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 5, 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 August 5, 2005, Fisher Communications, Inc. issued a press release announcing financial results for the fiscal quarter ended June 30, 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 August 5, 2005.

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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.
	By	/s/ Robert C. Bateman
Dated: August 5, 2005	Robert C. Bateman Senior Vice President Chief Financial Officer

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Exhibit Index

99.1 Press release, dated August 5, 2005.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

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

FISHER COMMUNICATIONS ANNOUNCES SECOND QUARTER 2005 RESULTS

SEATTLE—(BUSINESS WIRE)—August 5, 2005—Fisher Communications, Inc. (Nasdaq: FSCI) today announced its financial results for the second quarter and year-to-date periods ended June 30, 2005.

Fisher Communications reported total revenue of $40.1 million in the second quarter of 2005, compared to $40.4 million in the second quarter of 2004. For the six months ended June 30, 2005, the Company reported revenue of $71.1 million, compared to $71.3 million in the comparable six-month period in 2004. For both the three and six-month period comparisons, broadcasting revenue was somewhat lower in 2005 due primarily to lower political advertising as compared to 2004; these declines were offset by higher revenue at Fisher Plaza as a result of increased occupancy levels.

“We saw strength in local broadcast advertising in the second quarter of 2005, which helped to offset a decline in political advertising from the prior year,” stated Ben Tucker, Acting President and CEO of Fisher Communications. “Improved network programming for our ABC stations has also strengthened our revenue position.” The Company’s two ABC-affiliated stations accounted for approximately 45% of the Company’s total year-to-date 2005 revenue.

Total operating expenses increased $1.0 million to $39.6 million in the three months ended June 30, 2005, as compared to the three-month period ended June 30, 2004. Operating expenses increased $2.7 million to $76.1 million in the year-to-date period ended June 30, 2005, compared to the year-to-date period ended June 30, 2004. These increases were due primarily to certain increased syndicated television expenses. Expenses in the first half of 2005 include approximately $1.0 million in severance-related expenses for the Company’s former chief executive officer.

The Company reported a net loss of $1.1 million in the second quarter of 2005, compared to a net loss of $1.4 million in the second quarter of 2004. For the six months ended June 30, 2005, the Company reported a net loss of $6.2 million, compared to a net loss of $11.3 million in the comparable period in 2004. The Company had no derivative instruments during the first half of 2005; however, the Company had pre-tax losses on derivative instruments of $1.4 million ($0.9 million after tax) in the second quarter of 2004 and $10.5 million ($6.9 million after tax) in the six months ended June 30, 2004. Historical derivative instruments related to prior borrowing arrangements that were replaced in 2004.

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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

	Six months ended June 30						Three months ended June 30
(in thousands, except per-share amounts) Unaudited	2005			2004			2005			2004
Revenue	$	71,079		$	71,266		$	40,122		$	40,374
Costs and expenses
Cost of services sold		37,242			33,579			20,619			18,520
Selling expenses		13,329			13,514			7,451			7,151
General and administrative expenses		17,795			17,976			7,920			8,797
Depreciation and amortization		7,751			8,315			3,622			4,104
		76,117			73,384			39,612			38,572
Income (loss) from operations		(5,038	)		(2,118	)		510			1,802
Net loss on derivative instruments		—			(10,545	)		—			(1,373	)
Other income, net		1,781			1,467			931			664
Interest expense		(6,775	)		(5,767	)		(3,404	)		(2,643	)
Loss from continuing operations before income taxes		(10,032	)		(16,963	)		(1,963	)		(1,550	)
Benefit for federal and state income taxes		(3,874	)		(5,806	)		(873	)		(106	)
Loss from continuing operations		(6,158	)		(11,157	)		(1,090	)		(1,444	)
Loss from discontinued operations, net of income taxes		—			(132	)		—			—
Net loss	$	(6,158	)	$	(11,289	)	$	(1,090	)	$	(1,444	)
Loss per share:
From continuing operations	$	(0.71	)	$	(1.30	)	$	(0.13	)	$	(0.17	)
From discontinued operations					(0.01	)
Net loss per share	$	(0.71	)	$	(1.31	)	$	(0.13	)	$	(0.17	)
Weighted average shares outstanding		8,658			8,615			8,690			8,619

FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands) Unaudited	June 30 2005		December 31 2004
Assets
Current assets	$	51,390	$	60,601
Marketable securities, at market value		163,149		157,102
Other assets		66,431		67,876
Property, plant and equipment, net		146,435		150,293
Total assets	$	427,405	$	435,872
Liabilities and Stockholders’ Equity
Notes payable and current portion of long-term debt	$	—	$	53
Other current liabilities		17,626		27,367
Long-term debt		150,000		150,000
Deferred income taxes		35,040		36,133
Other liabilities		20,914		19,866
Total liabilities		223,580		233,419
Stockholders’ equity, other than accumulated other comprehensive income		100,649		103,261
Accumulated other comprehensive income, net of income taxes		103,176		99,192
Total stockholders’ equity		203,825		202,453
Total liabilities and stockholders’ equity	$	427,405	$	435,872