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 3, 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) |
Registrants telephone number, including area code: | 206-404-7000 |
Not Applicable
______________________________________________
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 03, 2011, Fisher Communications, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2010. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
99.1 Press release issued by Fisher Communications, Inc., dated March 03, 2011 to announce Fourth Quarter and 2010 Financial Results.
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 3, 2011 | By: |
/s/ Hassan N. Natha
|
||
|
||||
Name: Hassan N. Natha | ||||
Title: Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
|
|
|
99.1
|
Press release issued by Fisher Communications, Inc., dated March 03, 2011 to announce Fourth Quarter and 2010 Financial Results. |
MEDIA RELEASE
Exhibit 99.1
Fisher Communications, Inc. Reports Strong Fourth Quarter and Full-Year 2010 Financial Results
Fourth Quarter TV Advertising Revenue Increased 61%
Fourth Quarter Diluted EPS of $0.93
Full-Year TV Advertising Revenue Increased 40%
Full-Year 2010 EBITDA Increased 401% to $34.6 Million
SEATTLE, WA (MARKETWIRE) March 3, 2011 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, 2010. Fishers fourth quarter included strong political revenue and solid core advertising growth, with net TV advertising revenue increasing by 61%.
Total revenue for the fourth quarter of 2010 was $57.6 million, an increase of 49% compared to the fourth quarter of 2009, primarily due to strong political advertising revenue and improvements in other advertising categories. Direct operating costs and selling, general and administrative expenses for the fourth quarter of 2010 increased $3.9 million, or 12%, from the fourth quarter of 2009 primarily due to an increase in variable compensation costs and costs related to a format change at KVI radio. EBITDA increased $15.3 million to $19.4 million in the fourth quarter of 2010.
The Company reported net income of $8.3 million in the quarter. This compares to net income of $1.1 million in the fourth quarter of 2009, when the Company recognized a pre-tax gain on exchange of broadcast equipment of $2.6 million and a $1.3 million pre-tax gain from net insurance reimbursements received from the Fisher Plaza electrical fire insurance claim.
For the full fiscal year, the Company reported consolidated revenue of $175.9 million, a 32% increase from 2009. Fishers performance was due to the strong political revenue growth and the continued local and national spot advertising recovery, combined with its ability to grow market share. Net TV advertising revenue increased by 40% for the full year and core TV advertising grew by 16%. Consolidated EBITDA increased $27.7 million, or 401%, to $34.6 million in 2010. The Company reported 2010 net income of $9.7 million, compared to a net loss of $9.3 million in 2009. 2010 net income included the $2.1 million pre-tax gain on exchange of broadcast equipment and the $3.4 million pre-tax gain from net insurance reimbursements received from the Companys Fisher Plaza electrical fire insurance claim. 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 a $2.7 million pre-tax loss from the Fisher Plaza electrical fire expenses, net of reimbursements.
The Company reported fourth quarter and full year 2010 net earnings (loss) per share of $0.93 and $1.10 respectively, compared to $0.12 and ($1.06), respectively, for the fourth quarter and full year 2009.
Fisher President and Chief Executive Officer Colleen B. Brown commented, We are very pleased with our fourth quarter results, which reflect Fishers highest quarterly revenue during the past ten years. Our five year track record of ratings and core advertising market share growth confirms that our strategic plan to drive EBITDA growth is working.
The continued improvements within our traditional broadcast business and digital portfolio contributed to a very strong year in terms of operational performance, profitability and cash flow. We plan to leverage these strengths as we continue to transform Fisher into a more highly diversified local media company. In 2011, we are focused on using our multi-platform offering to aggressively strengthen our position and pursue a larger share of audience and local advertising in the markets we serve.
Financial Highlights for the Fourth Quarter of 2010
(All comparisons are made to the fourth quarter of 2009 unless otherwise noted.)
