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): | July 26, 2013 |
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 July 26, 2013, Fisher Communications, Inc. (the "Company") issued a press release announcing its financial results for the second quarter ended June 30, 2013. 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 July 26, 2013 to announce its financial results for the second quarter ended June 30, 2013.
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. | ||||
July 26, 2013 | By: |
/s/ Hassan N. Natha
|
||
|
||||
Name: Hassan N. Natha | ||||
Title: Senior Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
|
|
|
99.1
|
Press release issued by Fisher Communications, Inc., dated July 26, 2013 to announce its financial results for the seccond quarter ended June 30, 2013. |
Exhibit 99.1
MEDIA RELEASE
Fisher Communications Second Quarter
2013 Financial Results
SEATTLE, WA (Marketwired) July 26, 2013 Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the second quarter ended June 30, 2013. The Company reported net income of $0.4 million, or $0.05 per share, in the quarter, compared to net income of $4.3 million, or $0.48 per share, in the second quarter of 2012. The second quarters results include $3.9 million of pre-tax strategic transaction-related expenses. Excluding the after-tax strategic transaction-related expenses, net income for the second quarter would be $2.8 million, or $0.31 per share.
Second Quarter 2013 Financial Review
(All comparisons are made to the second quarter of 2012 unless otherwise noted)
| Total revenues were $42.1 million, roughly flat year-over-year. Excluding political revenue, total revenue was up 1%. |
| Direct operating, selling, general and administrative and programming costs increased 18%, or $6.0 million, primarily driven by $3.9 million of strategic transaction-related expenses and $2.0 million of increased network programming fees. Otherwise, costs were flat with prior year. |
| Adjusted EBITDA of $4.3 million was down 58% from $10.2 million. Included in Adjusted EBITDA for the second quarter was $3.9 million of pre-tax strategic transaction-related expenses. |
Television:
| Total TV net revenue was flat year-over-year. Excluding political revenue, TV net revenue was up 2%. |
| Core revenue increased 4% year-over-year due to the strength in automotive and professional fees. |
| Retransmission consent revenue increased 6% to $6.6 million, as a result of renewed contracts. |
| TV cash flow decreased 18% to $10.3 million; TV cash flow margin was 28%, down from 34%. Excluding the increase in network programming fees TV cash flow would be essentially flat year-over-year. |
| During the second quarter, KOMO 4 News was awarded 15 Regional Emmys, including the most prestigious Station Excellence Award. |
| For the second consecutive year, KOMO 4 won Best Evening Newscast, and for the third consecutive year, Best Morning Newscast. |
| Fisher Interactive, the Companys digital media unit, achieved its highest audience ever in the second quarter delivering nearly 50 million average monthly page views network-wide. |
| On June 1, 2013 the Company closed on its previously announced acquisition of assets of KMTR(TV), the NBC and CW affiliates in Eugene, Oregon. |
Radio:
| Radio net revenue was down 2% year-over-year to $5.4 million due to market softness. |
| Radio cash flow was down $0.15 million to $1.70 million; radio cash flow margin of 31% was down slightly from 33%. |
Balance Sheet & Liquidity
| Cash and cash equivalents were $13.1 million at quarter-end, compared to $20.4 million at the end of 2012, primarily reflecting the closing of the KMTR(TV) transaction. |
| Fisher remains virtually debt free with a $30.0 million senior secured revolving credit facility in place. |
Management Commentary
The second quarter marked a continuation of our positive momentum, with Fisher delivering another
solid quarter financially and operationally. Once again our performance highlights the strength of
our broadcast stations in their respective markets, which continued to climb in ratings rank and
received a number of coveted awards during the quarter. KOMO 4 News, Fishers flagship station in
Seattle, recently won 15 Regional Emmys, including the most prestigious Station Excellence Award.
And for the second consecutive year, KOMO 4 won Best Evening Newscast, and for the third
consecutive year, Best Morning Newscast. said Colleen B. Brown, Fishers President and Chief
Executive Officer. We are also pleased to announce that in the second quarter we closed our
acquisition of assets of KMTR(TV) in Eugene, Oregon. We look forward to working with the KMTR team
to leverage our strengths, reach and resources to better serve the Eugene community.
Second Quarter 2013 Conference Call
Due to the pending acquisition by Sinclair Broadcast Group, Inc., the Company will not conduct a
conference call to discuss the second quarter 2013 financial results.
