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
April 30, 2008

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	(Commission File No.)	(IRS Employer
of Incorporation)		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

 EXHIBIT 99.1

Item 2.02 Results of Operations and Financial Condition

     The information in Item 2.02 and Exhibit 99.1 of 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 April 30, 2008, Fisher Communications, Inc. issued a press release announcing financial results for first quarter ended March 31, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

     (c) On April 30, 2008, the Board of Directors of Fisher Communications, Inc. elected Jodi A. Colligan as the Company’s Vice President Finance and Chief Accounting Officer. Ms. Colligan has been Vice President Finance since 2004.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release issued by Fisher Communications, Inc., dated April 30, 2008.

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: May 5, 2008	By /s/ Joseph L. Lovejoy
	Senior Vice President & Acting Chief
	Financial Officer

Exhibit Index

99.1 Press release, dated April 30, 2008

EX-99.1

EXHIBIT 99.1

NEWS RELEASE

FISHER COMMUNICATIONS ANNOUNCES CONTINUED REVENUE
IMPROVEMENT WITH FIRST QUARTER 2008 RESULTS

SEATTLE, WA—(MARKETWIRE)-April 30, 2008-Fisher Communications, Inc. (NASDAQ: FSCI) today announced its financial results for the quarter ended March 31, 2008. The Company continued its trend of revenue growth.

The Company reported that revenue increased 10% for the first quarter of 2008 to a total of $37.7 million, compared to $34.2 million in the first quarter of 2007. Television revenue increased 14% for the first quarter ended March 31, 2008, compared to 2007. The improvement was due to revenue from its two new Bakersfield, California television stations, which were acquired on January 1, 2008, as well as increases in local advertising revenue for existing English and Spanish-language television stations. Excluding revenue from the new Bakersfield stations, television revenue increased 2.5% for the first quarter of 2008 compared to the first quarter of 2007.

Fisher Plaza revenue increased 19% for the first quarter of 2008, primarily as a result of increased average occupancy, rental rates and services fees compared to the same quarter of 2007. Fisher Plaza occupancy was at 98% as of March 31, 2008.

Adjusted EBITDA totaled $3.0 million for the quarter ended March 31, 2008 compared to $2.3 million in 2007. Operating Cash Flow, as defined by the Company’s debt agreements, totaled $32.2 million for the trailing-twelve-month period ended March 31, 2008 compared to $34.9 million in the same period ended March 31, 2007. Detailed calculations of these non-GAAP performance measures can be found in the “Investor Information” section of the Company’s website, www.fsci.com. Revenue from the Company’s television and radio stations is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season.

“In the current environment, we are pleased with the first quarter of 2008 continuing our trend of revenue growth and margin improvement in our core TV business,” said Colleen B. Brown, president and chief executive officer of Fisher Communications. “We recognize we have further room for improvement and have initiatives in place to get us there.”

First Quarter 2008 Highlight

• On January 1, 2008, the Company completed the purchase of two television stations, KBAK-TV (CBS) and KBFX-CA (FOX), from Westwind Communications, LLC for $55 million in

cash. Both stations serve the Bakersfield, California television market, the nation’s 125^th largest television market.

Loss from Continuing Operations

The Company reported a loss from continuing operations of $1.0 million for first quarter 2008, compared to a loss from continuing operations of $1.3 million for first quarter 2007. In both years, first quarter net loss was comprised of continuing and discontinued operations. Discontinued operations reflect the after-tax operating results attributable to the Company’s small-market radio stations sold or held for sale.

Annual Meeting of Shareholders and First Quarter Earnings Webcast

Fisher will hold its Annual Meeting of Shareholders today, April 30, 2008, at 10:00 AM Pacific Time. The presentations at the Annual Meeting will include information regarding the Company’s operating results for the quarter ended March 31, 2008; therefore, the Company will not hold a separate earnings conference call.