Television:
| TV net revenue increased 61% to $46.8 million. |
| Core advertising revenue (local and national) (net) increased 9% to $25.0 million and Political revenue (net) increased by $14.0 million, to $15.2 million. |
| Retransmission consent revenue increased $569,000 to $3.0 million. |
| Automotive and Retail advertising increased 13% and 15%, respectively, while Professional Services increased 3%. |
| TV cash flow increased $15.3 million to $20.4 million; TV cash flow margin was 43.6%, up from 17.7%. |
| Internet revenue (net) more than doubled to $1.1 million, or 2.4% of TV revenue. |
Radio:
| Radio net revenue increased 17% to $7.1 million. |
| Radio cash flow grew $339,000 to $1.4 million and cash flow margin was 19.7%, up from 17.4%. |
Plaza:
| Fisher Plaza revenue grew $233,000, or 7%. |
| Fisher Plaza EBITDA (which excludes net fire-related expenses or reimbursements) decreased 8.3% to $1.8 million due to one-time equipment removal costs. |
Financial Highlights for Full-Year 2010
(All comparisons are made to full-year 2009 unless otherwise noted.)
Television:
| TV net revenue increased 40% to $136.4 million. |
| Core advertising revenue (local and national) (net) increased 16% to $90.2 million and Political revenue (net) increased $20.2 million to $22.1 million. |
| Retransmission consent revenue increased $4.1 million to $12.5 million. |
| Automotive, Retail, and Professional Services advertising increased 47%, 18%, and 13%, respectively. |
| TV cash flow increased $27.5 million to $37.6 million; TV cash flow margin was 27.6%, up from 10.4%. |
| Internet revenue (net) increased 105% to $3.5 million, or 2.6% of TV revenue. |
Radio:
| Radio net revenue increased 11% to $25.3 million. |
| Radio cash flow increased $755,000 to $4.9 million; Radio cash flow margin improved 1.2% to 19.2%. |
Plaza:
| Fisher Plaza revenue grew $661,000, or 5%. |
| Fisher Plaza EBITDA (which excludes net fire-related expenses or reimbursements) declined 1% to $8.0 million due to one-time equipment removal costs. |
Balance Sheet:
| Cash and short-term investments were $52.9 million at year-end, compared to $44.0 million at the end of 2009. The increase reflected $40.0 million of cash generated from operations (which included a $10.0 million tax refund and $5.1 million of insurance proceeds received for reimbursement of the 2009 Plaza fire), offset by the Companys repurchase of $20.6 million in principal amount of its senior notes and $10.0 million in capital expenditures. |
| Total debt outstanding decreased from $122.1 million at the end of 2009 to $101.4 million at December 31, 2010 as a result of the Companys repurchase of $20.6 million in principal amount of its senior notes during 2010. This resulted in a reduction of $1.7 million of interest expense in 2010. Additionally, in January 2011, the Company repurchased an additional $2.6 million in principal amount of its senior notes further reducing total debt outstanding to $98.8 million. As a result of improved operating results and our debt reduction strategy, our debt-to-operating cash flow ratio decreased significantly from 14.7x to 2.9x as of December 31, 2010. |
Key Operating and Strategic Highlights
| Fisher television stations ranked either #1 or #2 in the key Adult 25-54 demographic in prime and early evening news in 6 of its 7 markets in the November 2010 ratings period. |
| The Companys aggregate TV/radio non-political market share in markets that provide market figures improved 40 basis points from fourth quarter 2009 to fourth quarter 2010. |
| At the end of 2010, Fisher Plaza occupancy was 96% compared to 97% in 2009, due to space consolidation at the Company. |
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 Fishers 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 Television cash flow, Radio cash flow, 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 Companys 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 Companys business.
Television and radio cash flow are calculated as income (loss) from 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 Plaza income (loss) from operations plus depreciation, Plaza fire expenses (reimbursements), 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 (reimbursements), 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 120 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, intends, 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, 2009, 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, 2010, which we expect to file with the SEC on March 8, 2011.
