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Fisher Communications Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 9, 2012 04:38PM
Fisher Communications Inc. (FSCI) filed Annual Report for the period ended 2011-12-31.
Highlight of Business Operations:While we had income from continuing operations before income taxes of $54.4 million and $15.4 million in 2011 and 2010, respectively, as recently as 2009 we had a loss from continuing operations before income taxes of $13.7 million. We cannot assure you that our initiatives to improve our operating performance will be successful or that we will be able to maintain profitability in the future, especially given the current uncertain state of the national and regional economies and its effect on advertising revenues.
Television. Television revenue decreased $7.8 million or 6% in 2011 as compared to 2010, primarily due to a $17.3 million expected decrease in political spending based on 2011 being an off-cycle political year partially offset by increases from core advertising revenue of $6.7 million or 7%, internet revenue of $2.1 million or 59% and retransmission revenue of $1.2 million or 10%. Increases in core advertising revenue were driven by increases in our top categories: automotive up 11%, professional services up 15% and retail up 2%.
Television revenue increased $39.2 million or 40% in 2010 as compared to 2009, primarily due to significant increases in local and national political advertising spending and continued improvement in some of our key sectors, including automotive, retail and professional services. Retransmission revenue increased $3.8 million or 46% in 2010 compared to 2009, the increase primarily related to the benefit of a full year of retransmission revenue from our agreement with DISH Network (DISH) as compared to a partial year in 2009 and our contractual rate increases under existing agreements.
The increase in selling, general and administrative expenses of $4.7 million, or 16%, in the television segment in 2010 as compared to 2009 was primarily due to higher sales commissions of $1.8 million based on increased core advertising revenue and increased trade and barter advertising expense of $1.1 million.
The increase in selling, general and administrative expenses of $539,000, or 6%, in the radio segment in 2010 compared to 2009 was primarily due to higher sales commissions of $344,000 corresponding to the increase in radio revenue.
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