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Fisher Communications Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2011 01:23PM

Fisher Communications Inc. (FSCI) filed Quarterly Report for the period ended 2011-06-30. Fisher Communications Inc. has a market cap of $251.7 million; its shares were traded at around $28.52 with a P/E ratio of 29.1 and P/S ratio of 1.5. Fisher Communications Inc. had an annual average earning growth of 11.6% over the past 10 years.



Highlight of Business Operations:

Sale of real estate. In June 2011, we completed the sale of two real estate parcels in Seattle, Washington not essential to our current operations and received $4.2 million in pre-tax net proceeds. We recognized a gain of $4.1 million, which is presented as a gain on the sale of real estate, net in the unaudited condensed consolidated statement of operations for the three and six months ended June 30, 2011.

Repurchase of Senior Notes. In the second quarter of 2011, we redeemed or repurchased $23.3 million aggregate principal amount of our 8.625% Senior Notes due in 2014 (“Senior Notes”) for a total consideration of $23.9 million in cash plus accrued interest of $231,000. We recorded a loss on extinguishment of debt of $948,000, including a charge for related unamortized debt issuance costs, of approximately $283,000.

In the first half of 2011, we redeemed or repurchased $25.9 million aggregate principal amount of Senior Notes for a total consideration of $26.6 million in cash plus accrued interest of $309,000. We recorded a loss on extinguishment of debt of $1.1 million, including a charge for related unamortized debt issuance costs, of approximately $318,000.

In the first half of 2010, we redeemed or repurchased $17.4 million aggregate principal amount of Senior Notes for a total consideration of $17.2 million in cash plus accrued interest of $272,000. We recorded a net loss on extinguishment of debt of $72,000, comprised of a charge for related unamortized debt issuance costs of $272,000, partially offset by a gain on extinguishment of debt of $200,000.

As part of our ongoing review of property, plant and equipment asset lives, we determined that the asset lives of certain machinery and equipment categories should be increased. The increase in the lives ranged from one to ten years depending on the category. A change in depreciation method is considered a change in accounting estimate. We adjusted the remaining lives of existing assets effective January 1, 2011 and as a result we expect that future depreciation will be lower than in the prior periods. The impact of this change in estimate for the three months ended June 30, 2011 increased our pre-tax income from continuing operations by approximately $815,000, increased our net income by approximately $515,000 and increased our diluted net income from continuing operations per share by $0.06. The impact of this change in estimate for the six months ended June 30, 2011 increased our pre-tax income from continuing operations by approximately $1.6 million, increased our net income by approximately $1.0 million and increased our diluted net income from continuing operations per share by $0.11.

Read the The complete Report



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