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, net loss excluding the after-tax transaction-related expenses and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted 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 television and radio segment income from operations plus amortization of broadcast rights, non-cash charges, Internet and trade expenses minus payments for broadcast rights and Internet revenue. Broadcast cash flow is calculated by adding the Television and radio cash flow.Net loss excluding the after-tax transaction-related expenses, is calculated as net loss plus transaction-related expenses, adjusted by the estimated tax impact by applying the annual effective tax rate.
EBITDA is calculated as income from operations plus amortization of broadcast rights; depreciation and amortization; stock-based compensation; loss on disposal of property, plant and equipment, net; and non-cash charges minus payments for broadcast rights; gain on sale of real estate, net; and amortization of non-cash benefit resulting from a change in national advertising representation firm.
Adjusted EBITDA excludes Plaza rent expense in 2012 and 2013. Management believes this presentation of Adjusted EBITDA is useful to investors because it provides investors with a comparable measure given the rent expense for Fisher Plaza.
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 16
full power television stations, seven low power television stations, three owned radio stations and
one managed radio station in the Western United States. The Company also owns and operates Fisher
Interactive Network, its online division (including over 120 online sites) and Fisher Pathways, a
satellite and fiber transmission provider. For more information about Fisher Communications, Inc.,
go to www.fsci.com.
Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words believes, expects, anticipates,
intends, projects, estimates, plans, increase, forecast and guidance and similar
expressions or future or conditional verbs such as will, should, would, may and could are
based upon then-current assumptions and expectations and are generally forward-looking in nature
and not historical facts. Any statements that refer to outlook, expectations or other
characterizations of future events, circumstances or results are also forward-looking statements.
The forward-looking statements contained in this news release, including, among other things,
statements related to 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, the competitiveness of political races and voter
initiatives, 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, major world news events and the proposed merger involving the Company and Sinclair
Broadcast Group, Inc. There can be no assurance that the proposed merger will occur as currently
contemplated, or at all, or that the expected benefits from the transaction will be realized on the
timetable currently contemplated, or at all. Additional risks and uncertainties relating to the
proposed merger include, but are not limited to, uncertainties as to the satisfaction of closing
conditions to the proposed merger, including timing and receipt of regulatory approvals, timing and
receipt of approval by the shareholders of the Company, the respective parties performance of
their obligations under the merger agreement relating to the proposed merger, and other factors
affecting the execution of the transaction.
A further list and description of important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Companys Annual Report on Form 10-K for the year ended December 31, 2012, as amended, included under headings such as Forward-Looking Statements, Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations, the Companys most recently filed Form 10-Q, and in other filings and furnishings made by the Company with the SEC from time to time. Other unknown or unpredictable factors could also have material adverse effects on the Companys performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this news release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this news release. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended | Six months ended | |||||||||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||||||||
