8-K

 

UNITED STATES
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

Date of Report (Date of Earliest Event Reported): March 11, 2010

FISHER COMMUNICATIONS, INC.
__________________________________________
(Exact name of registrant as specified in its charter)

Washington	000-22439	91-0222175
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
140 Fourth Avenue N., Suite 500, Seattle, Washington		98109
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 206-404-7000

100 Fourth Avenue N., Suite 510, Seattle, Washington
______________________________________________
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:

[  ]  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 Item 2.02 and Exhibit 99.1 of this Form 8-K is hereby furnished and 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 March 11, 2010, Fisher Communications, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.

SIGNATURES

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.
March 11, 2010	By:	/s/ Joseph L. Lovejoy
		Name: Joseph L. Lovejoy
		Title: Senior Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Fourth Quarter and Full-Year 2009 Earnings Release

EX-99.1

Exhibit 99.1

MEDIA RELEASE

Fisher Communications, Inc. Reports Fourth Quarter and Full-Year 2009 Financial Results

Fourth Quarter Core Television Net Advertising up 4%

SEATTLE, WA – (MARKETWIRE) – March 11, 2010 – Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the fourth quarter and the fiscal year ended December 31, 2009. While economic conditions resulting in reduced advertising spending clearly impacted the Company’s quarterly and full-year results, Fisher benefited in the fourth quarter from a 4% increase in core (non-political) television net advertising revenue as compared to the same quarter last year.

Total revenue for the fourth quarter of 2009 decreased 19% to $38.6 million compared to the fourth quarter of 2008, primarily due to lower political advertising revenue. Excluding contract termination charges of $928,000 in the fourth quarter of 2009, direct operating costs and selling, general and administrative expenses decreased $2.4 million, or 7.2%, from the fourth quarter of 2008. EBITDA decreased $8.3 million to $4.1 million in the fourth quarter of 2009 compared with the fourth quarter of 2008.

The Company reported net income of $1.1 million in the quarter, which included a $2.6 million pre-tax gain on the exchange of broadcast equipment pursuant to the Sprint Nextel Broadcast Auxiliary Service relocation and a $1.3 million pre-tax gain from net insurance reimbursements received from the Fisher Plaza electrical fire insurance claim. This compares to a net loss of $47.7 million in the fourth quarter of 2008, when the Company incurred a pre-tax impairment charge of $78.2 million.

For the full fiscal year, the Company reported consolidated revenue of $133.7 million, a 23% decrease from 2008. EBITDA declined $18.7 million, or 73%, to $6.9 million in 2009. The Company reported a 2009 net loss of $9.3 million, compared to net income of $44.7 million in 2008. The 2009 net loss included the $2.6 million pre-tax gain on exchange of broadcast equipment, a $3.0 million pre-tax gain on debt extinguishment, and $2.7 million in Fisher Plaza electrical fire expenses, net of reimbursements. The 2008 net income included a $152.6 million pre-tax gain on the sale of Safeco stock, a $78.2 million pre-tax impairment charge, and a $5.0 million pre-tax charge related to the Company’s change in national representation firms.

Fisher President and Chief Executive Officer Colleen B. Brown commented, “While our 2009 financial results were severely impacted by the worst economy since World War II and extremely cautious advertising spending, I am very pleased with our stations’ competitive ratings performance and our response to these economic challenges. In 2009, we aggressively managed our expenses while increasing total revenue share in our radio and TV markets; we expanded newsroom multiplatform synergies between our TV, radio and online businesses; and we launched new digital distribution platforms which allow us to better serve our neighborhoods.

“As we look ahead, we are encouraged by some of the trends we witnessed in the fourth quarter, including an improvement in our core, non-political television advertising. Fisher’s automotive ad spending grew in the quarter for the first time since the recession began, and we are hopeful that this pace will gradually increase throughout the year.”

Financial Highlights for the Fourth Quarter of 2009

(All comparisons are made to the fourth quarter of 2008 unless otherwise noted.)

