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

November 14, 2003

Date of Report

(Date of earliest event reported)

FISHER COMMUNICATIONS, INC.

(Exact Name of Registrant as Specified in Charter)

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

100 Fourth Avenue N., Suite 440, 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)

Item 12. Results of Operations and Financial Condition*

On November 14, 2003, the Company issued a press release announcing its financial results for the fiscal quarter ended September 30, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

* The information furnished under Item 12 of this Current Report on Form 8-K, including the exhibit attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

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 14, 2003	By:	/s/    DAVID D. HILLARD
		David D. Hillard Senior Vice President Chief Financial Officer

Index to Exhibits

Exhibit Number	Description
99.1	Press Release issued November 14, 2003.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:    William W. Krippaehne Jr. of Fisher Communications, Inc. 206-404-6783

FISHER ANNOUNCES THIRD QUARTER RESULTS

SEATTLE, November 14, 2003 (BUSINESS WIRE) — Fisher Communications, Inc. (Nasdaq: FSCI) today reported results for the third quarter of 2003. Loss from continuing operations for the three months ended September 30, 2003 was $3,278,000, or $.38 per share. Including losses from discontinued operations amounting to $1,020,000, third quarter 2003 consolidated net loss was $4,298,000, or $.50 per share.

Income from continuing operations for the three months ended September 30, 2002 was $482,000, or $.06 per share. Including losses from discontinued operations of $1,400,000, third quarter 2002 consolidated net loss was $918,000 or $.10 per share. Third quarter 2002 results included the after-tax effects of net gain on derivative instruments amounting to $938,000 included in continuing operations; gain from sale of real estate located on Lake Union in Seattle of $3,475,000, net of tax, included in discontinued operations; and after-tax costs relating to the wind-up of discontinued milling operations amounting to $500,000.

Loss from continuing operations for the nine months ended September 30, 2003 was $8,773,000, or $1.02 per share. These results include a gain from sale of marketable securities amounting to $2,388,000 net of income taxes. Including losses from discontinued operations of $2,758,000, nine-month 2003 consolidated net loss was $11,531,000, or $1.34 per share.

Loss from continuing operations for the nine months ended September 30, 2002 was $1,541,000, or $.18 per share. Including losses from discontinued operations of $3,615,000, and the cumulative effect of a change in accounting principle resulting from impairment of goodwill relating to certain broadcasting properties amounting to $64,373,000, net loss for the nine months ended September 30, 2002 was $69,529,000, or $8.10 per share.

As previously announced, in October 2003 the Company’s real estate subsidiary concluded the sale of its last two commercial properties. Net proceeds after income taxes, closing costs and reimbursement from the buyer of certain other items were approximately $52 million. The Company used the majority of the net proceeds to reduce outstanding mortgages and other corporate debt.

The previously announced sale of two radio stations in Portland, Oregon has received Federal Communications Commission (“FCC”) approval, and is subject to customary closing conditions. The previously announced sale of two television stations located in Georgia is subject to finality of FCC approval dated October 3, 2003 and satisfaction of other customary closing conditions. The Company anticipates that both transactions will be completed before year-end. Net proceeds after income taxes and closing costs are estimated to total approximately $76 million, which the Company intends to use to reduce debt. If these transactions are completed, the Company will achieve its stated goal to reduce long-term debt from its year-end 2002 level by approximately one-half by year-end 2003.

###

Fisher Communications, Inc. is a Seattle-based communications and media company focused on creating, aggregating, and distributing information and entertainment to a broad range of audiences. Its 12 network-affiliated television stations are located primarily in the Northwest, and its 29 radio stations broadcast in Washington, Oregon, and Montana. Other media operations currently include Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a digital communications hub located in Seattle.

