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Fisher Communications Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 8, 2011 04:25PM
Fisher Communications Inc. (FSCI) filed Annual Report for the period ended 2010-12-31.
Highlight of Business Operations:
Fisher Communications, Inc. is an integrated media company that was founded in 1910 and has been in the broadcasting business since 1926. Fisher Communications, Inc. is incorporated in the State of Washington. We conduct our operations through two subsidiaries, Fisher Broadcasting Company (Fisher Broadcasting) and Fisher Media Services Company (Fisher Media Services). Our broadcasting operations provided approximately 92% of consolidated revenue from continuing operations in 2010, with television accounting for approximately 84% and radio accounting for approximately 16% of our 2010 broadcasting revenue. Our broadcasting operations provided approximately 90% of consolidated revenue in 2009, with television accounting for approximately 81% and radio accounting for approximately 19% of our 2009 broadcasting revenue. Our broadcasting operations provided approximately 92% of consolidated revenue from continuing operations in 2008, with television accounting for approximately 77% and radio accounting for approximately 23% of our 2008 broadcasting revenue.
Fisher Broadcasting Company owns and operates 13 full power television stations (including a 50%-owned television station), seven low power television stations and ten owned and managed radio stations in the Western United States. We have long-standing network affiliations with ABC and CBS, and also operate FOX and Univision affiliates as part of duopolies in several of our markets. Our television and radio stations are located in Washington, Oregon, California, Idaho and Montana. Seattle and Portland are our two largest television markets and Seattle is our largest radio market. We own ABC and Univision network affiliates in both Seattle and Portland, which are within the top 25 Designated Market Area (DMA) television markets as determined by Nielsen Media Research (Nielsen). We also own three radio stations in Seattle, the 13th largest radio market in the United States, ranked by population, as determined by Arbitron, Inc. (Arbitron). Our television stations reach 4.2 million households (approximately 3.6% of U.S. television households) according to Nielsen. Our stations produce quality local programming and have received numerous awards for broadcasting excellence.
KATU (TV) and KUNP (TV) serve the Portland DMA, which has approximately 1.2 million television households and a population of approximately 3.0 million. According to Nielsen, around 58% of Portlands population subscribed to cable-television service in 2010, while approximately 30% of households are listed as subscribers to alternative delivery systems. The Portland metro area has a broad base of manufacturing, distribution, wholesale and retail trade, regional government and business services. Major employers in the Portland area include Oregon Health & Science University, Intel Corporation, Nike, Inc., Hewlett-Packard Company, Legacy Health System and Kaiser Permanente.
KBOI-TV and KYUU-LP serve the Boise, Idaho DMA, which has approximately 262,920 television households and a total population of approximately 683,000. According to Nielsen, an estimated 24% of the television households in the Boise DMA subscribe to cable television with another 47% subscribing to an alternative delivery system. Boise is the state capital and regional center for business, government, education,
KBAK-TV (CBS) and KBFX-CA (Fox) serve the Bakersfield, California DMA. Ranked as the 125th largest television market, Bakersfield has approximately 225,670 television households and a population of approximately 687,000. According to Nielsen, in 2010, approximately 49% of the population subscribed to cable, while approximately 36% of households are listed as subscribers to alternative delivery systems. The Bakersfield economy is based on agriculture (ranching and row crops), petroleum, and the defense and aerospace industries. The U.S. Department of Defense accounts for approximately 28% of total Kern County employment. The region continues to grow in the areas of manufacturing, distribution, health care, and agriculture-related business services. Major employers in the Bakersfield area include Occidental, Chevron, Frito Lay, Nestle, and the University of California at Bakersfield. In fall of 2010, Bakersfield was announced as a location for one of the first phases of Californias High Speed Rail Project, with construction scheduled to commence in 2012.
KIDK (TV) and KXPI-LP serve the Idaho Falls-Pocatello market, which has approximately 128,860 television households and a population of approximately 345,000. According to Nielsen, an estimated 31% of the television households subscribe to cable, with approximately 47% subscribing to an alternative delivery system. The Idaho Falls-Pocatello DMA consists of 14 counties located in Eastern Idaho and Western Wyoming. Idaho Falls and Pocatello, 50 miles apart, are the two largest cities in the DMA. Battelle Inc., the contractor for operation of the Idaho National Engineering & Environmental Laboratory, is the largest employer in the region. Other major employers include Melaluca, Inc., JR Simplot Company, American Microsystems, Idaho State University, Brigham Young University-Idaho, Eastern Idaho Regional Medical Center, Negra Modelo, Qwest, American Microsystems, Inc., Portneuf Medical Center, Convergys Corporation and Ballard Medical Products.
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