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Fisher Communications Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2010 05:33PM
Fisher Communications Inc. (FSCI) filed Quarterly Report for the period ended 2010-09-30. Fisher Communications Inc. has a market cap of $160.6 million; its shares were traded at around $18.55 with and P/S ratio of 1.2. Fisher Communications Inc. had an annual average earning growth of 1.3% over the past 10 years.FSCI is in the portfolios of Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Retransmission Consent Agreements. In the fourth quarter of 2008 and during 2009 we executed retransmission consent agreements with substantially all of our satellite and cable distribution partners. Retransmission revenue decreased $655,000 in the three months ended September 30, 2010 compared to the same period in 2009. The three months ended September 30, 2009 amount included $1.8 million of cable retransmission consent fees attributable to the first half of 2009, as contracts with several cable distribution partners were executed in the third quarter of 2009. Excluding the $1.8 million of retransmission revenue recorded in the third quarter of 2009 but attributable to the first half of 2009, 2010 retransmission revenue would have increased $1.1 million from the three months ended September 30, 2009. Retransmission revenue increased $3.5 million in the nine months ended September 30, 2010 compared to the same period in 2009.
Repurchase of Senior Notes. During the second quarter of 2010, we repurchased $17.4 million aggregate principal amount of our 8.625% senior notes due 2014 (the Senior Notes), for total consideration of $17.2 million in cash plus accrued interest of $272,000. We recorded a loss on extinguishment of debt of approximately $72,000 net of a charge for related unamortized debt issuance costs of $272,000 for the three months ended June 30, 2010. We did not repurchase any of our Senior Notes during the three months ended September 30, 2010 and 2009.
In October 2010, we purchased $2.9 million, aggregate principal amount of our Senior Notes. The total consideration for the repurchases was $2.9 million in cash plus accrued interest of $31,000. A loss of $73,000 will be recorded in connection with the repurchases.
During the first half of 2009, we repurchased $28.0 million aggregate principal amount of our Senior Notes for total consideration of $24.4 million in cash plus accrued interest of $637,000. A gain on extinguishment of debt was recorded net of a charge for related unamortized debt issuance costs of $557,000, resulting in a net gain of approximately $3.0 million.
certain. All of the final repairs and equipment replacement were completed as of December 31, 2009. We recorded net insurance reimbursements of $2.9 million and $3.3 million during the three and nine months ended September 30, 2010, respectively.
Stocks Discussed: FSCI,