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 27, 2005

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):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 April 27, 2005, Fisher Communications, Inc. issued a press release announcing its financial results for the fiscal quarter ended March 31, 2005. 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

(c) Exhibits

99.1 Press release issued by Fisher Communications, Inc., dated April 27, 2005.

1

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: April 27, 2005	By	/s/ Robert C. Bateman
		Robert C. Bateman
		Senior Vice President
		Chief Financial Officer

Exhibit Index

99.1 Press release issued by Fisher Communications, Inc., dated April 27, 2005.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT: Rob Bateman, CFO of Fisher Communications, Inc. (206) 404-6776

FISHER COMMUNICATIONS ANNOUNCES FIRST QUARTER 2005 RESULTS

SEATTLE—(BUSINESS WIRE)—April 27, 2005—Fisher Communications, Inc. (Nasdaq: FSCI) today announced its financial results for the first quarter ended March 31, 2005.

Fisher Communications reported a net loss of $5.1 million in the first quarter of 2005, compared to a net loss of $9.8 million in the first quarter of 2004. The Company reported revenue of $31.0 million in the first quarter of 2005, compared to $30.9 million in the first quarter of 2004. Overall broadcasting revenue declined by approximately $700,000 in the first quarter of 2005, as compared to the first quarter of 2004, due primarily to the absence of significant political and advocacy advertising in 2005. Total revenue includes the operations of Fisher Plaza, a communications center located near downtown Seattle that houses the Company’s Seattle radio and television broadcasting operations and its corporate headquarters. Fisher Plaza revenue increased approximately $800,000 to $1.9 million in the first quarter of 2005, primarily as a result of increased occupancy.

Total operating expenses increased $1.7 million to $36.5 million in the three months ended March 31, 2005, as compared to the three-month period ended March 31, 2004, due primarily to approximately $1.0 million in severance-related expenses for the Company’s former chief executive officer, higher audit and accounting expenses relating to the Company’s successful completion of documentation and testing procedures pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, and certain increased syndicated television expenses.

The Company had no remaining derivative instruments during the first quarter of 2005; however, a pre-tax loss on derivative instruments of $9.2 million was recognized in the first quarter of 2004. Therefore, the improvement in net results is primarily due to the elimination of these derivative instruments that related directly to prior corporate borrowing agreements that were refinanced in the second half of 2004.

The Company will hold its annual meeting of shareholders on Thursday, April 28, 2005, 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, 2005; therefore, the Company does not intend to hold a separate quarterly conference call.

The combined annual meeting and first quarter 2005 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 5, 2005, and will also be accessible at the Fisher Web site, as is other information about Fisher Communications.

###

Fisher Communications, Inc. is a Seattle-based integrated media company. Its nine network-affiliated television stations, and a tenth station 50% owned by Fisher Communications, are located in Washington, Oregon, and Idaho, and its 27 radio stations broadcast in Washington and Montana. It also owns and operates Fisher Plaza, a 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	2005			2004
Revenue	$	30,957		$	30,892
Costs and expenses
Cost of services sold		16,623			15,059
Selling expenses		5,878			6,363
General and administrative expenses		9,875			9,179
Depreciation and amortization		4,129			4,211
		36,505			34,812
Loss from operations		(5,548	)		(3,920	)
Net loss on derivative instruments		—			(9,172	)
Other income, net		850			803
Interest expense, net		(3,371	)		(3,124	)
Loss from continuing operations before income taxes		(8,069	)		(15,413	)
Benefit for federal and state income taxes		(3,001	)		(5,700	)
Loss from continuing operations		(5,068	)		(9,713	)
Loss from discontinued operations, net of income taxes					(132	)
Net loss	$	(5,068	)	$	(9,845	)
Loss per share:
From continuing operations	$	(0.59	)	$	(1.13	)
From discontinued operations					(0.01	)
Net loss per share	$	(0.59	)	$	(1.14	)
Weighted average shares outstanding		8,625			8,612

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands) Unaudited	March 31 2005		December 31 2004
Assets
Current assets	$	52,331	$	60,601
Marketable securities, at market value		146,506		157,102
Other assets, net		215,251		218,169
Total assets	$	414,088	$	435,872
Liabilities and stockholders’ equity
Notes payable and current portion of long-term debt	$	44	$	53
Other current liabilities		20,403		27,367
Long-term debt, net of current maturities		150,000		150,000
Deferred income taxes		30,048		36,133
Other liabilities		20,212		19,866
Total liabilities		220,707		233,419
Stockholders’ equity, other than accumulated other comprehensive income		101,077		103,261
Accumulated other comprehensive income, net of income taxes		92,304		99,192
Total stockholders’ equity		193,381		202,453
Total liabilities and stockholders’ equity	$	414,088	$	435,872