Television:

• TV net revenue decreased 23% to $29.1 million.

• Core advertising revenue (net) increased 4% to $23.0 million and Political revenue (net) declined $10.9 million to $1.2 million.

• Retransmission consent revenue increased $1.5 million to $2.4 million.

• Automotive advertising increased 14%, while Retail and Restaurants declined 13% and 14%, respectively.

• TV BCF declined $9.3 million to $5.1 million; TV BCF margin was 17.7%, down from 38.2%.

• Internet net revenue was flat at $507,000, or 1.7% of TV revenue.

Radio:

• Radio net revenue decreased 8% to $6.1 million.

• Radio BCF and BCF margin were virtually unchanged at $1.1 million and 17.4%, respectively.

Plaza:

• Fisher Plaza revenue grew $180,000, or 5%.

• Fisher Plaza EBITDA (which excludes net fire-related expenses) increased 8.3% to $1.9 million.

Financial Highlights for Full-Year 2009

(All comparisons are made to full-year 2008 unless otherwise noted.)

Television:

• TV net revenue decreased 22% to $97.2 million.

• Core advertising revenue (net) decreased 17% to $77.9 million and Political revenue (net) declined $17.4 million to $1.9 million.

• Retransmission consent revenue increased $5.3 million to $8.4 million.

• Automotive, Retail, and Professional Services declined 40%, 23%, and 13%, respectively.

• TV BCF declined $25.5 million to $10.1 million; TV BCF margin was 10.4%, down from 28.7%.

• Internet net revenue decreased 12% to $1.7 million, or 1.8% of TV revenue.

Radio:

• Radio net revenue decreased 38% to $22.8 million; excluding 2008 revenue associated with the broadcast of Seattle Mariners games, radio revenue decreased 19%.

• Radio BCF increased $4.3 million to $4.1 million; Radio BCF margin improved to 18.0%.

Plaza:

• Fisher Plaza revenue grew $617,000, or 5%.

• Fisher Plaza EBITDA (which excludes net expenses related to the 2009 electrical fire) increased 18% to $8.1 million.

Balance Sheet:

• Cash and short-term investments were $44.0 million at year-end, compared to $91.5 million at the end of 2008. The decrease reflected the Company’s repurchase of $24.4 million of its senior notes and $11.6 million in capital expenditures (including $3.1 million related to the Fisher Plaza electrical fire).

• Total debt outstanding decreased from $150.0 million at the end of 2008 to $122.1 million at December 31, 2009 as a result of the Company’s repurchase of $27.9 million of its senior notes during the first half of 2009. The Company’s Debt to Operating Cash Flow Ratio, as defined in the Company’s senior notes indenture, was 14.7 as of December 31, 2009 compared to 5.3 as of December 31, 2008.

Key Operating and Strategic Highlights

• Fisher television stations ranked either #1 or #2 in the key Adult 25-54 demographic in prime, early news, and overall station performance in 6 of its 7 markets in the November 2009 ratings period.

• The Company’s aggregate TV/radio non-political market share in markets that provide audited market figures improved 90 basis points from fourth quarter 2008 to fourth quarter 2009.

• The Company invested $1.5 million in DataSphere Technologies, Inc., a Software as a Service (SaaS) Web technology and hyperlocal ad sales company, as part of DataSphere’s Series B funding round. Fisher has worked with DataSphere to launch over 100 hyperlocal neighborhood sites in Seattle, Washington; Portland and Eugene, Oregon; Bakersfield, California; and Boise, Idaho. Fisher also works with DataSphere in its distribution of its technology and sales solution to other broadcast companies looking to establish hyperlocal sites.

• At the end of 2009, Fisher Plaza occupancy was 97%, unchanged from the previous year.