(in thousands, except per-share amounts) | 2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||||||||||
Revenue |
$ | 42,067 | $ | 42,270 | (0 | %) | $ | 78,858 | $ | 76,202 | 3 | % | ||||||||||||||||
Operating expenses |
||||||||||||||||||||||||||||
Direct operating costs |
17,751 | 15,932 | (11 | %) | 35,397 | 32,588 | (9 | %) | ||||||||||||||||||||
Selling, general and administrative expenses |
19,257 | 15,081 | (28 | %) | 35,470 | 29,635 | (20 | %) | ||||||||||||||||||||
Amortization of broadcast rights |
2440 | 2,436 | (0 | %) | 4,842 | 4,893 | 1 | % | ||||||||||||||||||||
Depreciation and amortization |
1,838 | 1,748 | (5 | %) | 3,632 | 3,505 | (4 | %) | ||||||||||||||||||||
Loss (gain) on sale of real estate, net |
- | 209 | 100 | % | | (164 | ) | (100 | %) | |||||||||||||||||||
Total operating expenses |
41,286 | 35,406 | (17 | %) | 79,341 | 70,457 | (13 | %) | ||||||||||||||||||||
Income (loss) from operations |
781 | 6,864 | (89 | %) | (483 | ) | 5,745 | (108 | %) | |||||||||||||||||||
Loss on extinguishment of senior notes, net |
- | | | (1,482 | ) | |||||||||||||||||||||||
Other income (expense), net |
(36 | ) | 64 | (6 | ) | 94 | ||||||||||||||||||||||
Interest expense |
(30 | ) | (10 | ) | (60 | ) | (276 | ) | ||||||||||||||||||||
Income (loss) from operations before income
taxes |
715 | 6,918 | (549 | ) | 4,081 | |||||||||||||||||||||||
Provision for (benefit from) income taxes |
277 | 2,636 | (218 | ) | 1,663 | |||||||||||||||||||||||
Net income (loss) |
$ | 438 | $ | 4,282 | $ | (331 | ) | 2,418 | ||||||||||||||||||||
Net income (loss) per share: |
||||||||||||||||||||||||||||
Basic |
$ | 0.05 | $ | 0.48 | $ | (0.04 | ) | $ | 0.27 | |||||||||||||||||||
Diluted |
$ | 0.05 | $ | 0.48 | $ | (0.04 | ) | $ | 0.27 | |||||||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||
Basic |
8,858 | 8,874 | 8,829 | 8,860 | ||||||||||||||||||||||||
Diluted |
8,955 | 8,928 | 8,829 | 8,936 | ||||||||||||||||||||||||
Dividends declared per share |
$ | 0.15 | $ | | $ | 0.30 | $ | |
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, | December 31, | |||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
ASSETS |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
$13,144 | $ | 20,403 | |||||||||
Receivables, net |
31,718 | 28,243 | ||||||||||
Income taxes receivable |
1,051 | 834 | ||||||||||
Deferred income taxes, net |
1,062 | 1,062 | ||||||||||
Prepaid expenses and other |
1,970 | 3,629 | ||||||||||
Broadcast rights |
1,990 | 6.690 | ||||||||||
Total current assets |
50,935 | 60.861 | ||||||||||
Restricted cash |
125 | 3,624 | ||||||||||
Cash surrender value of life insurance and annuity contracts |
17,824 | 18,100 | ||||||||||
Goodwill, net |
13,702 | 13,293 | ||||||||||
Intangible assets, net |
44,804 | 40,072 | ||||||||||
Other assets |
5,393 | 5,208 | ||||||||||
Deferred income taxes, net |
688 | 711 | ||||||||||
Property, plant and equipment, net |
41,244 | 39,155 | ||||||||||
Total assets |
$ | 174,715 | $181,024 | |||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable |
$1,315 | $ | 1,496 | |||||||||
Accrued payroll and related benefits |
3,359 | 4,200 | ||||||||||
Broadcast rights payable |
1,750 | 6,488 | ||||||||||
Income taxes payable |
160 | 3,060 | ||||||||||
Current portion of accrued retirement benefits |
1,368 | 1,368 | ||||||||||
Other current liabilities |
10,582 | 7,260 | ||||||||||
Total current liabilities |
18,534 | 23,872 | ||||||||||
Long-term debt |
1,700 | | ||||||||||
Deferred income |
7,742 | 8,338 | ||||||||||
Accrued retirement benefits |
22,381 | 22,574 | ||||||||||
Other liabilities |
3,369 | 3,105 | ||||||||||
Total liabilities |
53,726 | 57,889 | ||||||||||
Total stockholders equity |
120,989 | 123,135 | ||||||||||
Total liabilities and stockholders equity |
$174,715 | $181,024 | ||||||||||
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six months ended June 30, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Operating activities |
||||||||
Net income (loss) |
$ | (331 | ) | $ | 2,418 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities |
||||||||
Depreciation and amortization |
3,632 | 3,505 | ||||||
Deferred income taxes, net |
56 | 37 | ||||||
Loss on extinguishment of senior notes, net |
| 594 | ||||||
Loss in operations of equity investees |
107 | 74 | ||||||
Loss on disposal of property, plant and equipment, net |
93 | 20 | ||||||