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)
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||
December 31, | % | December 31, | % | |||||||||||||||||||||||||||||
(in thousands, except per-share amounts) | 2010 | 2009 | change | 2010 | 2009 | change | ||||||||||||||||||||||||||
Revenue |
$57,566 | $ | 38,641 | 49 | % | $ | 175,926 | $ | 133,664 | 32 | % | |||||||||||||||||||||
Operating expenses |
||||||||||||||||||||||||||||||||
Direct operating costs |
18,861 | 17,163 | 10 | % | 70,929 | 65,111 | 9 | % | ||||||||||||||||||||||||
Selling, general and administrative
expenses |
16,548 | 14,316 | 16 | % | 58,624 | 51,170 | 15 | % | ||||||||||||||||||||||||
Amortization of program rights |
2,991 | 2,972 | 1 | % | 11,877 | 10,056 | 18 | % | ||||||||||||||||||||||||
Depreciation and amortization |
3,564 | 3,540 | 1 | % | 14,448 | 13,713 | 5 | % | ||||||||||||||||||||||||
Plaza fire expenses (reimbursements), net |
(44 | ) | (1,294 | ) | 97 | % | (3,363 | ) | 2,657 | (227 | %) | |||||||||||||||||||||
Gain on asset exchange, net |
3 | (2,569 | ) | 100 | % | (2,054 | ) | (2,569 | ) | 20 | % | |||||||||||||||||||||
Total operating expenses |
41,923 | 34,128 | 23 | % | 150,461 | 140,138 | 7 | % | ||||||||||||||||||||||||
Income (loss) from operations |
15,643 | 4,513 | 247 | % | 25,465 | (6,474 | ) | 493 | % | |||||||||||||||||||||||
Gain (loss) on extinguishment of senior
notes, net |
(88) | | (160 | ) | 2,965 | |||||||||||||||||||||||||||
Other income, net |
23 | 67 | 217 | 1,288 | ||||||||||||||||||||||||||||
Interest expense |
(2,324 | ) | (2,760 | ) | (9,954 | ) | (11,677 | ) | ||||||||||||||||||||||||
Income (loss) before income taxes |
13,254 | 1,820 | 15,568 | (13,898 | ) | |||||||||||||||||||||||||||
Provision (benefit) for income taxes |
4,977 | 741 | 5,822 | (4,568 | ) | |||||||||||||||||||||||||||
Net income (loss) |
$8,277 | $ | 1,079 | $ | 9,746 | $ | (9,330 | ) | ||||||||||||||||||||||||
Net income (loss) per share basic |
$0.94 | $ | 0.12 | $ | 1.11 | $ | (1.06 | ) | ||||||||||||||||||||||||
Net income (loss) per share assuming
dilution |
$0.93 | $ | 0.12 | $ | 1.10 | $ | (1.06 | ) | ||||||||||||||||||||||||
Weighted average shares outstanding |
8,801 | 8,781 | 8,796 | 8,776 | ||||||||||||||||||||||||||||
Weighted average shares outstanding assuming
dilution |
8,861 | 8,820 | 8,843 | 8,776 |
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
December 31, | December 31, | |||||||||||
(in thousands) | 2010 | 2009 | ||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Cash and cash equivalents |
$52,945 | $ | 43,982 | |||||||||
Receivables, net |
30,807 | 28,070 | ||||||||||
Income taxes receivable |
1,353 | 11,746 | ||||||||||
Deferred income taxes, net |
1,649 | 3,813 | ||||||||||
Prepaid expenses and other |
2,863 | 4,460 | ||||||||||
Cash surrender value of annuity contracts |
2,397 | 2,626 | ||||||||||
Television broadcast rights |
7,855 | 7,919 | ||||||||||
Total current assets |
99,869 | 102,616 | ||||||||||
Cash surrender value of life insurance and annuity contracts |
16,499 | 15,711 | ||||||||||
Goodwill, net |
13,293 | 13,293 | ||||||||||
Intangible assets, net |
40,543 | 40,779 | ||||||||||
Deferred financing fees and other |
7,376 | 7,590 | ||||||||||
Deferred income taxes, net |
- | 2,297 | ||||||||||
Property, plant and equipment, net |
143,312 | 148,824 | ||||||||||