Fourth Quarter Conference Call

Fisher will host a conference call today at 1:00 p.m. (PST). Senior management will discuss the financial results and host a question and answer session. The dial-in number for the audio conference call is 1-800-901-5241; confirmation code 18862853. A live audio webcast of the call will be accessible to the public on Fisher’s Web site, www.fsci.com. A recording of the webcast will subsequently be archived on the Web site and available for replay for one week following the call. An audio replay of the call can be accessed for one week by dialing 1-888-286-8010 and entering confirmation code 86282116.

Definitions and Disclosures Regarding Non-GAAP Financial Information

The Company reports and discusses its operating results using financial measures consistent with generally accepted accounting principles (GAAP) and believes this should be the primary basis for evaluating its performance.

The preceding discussion of our results includes a discussion of non-GAAP financial measures such as Broadcast Cash Flow (BCF), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Plaza EBITDA. These non-GAAP measures should not be viewed as alternatives or substitutes for GAAP reporting.

The Company believes the presentation of these non-GAAP measures is useful to investors because they are used by lenders to measure the Company’s ability to service debt; by industry analysts to determine the market value of stations and their operating performance; and by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs; and, because they reflect the most up-to-date operating results of the stations inclusive of pending acquisitions, time brokerage agreements or local marketing agreements. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company’s business.

Television and radio BCF is calculated as income (loss) from the segment operations plus amortization of program rights, depreciation and amortization, non-cash charges, Internet and corporate expenses minus gain on asset exchange, net, payments for broadcast rights, amortization of non-cash benefit resulting from a change in national advertising representation firm and non-convergence Internet revenue.

Plaza EBITDA is calculated as income (loss) from the segment operations plus depreciation, Plaza fire expenses, net minus Plaza operating expenses allocated to the TV and Radio segments.

EBITDA is calculated as income from operations plus amortization of program rights; depreciation and amortization; stock-based compensation; Plaza fire expenses, net; gain on exchange of assets, net; and non-cash charges minus payments for broadcast rights and amortization of non-cash benefit resulting from a change in national advertising representation firm.

For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this press release, please see the supplemental tables at the end of this release.

About Fisher Communications, Inc.

Fisher Communications, Inc. is a Seattle-based communications Company that owns and operates 13 full power television stations, 7 low power television stations, and 8 radio stations in the Western United States. The Company also owns and operates Fisher Interactive Network, its online division (including over 100 online sites), Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a media, telecommunications, and data center facility located near downtown Seattle.  For more information about Fisher Communications, Inc., go to www.fsci.com.

Forward-Looking Statements

This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2008, which we have filed with the Securities and Exchange Commission, and in our Annual Report on Form 10-K for the year ended December 31, 2009, which we expect to file with the SEC on March 12, 2010.

Contacts:
Sard Verbinnen & Co
Paul Kranhold or Ron Low
(415) 618-8750
Robin Weinberg
(212) 687-8080

