owns or manages twelve full power and seven low power television stations and nine radio stations in the Pacific Northwest. The Company owns and operates Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a media, telecommunications, and data center facility located near downtown Seattle.

 

 

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 
    Nine months ended     Three months ended  
    September 30     September 30  
(in thousands, except per-share amounts) Unaudited   2006     2005     2006     2005  
 
Revenue
   $ 109,983     $ 100,813     $ 38,712     $ 35,635  
Costs and expenses
                                
Cost of services sold
     55,411       55,792       20,677       19,877  
Selling expenses
     18,811       17,579       6,544       6,319  
General and administrative expenses
     21,328       22,519       7,145       6,493  
Depreciation and amortization
     7,515       10,261       2,488       2,642  
 
 
     103,065       106,151       36,854       35,331  
 
Income (loss) from operations
     6,918       (5,338 )     1,858       304  
Other income, net
     2,814       2,658       1,047       904  
Interest expense
     (10,396 )     (10,241 )     (3,574 )     (3,466 )
 
Loss from continuing operations before income taxes
     (664 )     (12,921 )     (669 )     (2,258 )
Provision (benefit) for federal and state income taxes
     115       (5,235 )     115       (1,140 )
 
Loss from continuing operations
     (779 )     (7,686 )     (784 )     (1,118 )
Income from discontinued operations, net of income taxes
     675       738       113       328  
 
Net loss
   $ (104 )   $ (6,948 )   $ (671 )   $ (790 )
 
 
                                
Income (loss) per share:
                                
From continuing operations
   $ (0.09 )   $ (0.89 )   $ (0.09 )   $ (0.13 )
From discontinued operations
     0.08       0.09       0.01       0.04  
 
Net loss per share
   $ (0.01 )   $ (0.80 )   $ (0.08 )   $ (0.09 )
 
 
                                
Weighted average shares outstanding
     8,711       8,671       8,716       8,695  
CONDENSED CONSOLIDATED BALANCE SHEETS
                 
    September 30   December 31
(in thousands) Unaudited   2006   2005
 
Assets
                
Current assets
   $ 45,198     $ 60,253  
Marketable securities, at market value
     177,397       170,053  
Other assets
     104,278       65,775  
Property, plant and equipment, net
     147,862       144,312  
 
Total assets
   $ 474,735     $ 440,393  
 
Liabilities and stockholders’ equity
                
Current liabilities
   $ 46,890     $ 24,691  
Long-term debt
     150,000       150,000  
Deferred income taxes
     34,670       31,381  
Other liabilities
     27,966       24,700  
 
Total liabilities
     259,526       230,772  
 
Stockholders’ equity, other than accumulated other comprehensive income
     103,008       102,193  
Accumulated other comprehensive income, net of income taxes
     112,201       107,428  
 
Total stockholders’ equity
     215,209       209,621  
 
Total liabilities and stockholders’ equity
   $ 474,735     $ 440,393  
 

 

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