The combined Annual Meeting and first quarter 2008 earnings webcast may be accessed at the Fisher Communications Web site, www.fsci.com, by clicking on the “Investor Information” tab and selecting the “Annual Meeting of Shareholders and Q1 Earnings” heading. A replay of the webcast will be available on the Web site until Wednesday, May 14, 2008.

Definitions and Disclosures Regarding Non-GAAP Financial Information

Adjusted EBITDA is a common industry performance measure and is calculated as income from operations plus depreciation, amortization of intangible assets and broadcast rights, and non-cash stock compensation expense, minus broadcast rights payments, and amortization of non-cash benefit resulting from the change in national advertising representation firm.

Operating Cash Flow is defined by the Company’s debt agreements and is calculated as net income plus depreciation, amortization of intangible assets and broadcast rights, interest expense, provision for federal and state income taxes, dividends from equity investee, loss in operations of equity investee and non-cash stock compensation expense, minus income from discontinued operations net of income taxes, broadcast rights payments, amortization of non-cash benefit resulting from the change in national advertising representation firm, and gain on the sale of marketable securities.

###

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

About Fisher Communications

Fisher Communications, Inc. is a Seattle-based communications company that owns and operates 13 full power television stations (including a 50%-owned television station), eight low power television stations and eight radio stations in the Western United States. The Company owns and operates Fisher Pathways, a satellite and fiber transmission provider; Fisher Plaza, a media, telecommunications, and data center facility located near downtown Seattle; and Pegasus News, an online start-up and hyper-local media pioneer based in Dallas. For more information about Fisher Communications, Inc., go to www.fsci.com.

Forward-looking Statement

This release may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in Fisher Communications’ most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q as filed from time to time with the Securities and Exchange Commission (“SEC”). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Fisher Communications undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended
	March 31
(in thousands, except per-share amounts) Unaudited	2008			2007
Revenue	$	37,721		$	34,243
Costs and expenses
Direct operating costs		17,494			15,816
Selling, general and administrative expenses		13,707			12,497
Amortization of program rights		2,446			2,423
Depreciation and amortization		3,127			2,841
		36,774			33,577
Income from operations		947			666
Other income, net		1,026			1,170
Interest expense		(3,358	)		(3,494	)
Loss from continuing operations before income taxes		(1,385	)		(1,658	)
Benefit for federal and state income taxes		(344	)		(390	)
Loss from continuing operations		(1,041	)		(1,268	)
Income (loss) from discontinued operations, net of income taxes		(25	)		23
Net loss	$	(1,066	)	$	(1,245	)
Income (loss) per share:
From continuing operations	$	(0.12	)	$	(0.14	)
From discontinued operations		—			—
Basic and diluted net loss per share	$	(0.12	)	$	(0.14	)
Shares used in computation of basic and diluted net loss per share		8,728			8,720

Reclassifications

Certain amounts in the 2007 condensed consolidated statement of operations have been reclassified to conform to the 2008 presentation. Certain employment-related expenses totaling approximately $1.5 million for the three months ended March 31, 2007, which were previously reported within “Selling, general and administrative expenses,” are now reported within “Direct operating costs.”

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31		December 31
(in thousands) Unaudited	2008		2007
Assets
Current assets	$	46,980	$	47,619
Marketable securities, at market value		101,910		129,223
Other assets		159,221		163,084
Property, plant and equipment, net		148,507		146,008
Total assets	$	456,618	$	485,934
Liabilities and stockholders’ equity
Current liabilities	$	29,986	$	29,571
Long-term debt		150,000		150,000
Deferred income taxes		34,377		45,274
Other liabilities		27,441		27,692
Total liabilities		241,804		252,537
Stockholders’ equity, other than accumulated other comprehensive income		151,811		152,718
Accumulated other comprehensive income, net of income taxes		63,003		80,679
Total stockholders’ equity		214,814		233,397
Total liabilities and stockholders’ equity	$	456,618	$	485,934