###

Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

	Twelve months ended									Three months ended
	December 31,						%			December 31,						%
(in thousands, except per-share amounts)	2009			2008			change			2009			2008			change
Revenue		$133,664		$	173,791			(23	%)	$	38,641		$	47,745			(19	%)
Operating expenses
Direct operating costs		65,111			69,810			(7	%)		17,163			17,131			0	%
Selling, general and administrative expenses		51,170			65,859			(22	%)		14,316			15,783			(9	%)
Impairment of goodwill and intangible assets		-			76,742			n/a			—			76,742			n/a
Impairment of investment in equity investee		-			1,468			n/a			—			1,468			n/a
Amortization of program rights		10,056			19,288			(48	%)		2,972			2,470			20	%
Depreciation and amortization		13,713			12,703			8	%		3,540			3,413			4	%
Plaza fire expenses, net		2,657			—			n/a			(1,294	)		—			n/a
Gain on asset exchange, net		(2,569	)		—			n/a			(2,569	)		—			n/a
Total operating expenses		140,138			245,870			(43	%)		34,128			117,007			(71	%)
Income (loss) from operations		(6,474	)		(72,079	)		(91	%)		4,513			(69,262	)		(107	%)
Gain on extinguishment of senior notes, net		2,965			—						—			—
Other income, net		1,288			156,570						67			762
Interest expense		(11,677	)		(13,928	)					(2,760	)		(3,585	)
Income (loss) from continuing operations before income taxes		(13,898	)		70,563						1,820			(72,085	)
Provision (benefit) for income taxes		(4,568	)		24,833						741			(24,712	)
Income (loss) from continuing operations		(9,330	)		45,730						1,079			(47.373	)
Loss from discontinued operations, net of income taxes		-			(1,072	)					—			(352	)
Net income (loss)		$(9,330	)	$	44,658					$	1,079		$	(47,725	)
Income (loss) per share:
From continuing operations		$(1.06	)	$	5.23					$	0.12		$	(5.42	)
From discontinued operations		-			(0.12	)					—			(0.04	)
Basic and diluted net income (loss) per share		$(1.06	)	$	5.11					$	0.12		$	(5.46	)
Income (loss) per share assuming dilution:
From continuing operations		$(1.06	)	$	5.23					$	0.12		$	(5.42	)
From discontinued operations		-			(0.12	)					—			(0.04	)
Net income (loss) per share assuming dilution		$(1.06	)	$	5.11					$	0.12		$	(5.46	)
Weighted average shares outstanding		8,776			8,732						8,781			8,735
Weighted average shares outstanding assuming dilution		8,776			8,735						8,820			8,738
Dividends declared per share				$	3.50

Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

	(unaudited)
	December 31,		December 31,
(in thousands)	2009		2008
ASSETS
Current Assets
Cash and cash equivalents		$43,982	$	31,835
Short-term investments		-		59,697
Receivables, net		28,070		26,044
Income taxes receivable		11,746		2,763
Deferred income taxes		3,813		1,763
Prepaid expenses and other		4,460		2,200
Cash surrender value of life insurance and annuity contracts		2,626		—
Television and radio broadcast rights		7,919		6,106
Total current assets		102,616		130,408
Cash surrender value of life insurance and annuity contracts		15,711		17,425
Goodwill		13,293		13,293
Intangible assets, net		40,779		41,015
Other assets		7,590		6,955
Deferred income taxes		2,297		11,621
Property, plant and equipment, net		148,824		148,440
Total Assets		$331,110	$	369,157
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Trade accounts payable		$3,148	$	4,339
Accrued payroll and related benefits		4,445		4,301
Interest payable		3,158		3,773
Television and radio broadcast rights payable		7,987		6,124
Current portion of accrued retirement benefits		1,100		1,254
Other current liabilities		6,251		5,712
Total current liabilities		26,089		25,503
Long-term debt		122,050		150,000
Accrued retirement benefits		18,023		19,439
Other liabilities		9,476		11,607
Total Stockholders’ Equity		155,472		162,608
Total Liabilities and Stockholders’ Equity		$331,110	$	369,157

Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flow
(Unaudited)