Gain on sale of real estate, net |
| (164 | ) | |||||
Amortization of deferred financing fees |
26 | 19 | ||||||
Amortization of deferred gain on sale of Fisher Plaza |
(379 | ) | (379 | ) | ||||
Amortization of debt security investment premium |
| 85 | ||||||
Amortization of non-cash contract termination fee |
(487 | ) | (731 | ) | ||||
Amortization of broadcast rights |
4,842 | 4,893 | ||||||
Payments for broadcast rights |
(4,881 | ) | (5,027 | ) | ||||
Stock-based compensation |
1,424 | 826 | ||||||
Change in operating assets and liabilities, net |
||||||||
Receivables |
(3,400 | ) | 920 | |||||
Prepaid expenses and other |
1,696 | 961 | ||||||
Cash surrender value of life insurance and annuity contracts |
276 | (398 | ) | |||||
Other assets |
(218 | ) | 96 | |||||
Accounts payable, accrued payroll and related |
||||||||
benefits and other current liabilities |
2,324 | (2,423 | ) | |||||
Interest payable |
| (1,556 | ) | |||||
Income taxes receivable and payable |
(3,118 | ) | (20,075 | ) | ||||
Accrued retirement benefits |
(88 | ) | (11 | ) | ||||
Other liabilities |
448 | 546 | ||||||
Net cash provided by (used in) operating activities |
2,022 | (15,770 | ) | |||||
Investing activities |
||||||||
Investment in equity investee |
(45 | ) | (32 | ) | ||||
Purchase of debt security investments |
| (82,733 | ) | |||||
Purchase of investment in a radio station |
| (750 | ) | |||||
Purchase of option to acquire a radio station |
| (615 | ) | |||||
Purchase of television stations |
(8,398 | ) | | |||||
Purchase of property, plant and equipment |
(2,598 | ) | (5,731 | ) | ||||
Proceeds from sale of available for sale debt security investments held as
restricted cash |
3,499 | | ||||||
Proceeds from sale of held to maturity debt security investments |
| 7,628 | ||||||
Proceeds from maturity of held to maturity debt security investments |
| 25,000 | ||||||
Proceeds from sale of real estate |
| 825 | ||||||
Net cash used in investing activities |
(7,542 | ) | (56,408 | ) | ||||
Financing activities |
||||||||
Proceeds from long-term debt |
1,700 | | ||||||
Repurchase of senior notes |
| (61,834 | ) | |||||
Repurchase of common stock |
| (86 | ) | |||||
Shares settled on vesting of stock rights |
(852 | ) | (433 | ) | ||||
Proceeds from exercise of stock options |
210 | 25 | ||||||
Payments on capital lease obligations |
(104 | ) | (96 | ) | ||||
Cash dividends paid |
(2,693 | ) | | |||||
Net cash used in financing activities |
(1,739 | ) | (62,424 | ) | ||||
Net decrease in cash and cash equivalents |
(7,259 | ) | (134,602 | ) | ||||
Cash and cash equivalents, beginning of period |
20,403 | 143,017 | ||||||
Cash and cash equivalents, end of period |
$ | 13,144 | $ | 8,415 | ||||
Fisher Communications, Inc. and Subsidiaries
GAAP to Non-GAAP Reconciliations
(Unaudited, in thousands)
The following table provides a reconciliation of income (loss) from operations (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) in each of the periods presented:
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Income loss from operations |
$ | 781 | $ | 6,864 | $ | (483 | ) | $ | 5,745 | |||||||
Adjustments: |
||||||||||||||||
Amortization of broadcast rights |
2,440 | 2,436 | 4,842 | 4,893 | ||||||||||||
Payments for broadcast rights |
(2,440 | (2,376 | ) | (4,881 | ) | (5,027 | ) | |||||||||
Depreciation and amortization |
1,838 | 1,748 | 3,632 | 3,505 | ||||||||||||
Stock-based compensation |
594 | 375 | 1,424 | 826 | ||||||||||||
Loss on disposal of property, plant and equipment, net |
76 | 9 | 93 | 20 | ||||||||||||
Loss (gain) on sale of real estate, net |
| 209 | | (164 | ) | |||||||||||
Proxy related costs |
| 34 | | 79 | ||||||||||||
Amortization of non-cash benefit resulting from change in |
(122 | ) | (366 | ) | (487 | ) | (731 | ) | ||||||||
national advertising representation firm |
||||||||||||||||
EBITDA (Non-GAAP) |
$ | 3,167 | $ | 8,933 | $ | 4,140 | $ | 9,146 | ||||||||
Plaza rent expense |
1,109 | 1,253 | 2,377 | 2,524 | ||||||||||||
Adjusted EBITDA (Non-GAAP) |
$ | 4,276 | $ | 10,186 | $ | 6,517 | $ | 11,670 | ||||||||
The following table provides a reconciliation of television segment income from operations (GAAP) to television broadcast cash flow (non-GAAP) in each of the periods presented:
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Television segment income from operations |