Total Assets |
$320,892 | $ | 331,110 | |||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||
Current Liabilities |
||||||||||||
Accounts payable |
$4,044 | $ | 3,148 | |||||||||
Accrued payroll and related benefits |
7,896 | 4,445 | ||||||||||
Interest payable |
2,552 | 3,158 | ||||||||||
Television broadcast rights payable |
7,849 | 7,987 | ||||||||||
Current portion of accrued retirement benefits |
1,117 | 1,100 | ||||||||||
Other current liabilities |
4,388 | 6,251 | ||||||||||
Total current liabilities |
27,846 | 26,089 | ||||||||||
Long-term debt |
101,440 | 122,050 | ||||||||||
Accrued retirement benefits |
18,982 | 18,023 | ||||||||||
Deferred income taxes, net |
417 | | ||||||||||
Other liabilities |
6,981 | 9,476 | ||||||||||
Total Stockholders Equity |
165,226 | 155,472 | ||||||||||
Total Liabilities and Stockholders Equity |
$320,892 | $ | 331,110 | |||||||||
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flow
(Unaudited)
Twelve months ended December 31, | ||||||||
(in thousands) | 2010 | 2009 | ||||||
Operating activities |
||||||||
Net income (loss) |
$ | 9,746 | $ | (9,330 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities |
||||||||
Depreciation and amortization |
14,448 | 13,713 | ||||||
Deferred income taxes |
4,933 | 7,190 | ||||||
Loss in operations of equity investees |
86 | 133 | ||||||
Loss on disposal of fixed assets destroyed in Plaza fire |
| 1,482 | ||||||
(Gain) loss on disposal of fixed assets, net |
284 | 558 | ||||||
Amortization of deferred financing fees |
407 | 469 | ||||||
Amortization of broadcast rights |
11,877 | 10,056 | ||||||
Payments for broadcast rights |
(11,963 | ) | (10,038 | ) | ||||
(Gain) loss on extinguishment of senior notes, net |
160 | (2,965 | ) | |||||
Gain on asset exchange, net |
(2,054 | ) | (2,569 | ) | ||||
Amortization of short-term investment discount |
| (303 | ) | |||||
Amortization of non-cash contract termination fee |
(1,461 | ) | (1,461 | ) | ||||
Stock-based compensation |
1,342 | 1,015 | ||||||
Other |
| 205 | ||||||
Change in operating assets and liabilities, net |
||||||||
Receivables |
(2,964 | ) | (2,026 | ) | ||||
Prepaid expenses and other current assets |
2,023 | (2,260 | ) | |||||
Cash surrender value of life insurance and annuity contracts |
(962 | ) | (912 | ) | ||||
Other assets |
(48 | ) | (19 | ) | ||||
Trade accounts payable, accrued payroll and related |
||||||||
benefits and other current liabilities |
4,170 | (2,259 | ) | |||||
Interest payable |
(606 | ) | (615 | ) | ||||
Income taxes receivable and payable |
10,571 | (8,983 | ) | |||||
Accrued retirement benefits |
365 | (511 | ) | |||||
Other liabilities |
(686 | ) | (759 | ) | ||||
Net cash provided by (used in) operating activities |
39,668 | (10,189 | ) | |||||
Investing activities |
||||||||
Redemption of short-term investments |
| 60,000 | ||||||
Investment in equity investee |
(48 | ) | | |||||
Consolidation of non-controlling interest |
75 | (1,500 | ) | |||||
Purchases of property, plant and equipment |
(9,990 | ) | (11,581 | ) | ||||
Net cash provided by (used in) investing activities |
(9,963 | ) | 46,919 | |||||
Financing activities |
||||||||
Repurchase of senior notes |
(20,453 | ) | (24,428 | ) | ||||
Shares settled upon vesting of stock rights |
(168 | ) | | |||||
Payment of capital lease obligations |
(121 | ) | (155 | ) | ||||