	Twelve months ended December 31,
(in thousands)	2009			2008
Operating activities
Net income (loss)	$	(9,330	)	$	44,658
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization		13,713			12,786
Deferred income taxes		7,190			(15,318	)
Income (loss) in operations of equity investees		133			(134	)
Loss on disposal of fixed assets destroyed in Plaza Fire		1,482			—
Loss on disposal of fixed assets, net		558			—
Amortization of deferred financing fees		469			782
Amortization of broadcast rights		10,056			19,288
Payments for broadcast rights		(10,038	)		(18,154	)
Gain on extinguishment of senior notes, net		(2,965	)		—
Gain asset exchange, net		(2,569	)		—
Gain on sale of marketable securities		—			(152,610	)
Amortization of short-term investment discount		(303	)		(789	)
Impairment of goodwill and intangible assets		—			76,742
Impairment of investment in equity investee		—			1,468
Net non-cash contract termination fee		—			4,990
Amortization of non-cash contract termination fee		(1,461	)		(1,264	)
Stock-based compensation		1,015			918
Other		205			(179	)
Change in operating assets and liabilities
Receivables		(2,026	)		4,399
Prepaid expenses and other current assets		(2,260	)		1,481
Cash surrender value of life insurance and annuity contracts		(912	)		(616	)
Other assets		(19	)		698
Trade accounts payable, accrued payroll and related
benefits, interest payable, and other current liabilities		(2,874	)		(1,921	)
Income taxes receivable and payable		(8,983	)		(6,722	)
Accrued retirement benefits		(511	)		911
Other liabilities		(759	)		(643	)
Net cash used in operating activities		(10,189	)		(29,229	)
Investing activities
Purchases of marketable securities		—			(104	)
Proceeds from sale of marketable securities and short-term investments		60,000			153,513
Purchases of short-term investments		—			(58,909	)
Restricted cash		—			52,365
Purchase of television stations		—			(52,365	)
Proceeds from sale of online news service		—			1,460
Purchase of intangible assets		—			(285	)
Purchase of investment in DataSphere		(1,500	)		—
Purchases of property, plant and equipment		(11,581	)		(10,291	)
Net cash provided by investing activities		46,919			85,384
Financing activities
Borrowings under borrowing agreements		—			21,000
Payments on borrowing agreements		—			(21,000	)
Repurchase of senior notes		(24,428	)		—
Payments on capital lease obligations		(155	)		(144	)
Cash dividends paid		—			(30,686	)
Net cash used in financing activities		(24,583	)		(30,830	)
Net increase in cash and cash equivalents		12,147			25,325
Cash and cash equivalents, beginning of period		31,835			6,510
Cash and cash equivalents, end of period	$	43,982		$	31,835

Fisher Communications, Inc. and Subsidiaries
GAAP to Non-GAAP Reconciliations
(Unaudited, in thousands)

The following table provides a reconciliation of income (loss) from operations to EBITDA in each of the periods presented:

	Twelve Months ended						Three Months ended
	December 31,						December 31,
	2009			2008			2009			2008
Income (loss) from operations (per GAAP, Statements of Operations)	$	(6,474	)	$	(72,079	)	$	4,513		$	(69,262	)
Add:
Amortization of program rights		10,056			19,288			2,972			2,470
Depreciation and amortization		13,713			12,703			3,540			3,413
Stock-based compensation		1,015			918			247			253
Impairment of goodwill, intangibles and equity investment		—			78,210			—			78,210
Non-cash charge resulting from forfeiture of non-		—			1,000			—			—
refundable deposit
Net non-cash charge resulting from change in national		—			4,990			—			—
advertising representation firm
Plaza fire expenses, net		2,657			—			(1,294	)		—
Subtract:
Gain on asset exchange, net		2,569			—			2,569			—
Payments for television and radio broadcast rights		10,038			18,154			2,920			2,305
Amortization of non-cash benefit resulting from change in		1,461			1,264			365			366
national advertising representation firm
EBITDA (Non-GAAP)	$	6,899		$	25,612		$	4,124		$	12,413
EBITDA as a percentage of Revenue		5.2	%		14.7	%		10.7	%		26.0	%

The following table provides a reconciliation of television segment income (loss) from operations to television broadcast cash flow in each of the periods presented:

	Twelve Months ended December 31,						Three Months ended December 31,
	2009			2008			2009			2008
Television segment income (loss) from operations	$	(1,335	)	$	(61,276	)	$	3,773		$	(66,158	)
Add:
Amortization of program rights		10,056			8,538			2,972			2,469
Depreciation and amortization		8,862			8,053			2,339			2,059
Impairment of goodwill, intangibles and equity investment		—			76,800			—			76,800
Corporate and internet expenses		8,278			10,063			2,412			2,462
Net non-cash charge resulting from change in		—			4,990			—			—
national advertising representation firm
Subtract:
Gain on exchange of assets, net		2,569			—			2,569			—
Payments for television broadcast rights		10,038			8,404			2,920			2,305
Amortization of non-cash benefit resulting from change in national advertising representation firm
		1,461			1,264			365			366
Non-convergence internet revenue		1,705			1,943			507			507
Television Broadcast Cash Flow (Non-GAAP)	$	10,088		$	35,557			5,135			14,454
Television Broadcast Cash Flow as a percentage of Television Segment Revenue		10.4	%		28.7	%		17.7	%		38.2	%
Television Segment Revenue	$	97,201		$	124,001			29,081			37,850