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current assumptions, expectations and projections about future events. Forward-looking statements include all passages containing verbs such as “aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets” or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this press release include, without limitation, the statement that (i) the Company anticipates that the sales of the Portland radio stations and the Georgia television stations will be completed before year-end; (ii) the Company estimates that net proceeds of the sales after income taxes and closing costs will total approximately $76 million; (iii) the Company intends to use the net proceeds of the sales to reduce outstanding debt; and (iv) if the transactions are completed, the Company will achieve its stated goal to reduce long-term debt from its year-end 2002 level by approximately one-half by year-end 2003. There are many risks and uncertainties that could cause actual results to differ materially from those predicted in our forward-looking statements. Without limitation, these factors include the following: each of the sale of the Portland radio stations and the sale of the Georgia stations is subject to closing conditions and may not occur, or may not occur on terms previously announced or announced herein, if those closing conditions are not satisfied or waived; the Company may decide to use the proceeds for other purposes and/or incur additional debt for unanticipated business reasons; net proceeds from the sales of the stations could be higher or lower than our estimates, and if the transactions are not completed, the Company will not achieve its debt reduction goal. Other factors that could cause actual results to differ materially from those predicted in Fisher’s forward-looking statements are set out in the Fisher’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the third quarter of 2003, filed on November 14, 2003. The forward-looking statements in this press release speak only as of the date on which they are made, and Fisher does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts) Unaudited	Nine Months Ended September 30						Three Months Ended September 30
	2003			2002			2003			2002
Revenue	$	103,858		$	90,219		$	36,226		$	30,183
Costs and expenses
Cost of services sold		54,108			44,164			19,006			14,731
Selling expenses		19,082			13,979			6,916			5,156
General and administrative expenses		30,666			26,967			9,626			10,027
Depreciation		11,787			11,775			3,859			4,509
		115,643			96,885			39,407			34,423
Loss from operations		(11,785	)		(6,666	)		(3,181	)		(4,240	)
Net gain on derivative instruments		460			7,592			49			1,489
Loss from extinguishment of long-term debt					(3,264	)
Other income, net		5,737			7,536			651			6,188
Equity in operations of equity investee		9			45			7			13
Interest expense, net		(9,023	)		(8,101	)		(2,811	)		(2,816	)
Income (loss) from continuing operations before income taxes		(14,602	)		(2,858	)		(5,285	)		634
Provision (benefit) for federal and state income taxes		(5,829	)		(1,317	)		(2,007	)		152
Income (loss) from continuing operations		(8,773	)		(1,541	)		(3,278	)		482
Loss from discontinued operations, net of income tax:		(2,758	)		(3,615	)		(1,020	)		(1,400	)
Loss before cumulative effect of change in accounting principle		(11,531	)		(5,156	)		(4,298	)		(918	)
Cumulative effect of change in accounting principle, net of income tax benefit of $34,662					(64,373	)
Net loss	$	(11,531	)	$	(69,529	)	$	(4,298	)	$	(918	)
Income (loss) per share:
From continuing operations	$	(1.02	)	$	(0.18	)	$	(0.38	)	$	0.06
From discontinued operations		(0.32	)		(0.42	)		(0.12	)		(0.16	)
Cumulative effect of change in accounting principle					(7.50	)
Net loss per share	$	(1.34	)	$	(8.10	)	$	(0.50	)	$	(0.10	)
Income (loss) per share assuming dilution:
From continuing operations	$	(1.02	)	$	(0.18	)	$	(0.38	)	$	0.06
From discontinued operations		(0.32	)		(0.42	)		(0.12	)		(0.16	)
Cumulative effect of change in accounting principle					(7.50	)
Net income (loss) per share assuming dilution	$	(1.34	)	$	(8.10	)	$	(0.50	)	$	(0.10	)
Weighted average shares outstanding		8,595			8,593			8,597			8,594
Weighted average shares outstanding assuming dilution		8,595			8,593			8,597			8,615
NOTE: Certain prior year balances have been reclassified to conform to the 2003 presentation.
FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands) Unaudited								September 30, 2003			December 31, 2002
Assets
Current assets							$	62,740		$	87,906
Marketable securities, at market value								106,133			107,352
Other assets								180,352			185,715
Property, plant and equipment, net								161,258			165,018
Total assets							$	510,483		$	545,991
Liabilities and Stockholders’ Equity
Current liabilities								34,927			27,474
Long-term debt, net of current maturities								224,651			248,459
Deferred income taxes								31,450			33,116
Other liabilities								57,968			64,207
Total liabilities								348,996			373,256
Stockholders’ equity								94,935			105,898
Accumulated other comprehensive income—   net of income taxes								66,552			66,837
Total stockholders’ equity								161,487			172,735
Total liabilities and stockholders’ equity							$	510,483		$	545,991