Fisher Reports Radio Revenue Flat Q4, Down Year ‘12

Fisher Communications, Inc. Thursday reported its financial results for the fourth quarter and fiscal year ended December 31, 2012.

Colleen Brown

"We are pleased with our operating performance in the fourth quarter and full year of 2012. For the seventh consecutive year, Fisher broadcast stations grew core market revenue share reflecting the quality and value of our local brands, and validating the strength and execution of our strategic plan," said Colleen B. Brown, Fisher's President and Chief Executive Officer. "As we begin 2013, we remain focused on building on our momentum and creating value for our shareholders."

Fourth Quarter 2012 Financial Highlights

Revenues were $52.1 million, up 12% from $46.4 million but were up 20% when excluding Fisher Plaza revenue from 2011. Direct operating, selling, general and administrative and programming costs increased 5% or $1.8 million.  Adjusted EBITDA of $17.5 million, was up 65% from $10.7 million.

TV net revenue was up 23% year-over-year to $46.7 million driven by strong political issue and candidacy placements.  Radio net revenue was relatively flat at $5.5 million. Radio cash flow was relatively flat at $1.4 million; radio cash flow margin of 26% was also in-line with the fourth quarter of 2011.

Full Year 2012 Financial Highlights

Revenues were up 3% to $168.2 million, and were up 12% when excluding Fisher Plaza revenue from 2011.  TV net revenues increased 15% to $147.3 million due to increased political spending and retransmission consent revenue.

Radio net revenue declined 2% to $21 million. Radio cash flow was up 14% to $5.5 million; radio cash flow margin was 26%, an increase from 23% in 2011.