The following table provides a reconciliation of radio segment income (loss) from operations to radio broadcast cash flow in each of the periods presented:

	Twelve Months ended December 31,									Three Months ended December 31,
	2009			2008			2008 (1)			2009			2008			2008 (1)
Radio segment income (loss) from operations	$	2,377		$	(4,562	)	$	2,755		$	745		$	(1,057	)	$	(862	)
Add:
Amortization of program rights		—			10,750			—			—			1			—
Depreciation and amortization		791			1,018			1,018			201			376			376
Impairment of goodwill and intangible assets					1,410			1,410						1,410			1,410
Corporate expenses and other		943			989			1,023			109			421			419
Subtract:											—			—			—
Payments for radio broadcast rights		—			9,750			—			—			—			—
Radio Broadcast Cash Flow (Non-GAAP)	$	4,111		$	(145	)	$	6,206		$	1,055		$	1,151		$	1,343
Radio Broadcast Cash Flow as a percentage of Radio Segment Revenue		18.0	%		-0.4	%		22.1	%		17.4	%		17.5	%		20.6	%
Radio Segment Revenue	$	22,833		$	36,719		$	28,022		$	6,075		$	6,568		$	6,526
(1)Excludes the financial impact of the Seattle Mariners broadcast contract.

The following table provides a reconciliation of Plaza segment income (loss) from operations to Plaza EBITDA in each of the periods presented:

			Twelve Months ended December 31,					Three Months ended December 31,
				2009		2008			2009			2008
Plaza segment income (loss) from operations				$	3,966	$	5,472		$	2,918		$	1,334
	Add:
		Depreciation			3,019		3,117			751			745
		Plaza fire expense, net			2,657		—			(1,294	)		—
	Subtract:
		Operating expense allocated to TV and Radio segments			1,515		1,715			437			290
Plaza Cash Flow (Non-GAAP)				$	8,127	$	6,874		$	1,938		$	1,789

The following table provides television segment revenue comparisons in each of the periods presented:

	Twelve Months ended December 31,				%			Three Months ended December 31,				%
	2009		2008		Change			2009		2008		Change
Core adverting (local and national)		77,945		93,369		(17	%)		23,012		22,127		4	%
Political		1,945		19,330		(90	%)		1,164		12,033		(90	%)
Internet		1,705		1,943		(12	%)		507		507		0	%
Retransmission		8,361		3,059		173	%		2,390		864		177	%
Trade, barter and other		7,245		6,300		15	%		2,008		2,319		(13	%)
TV segment net revenue		97,201		124,001		(22	%)		29,081		37,850		(23	%)
Net television revenue, excluding political		95,256		104,671		(9	%)		27,917		25,817		8	%

The following table provides radio segment revenue comparisons in each of the periods presented:

	Twelve Months ended December 31,				%			Three Months ended December 31,				%
	2009		2008		Change			2009		2008		Change
Core adverting (local and national)		20,999		33,314		(37	%)		5,678		5,961		(5	%)
Political		291		886		(67	%)		91		245		(63	%)
Trade, barter and other		1,543		2,519		(39	%)		306		362		(15	%)
Radio segment net revenue		22,833		36,719		(38	%)		6,075		6,568		(8	%)
Net radio revenue, excluding political		22,542		35,833		(37	%)		5,984		6,323		(5	%)