$ | 10,314 | $ | 12,373 | $ | 16,995 | $ | 17,452 | ||||||||
Less: |
||||||||||||||||
Amortization of broadcast rights |
2,440 | 2,436 | 4,842 | 4,893 | ||||||||||||
Payments for broadcast rights |
(2,440 | ) | (2,376 | ) | (4,881 | ) | (5,027 | ) | ||||||||
Net trade and internet loss (1) |
25 | 117 | 395 | 511 | ||||||||||||
Television broadcast cash flow (Non-GAAP) |
$ | 10,339 | $ | 12,550 | $ | 17,351 | $ | 17,829 | ||||||||
Television broadcast cash flow as a
percentage of television segment revenue |
28.2 | % | 34.1 | % | 25.0 | % | 27.0 | % | ||||||||
Television segment revenue |
$ | 36,707 | $ | 36,778 | $ | 69,267 | $ | 65,937 | ||||||||
(1) Excludes multiplatform internet related revenue
The following table provides a reconciliation of radio segment income from operations (GAAP) to radio broadcast cash flow (non-GAAP) in each of the periods presented:
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Radio segment income from continuing operations |
$ | 1,654 | $ | 1,835 | $ | 2,267 | $ | 2,633 | ||||||||
Adjustments: |
||||||||||||||||
Net trade loss |
50 | 14 | 85 | 88 | ||||||||||||
Radio broadcast cash flow (Non-GAAP) |
$ | 1,704 | $ | 1,849 | $ | 2,352 | $ | 2,721 | ||||||||
Radio broadcast cash flow as a percentage of radio segment revenue |
31.4 | % | 33.2 | % | 24.1 | % | 26.4 | % | ||||||||
Radio segment revenue |
$ | 5,430 | $ | 5,566 | $ | 9,750 | $ | 10,299 | ||||||||
The following table provides television segment net revenue comparisons in each of the periods presented:
Three months ended June 30, | % | Six months ended June 30, | % | |||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||||
Core advertising (local and national) |
$ | 26,920 | $ | 25,943 | 4 | % | $ | 50,338 | $ | 48,157 | 5 | % | ||||||||||||
Political |
242 | 943 | (74 | %) | 242 | 1,462 | (83 | %) | ||||||||||||||||
Internet (1) |
1,175 | 1,298 | (9 | %) | 2,241 | 2,580 | (13 | %) | ||||||||||||||||
Retransmission |
6,623 | 6,269 | 6 | % | 13,146 | 9,846 | 34 | % | ||||||||||||||||
Trade, barter and other |
1,747 | 2,325 | (25 | %) | 3,300 | 3,892 | (15 | %) | ||||||||||||||||
Television segment net revenue |
$ | 36,707 | $ | 36,778 | (0 | %) | $ | 69,267 | $ | 65,937 | 5 | % | ||||||||||||
Television segment net revenue,
excluding political |
$ | 36,465 | $ | 35,835 | 2 | % | $ | 69,025 | $ | 64,475 | 7 | % |
(1) Excludes multiplatform internet related revenue which is included within core advertising
The following table provides radio segment net revenue comparisons in each of the periods presented:
Three months ended June 30, | % | Six months ended June 30, | ||||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||||
Core adverting (local and national) |
$ | 5,154 | $ | 5,284 | (2 | %) | $ | 9,286 | $ | 9,742 | (5 | %) | ||||||||||||
Political |
69 | 18 | 283 | % | 81 | 58 | 40 | % | ||||||||||||||||
Trade, barter and other |
207 | 264 | (22 | %) | 383 | 499 | (23 | %) | ||||||||||||||||
Radio segment net revenue |
$ | 5,430 | $ | 5,566 | (2 | %) | $ | 9,750 | $ | 10,299 | (5 | %) | ||||||||||||
Radio segment net revenue,
excluding political |
$ | 5,361 | $ | 5,548 | (3 | %) | $ | 9,669 | $ | 10,241 | (6 | %) |
The following table provides a reconciliation of net income (loss) (GAAP) to adjusted net income, excluding the after-tax transaction-related expenses (non-GAAP) in each of the periods presented:
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net income (loss) |
$ | 438 | $ | 4,282 | $ | (331 | ) | $ | 2,418 | |||||||||||||||
Adjustments: |
||||||||||||||||||||||||
Transaction-related expenses |
3,856 | | 5,089 | | ||||||||||||||||||||
Effect of income taxes |
(1,538 | ) | | (2,021 | ) | | ||||||||||||||||||
Adjusted net income, excluding the after-tax transaction-related expenses |
$ | 2,756 | $ | 4,282 | $ | 2,737 | $ | 2,418 | ||||||||||||||||
Adjusted net income per share assuming dilution, excluding the after-tax |
$ | 0.31 | $ | 0.48 | $ | 0.31 | $ | 0.27 | ||||||||||||||||
transaction-related expenses |
||||||||||||||||||||||||
Weighted average shares outstanding assuming dilution |
8,955 | 8,928 | 8,829 | 8,936 | ||||||||||||||||||||
Contacts:
Addo Communications
310-829-5400
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###
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