Net cash used in financing activities |
(20,742 | ) | (24,583 | ) | ||||
Net increase in cash and cash equivalents |
8,963 | 12,147 | ||||||
Cash and cash equivalents, beginning of period |
43,982 | 31,835 | ||||||
Cash and cash equivalents, end of period |
$ | 52,945 | $ | 43,982 | ||||
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:
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Income (loss) from operations |
$ | 15,643 | $ | 4,513 | $ | 25,465 | $ | (6,474 | ) | |||||||
Add: |
||||||||||||||||
Amortization of program rights |
2,991 | 2,972 | 11,877 | 10,056 | ||||||||||||
Depreciation and amortization |
3,564 | 3,540 | 14,448 | 13,713 | ||||||||||||
Stock-based compensation |
384 | 247 | 1,342 | 1,015 | ||||||||||||
Loss on disposal of assets |
69 | | 284 | | ||||||||||||
Loss on asset exchange |
3 | | | | ||||||||||||
Plaza fire expenses, net |
| | | 2,657 | ||||||||||||
Subtract: |
||||||||||||||||
Gain on asset exchange, net |
| 2,569 | 2,054 | 2,569 | ||||||||||||
Plaza fire reimbursements, net |
44 | 1,294 | 3,363 | | ||||||||||||
Payments for television broadcast rights |
2,860 | 2,920 | 11,963 | 10,038 | ||||||||||||
Amortization of non-cash benefit resulting from change in |
365 | 365 | 1,461 | 1,461 | ||||||||||||
national advertising representation firm |
||||||||||||||||
EBITDA (Non-GAAP) |
$ | 19,385 | $ | 4,124 | $ | 34,575 | $ | 6,899 | ||||||||
EBITDA as a percentage of Revenue |
33.7 | % | 10.7 | % | 19.7 | % | 5.2 | % | ||||||||
The following table provides a reconciliation of television segment income (loss) from operations to television broadcast cash flow in each of the periods presented:
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Television segment income (loss) from operations |
$ | 17,102 | $ | 3,773 | $ | 26,581 | $ | (1,335 | ) | |||||||
Add: |
||||||||||||||||
Amortization of program rights |
2,991 | 2,972 | 11,877 | 10,056 | ||||||||||||
Depreciation and amortization |
2,158 | 2,339 | 9,136 | 8,862 | ||||||||||||
Corporate and internet expenses |
2,407 | 2,115 | 8,785 | 7,966 | ||||||||||||
Loss on disposal of assets |
84 | 297 | 174 | 312 | ||||||||||||
Loss on exchange of assets, net |
3 | | | | ||||||||||||
Subtract: |
||||||||||||||||
Gain on exchange of assets, net |
| 2,569 | 2,054 | 2,569 | ||||||||||||
Payments for television broadcast rights |
2,860 | 2,920 | 11,963 | 10,038 | ||||||||||||
Amortization of non-cash benefit resulting from
change in national advertising representation
firm |
||||||||||||||||
365 | 365 | 1,461 | 1,461 | |||||||||||||
Non-convergence internet revenue |
1,123 | 507 | 3,496 | 1,705 | ||||||||||||
Television Broadcast Cash Flow (Non-GAAP) |
$ | 20,397 | $ | 5,135 | $ | 37,579 | $ | 10,088 | ||||||||
Television Broadcast Cash Flow as a percentage of
Television Segment Revenue |
43.6 | % | 17.7 | % | 27.6 | % | 10.4 | % | ||||||||
Television Segment Revenue |
$ | 46,763 | $ | 29,081 | $ | 136,397 | $ | 97,201 | ||||||||
The following table provides a reconciliation of radio segment income (loss) from operations to radio broadcast cash flow in each of the periods presented:
Three months ended | Twelve months ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||||||
Radio segment income (loss) from operations |
$ | 865 | $ | 745 | $ | 3,228 | $ | 2,377 | ||||||||||||
Add: |
||||||||||||||||||||
