EX-99.1 3 v29804exv99w1.htm EXHIBIT 99.1 exv99w1
 

EXHIBIT 99.1
     
FOR IMMEDIATE RELEASE   (FISHER LOGO)
CONTACT:   S. Mae Fujita Numata, Senior Vice President Chief Financial Officer and Corporate Secretary, Fisher Communications, Inc. (206) 404-6776
FISHER COMMUNICATIONS ANNOUNCES CONTINUED IMPROVEMENT WITH FIRST QUARTER 2007 RESULTS
SEATTLE—(BUSINESS WIRE)—April 26, 2007—Fisher Communications, Inc. (NASDAQ: FSCI) today announced its financial results for the quarter ended March 31, 2007.
The Company reported an increase in revenue of 10 percent in the first quarter of 2007 to a total of $34.2 million, as compared to $31.1 million in the first quarter of 2006. “We gained solid revenue and net operating results in the first quarter of 2007 – especially in our large-market Univision-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 2007 results and the launch of our Seattle Univision television station, KUNS.” Television revenue increased $1.7 million, or 8 percent, in the first quarter of 2007, in comparison to the first quarter of 2006; radio revenue increased $0.8 million, or 13 percent, in the same period. These increases in broadcasting revenue occurred in both the national and local revenue categories, compared to first quarter 2006 results which were positively impacted by ABC’s broadcast of the Seattle Seahawks in the Superbowl.
Fisher Plaza revenue increased 28 percent in the first quarter of 2007, primarily as a result of increased occupancy and services fees. Fisher Plaza occupancy was 94% as of March 31, 2007.
The Company’s net loss for first quarter 2007 and 2006 of $ 1.2 million and $1.7 million, respectively, was comprised of both continuing and discontinued operations. First quarter 2007 loss from continuing operations was $1.3 million, compared to loss from continuing operations for first quarter 2006 of $1.8 million. Income from discontinued operations was de minimis in both quarters. Discontinued operations reflect the after-tax operating results attributable to our small-market radio stations held for sale.
The Company will hold its annual meeting of shareholders on Thursday, April 26, 2007, 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, 2007; therefore, the Company does not intend to hold a separate quarterly conference call.

 

 

The combined annual meeting and first quarter 2007 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 3, 2007, 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 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
                 
    Three months ended  
    March 31  
(in thousands, except per-share amounts) Unaudited   2007     2006  
 
Revenue
   $ 34,243     $ 31,081  
Costs and expenses
                
Direct operating costs
     14,275       12,831  
Selling, general and administrative expenses
     14,038       13,340  
Amortization of program rights
     2,423       2,271  
Depreciation and amortization
     2,841       2,516  
 
 
     33,577       30,958  
 
Income from operations
     666       123  
Other income, net
     1,170       886  
Interest expense
     (3,494 )     (3,454 )
 
Loss from continuing operations before income taxes
     (1,658 )     (2,445 )
Benefit for federal and state income taxes
     (390 )     (658 )
 
Loss from continuing operations
     (1,268 )     (1,787 )
Income from discontinued operations, net of income taxes
     23       86  
 
Net loss
   $ (1,245 )   $ (1,701 )
 
 
                
Income (loss) per share:
                
From continuing operations
   $ (0.14 )   $ (0.21 )
From discontinued operations
     —       0.01  
 
Net loss per share
   $ (0.14 )   $ (0.20 )
 
Weighted average shares outstanding
     8,720       8,706  

 

 

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                 
    March 31     December 31  
(in thousands) Unaudited   2007     2006  
 
Assets
                
Current assets
   $ 48,658     $ 57,058  
Marketable securities, at market value
     200,136       188,307  
Other assets
     104,131       104,005  
Property, plant and equipment, net
     148,501       148,207  
 
Total assets
   $ 501,426     $ 497,577  
 
Liabilities and stockholders’ equity
                
Current liabilities
   $ 19,668     $ 26,044  
Long-term debt
     150,000       150,000  
Deferred income taxes
     58,116       54,414  
Other liabilities
     27,567       27,554  
 
Total liabilities
     255,351       258,012  
 
Stockholders’ equity, other than accumulated other comprehensive income
     119,003       120,071  
Accumulated other comprehensive income, net of income taxes
     127,072       119,494  
 
Total stockholders’ equity
     246,075       239,565  
 
Total liabilities and stockholders’ equity
   $ 501,426     $ 497,577