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 9, 2004

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 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 August 9, 2004, Fisher Communications, Inc. issued an earnings release announcing its financial results for the quarter ended June 30, 2004. 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: August 9, 2004	By	/s/ Robert C. Bateman
		Robert C. Bateman
		Chief Financial Officer

Index to Exhibits

Exhibit Number	Description
99.1	Press Release issued August 9, 2004.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

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

FISHER COMMUNICATIONS ANNOUNCES SECOND QUARTER 2004 RESULTS

SEATTLE—(BUSINESS WIRE)—August 9, 2004—Fisher Communications, Inc. (Nasdaq: FSCI) today announced its financial results for the second quarter and year-to-date periods ended June 30, 2004.

Broadcasting revenue for the second quarter of 2004 increased 8.3% to $39.5 million, compared to $36.5 million in the second quarter of 2003. Broadcasting revenue for the six months ended June 30, 2004 increased 8.0% to $69.3 million, compared to $64.2 million in the six months ended June 30, 2003. The increases in revenue in the 2004 periods were primarily due to higher political advertising, as well as generally higher local advertising.

Total revenue for the second quarter of 2004 increased 7.8% to $40.4 million, compared to $37.4 million in the second quarter of 2003. Total revenue for the six months ended June 30, 2004 increased 5.3% to $71.3 million, compared to $67.7 million in the six months ended June 30, 2003. Total revenues include the operations of Fisher Plaza, a communications center located near downtown Seattle. Revenue from Fisher Plaza declined in the three and six months ended June 30, 2004, as compared to the same periods in 2003, primarily due to a significant payment from a tenant in the first quarter of 2003 to terminate a lease.

The Company’s operating results include gains and losses from derivative instruments related directly to corporate borrowing agreements. The Company recognized a loss of $1.4 million on derivative instruments in the second quarter of 2004, compared to a gain of $653,000 in the second quarter of 2003. For the six months ended June 30, 2004, the Company recognized a loss of $10.5 million on derivative instruments, compared to a gain of $411,000 for the six months ended June 30, 2003.

Net loss for the three months ended June 30, 2004 was $1.4 million, compared to a net loss of $4.3 million in the three months ended June 30, 2003. Net loss for the six months ended June 30, 2004 was $11.3 million, compared to a net loss of $7.2 million in the six months ended June 30, 2003.

###

Fisher Communications, Inc. is a Seattle-based integrated media company focused on creating, aggregating, and distributing information and entertainment to a broad range of audiences. Its 10 network-affiliated television stations are located in Washington, Oregon, and Idaho, and its 27 radio stations broadcast in Washington and Montana. Other operations include Fisher Plaza, a communications facility located near downtown Seattle.

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months ended June 30						Three months ended June 30
(in thousands, except per-share amounts) Unaudited	2004			2003			2004			2003
Revenue	$	71,266		$	67,655		$	40,374		$	37,436
Costs and expenses
Cost of services sold		33,579			35,112			18,520			19,876
Selling expenses		13,514			12,166			7,151			6,137
General and administrative expenses		17,976			21,040			8,797			10,745
Depreciation and amortization		8,315			7,931			4,104			3,854
		73,384			76,249			38,572			40,612
Income (loss) from operations		(2,118	)		(8,594	)		1,802			(3,176	)
Net gain (loss) on derivative instruments		(10,545	)		411			(1,373	)		653
Other income, net		1,467			5,088			664			659
Interest expense, net		(5,767	)		(6,212	)		(2,643	)		(2,643	)
Loss from continuing operations before income taxes		(16,963	)		(9,307	)		(1,550	)		(4,507	)
Benefit for federal and state income taxes		(5,806	)		(3,821	)		(106	)		(1,890	)
Loss from continuing operations		(11,157	)		(5,486	)		(1,444	)		(2,617	)
Loss from discontinued operations, net of income taxes		(132	)		(1,747	)		—			(1,670	)
Net loss	$	(11,289	)	$	(7,233	)	$	(1,444	)	$	(4,287	)
Loss per share:
From continuing operations	$	(1.30	)	$	(0.64	)	$	(0.17	)	$	(0.31	)
From discontinued operations		(0.01	)		(0.20	)					(0.19	)
Net loss per share	$	(1.31	)	$	(0.84	)	$	(0.17	)	$	(0.50	)
Weighted average shares outstanding		8,615			8,594			8,619			8,595

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands) Unaudited	June 30 2004		December 31 2003
Assets
Current assets	$	52,688	$	53,525
Marketable securities, at market value		132,105		116,882
Other assets		65,701		66,435
Property, plant and equipment, net		152,654		159,843
Total assets	$	403,148	$	396,685
Liabilities and Stockholders’ Equity
Notes payable and current portion of long-term debt	$	46,512	$	1,526
Other current liabilities		15,078		28,780
Long-term debt, net of current maturities		93,858		127,331
Deferred income taxes		29,355		25,980
Other liabilities		31,455		25,264
Total liabilities		216,258		208,881
Stockholders’ equity, other than accumulated other comprehensive income		103,907		114,715
Accumulated other comprehensive income, net of income taxes		82,983		73,089
Total stockholders’ equity		186,890		187,804
Total liabilities and stockholders’ equity	$	403,148	$	396,685