Depreciation and amortization |
346 | 201 | 932 | 791 | ||||||||||||||||
Corporate expenses and other |
183 | 109 | 706 | 872 | ||||||||||||||||
Loss on disposal of assets |
| | | 71 | ||||||||||||||||
Radio Broadcast Cash Flow (Non-GAAP) |
$ | 1,394 | $ | 1,055 | $ | 4,866 | $ | 4,111 | ||||||||||||
Radio Broadcast Cash Flow as a percentage
of Radio Segment Revenue |
19.7 | % | 17.4 | % | 19.2 | % | 18.0 | % | ||||||||||||
Radio Segment Revenue |
$ | 7,093 | $ | 6,075 | $ | 25,283 | $ | 22,833 | ||||||||||||
The following table provides a reconciliation of Plaza segment income (loss) from operations to Plaza EBITDA in each of the periods presented:
Three months ended | Twelve months ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||||||
Plaza segment income from operations |
$ | 1,611 | $ | 2,918 | $ | 9,666 | $ | 3,966 | ||||||||||||
Add: |
||||||||||||||||||||
Depreciation |
778 | 751 | 3,210 | 3,019 | ||||||||||||||||
Loss on disposal of assets |
| | 106 | | ||||||||||||||||
Plaza fire expenses, net |
| | | 2,657 | ||||||||||||||||
Subtract: |
||||||||||||||||||||
Gain on disposal of assets |
19 | | ||||||||||||||||||
Plaza fire reimbursements, net |
44 | 1,294 | 3,363 | | ||||||||||||||||
Operating expense allocated to TV
and Radio
Segments |
549 | 437 | 1,584 | 1,515 | ||||||||||||||||
Plaza EBITDA (Non-GAAP) |
$ | 1,777 | $ | 1,938 | $ | 8,035 | $ | 8,127 | ||||||||||||
Plaza EBITDA as a percentage of
Plaza Segment Revenue |
47.5 | % | 55.2 | % | 55.8 | % | 59.2 | % | ||||||||||||
Plaza Segment Revenue |
$ | 3,741 | $ | 3,508 | $ | 14,400 | $ | 13,739 | ||||||||||||
The following table provides television segment revenue comparisons in each of the periods presented:
Three months ended December 31, | % | Twelve months ended December 31, | % | |||||||||||||||||||||
2010 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||
Core adverting (local and national) |
$ | 25,007 | $ | 23,012 | 9 | % | $ | 90,227 | $ | 77,945 | 16 | % | ||||||||||||
Political |
15,208 | 1,164 | 1207 | % | 22,109 | 1,945 | 1037 | % | ||||||||||||||||
Internet |
1,123 | 507 | 121 | % | 3,496 | 1,705 | 105 | % | ||||||||||||||||
Retransmission |
2,959 | 2,390 | 24 | % | 12,451 | 8,361 | 49 | % | ||||||||||||||||
Trade, barter and other |
2,466 | 2,008 | 23 | % | 8,114 | 7,245 | 12 | % | ||||||||||||||||
TV segment net revenue |
$ | 46,763 | $ | 29,081 | 61 | % | $ | 136,397 | $ | 97,201 | 40 | % | ||||||||||||
Net television revenue, excluding
political |
$ | 31,555 | $ | 27,917 | 13 | % | $ | 114,288 | $ | 95,256 | 20 | % |
The following table provides radio segment revenue comparisons in each of the periods presented:
Three months ended December 31, | % | Twelve months ended December 31, | % | |||||||||||||||||||||
2010 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||
Core adverting (local and national) |
$ | 5,985 | $ | 5,678 | 5 | % | $ | 22,810 | $ | 20,999 | 9 | % | ||||||||||||
Political |
771 | 91 | 747 | % | 1,155 | 291 | 297 | % | ||||||||||||||||
Trade, barter and other |
337 | 306 | 10 | % | 1,318 | 1,543 | (15 | %) | ||||||||||||||||
Radio segment net revenue |
$ | 7,093 | $ | 6,075 | 17 | % | $ | 25,283 | $ | 22,833 | 11 | % | ||||||||||||
Net radio revenue, excluding political |
$ | 6,322 | $ | 5,984 | 6 | % | $ | 24,128 | $ | 22,542 | 7 | % |
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