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Fisher Communications Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 7, 2012 01:26PM
Fisher Communications Inc. (FSCI) filed Quarterly Report for the period ended 2012-03-31.
Highlight of Business Operations:Our television revenue is significantly affected by network affiliation and the success of programming offered by those networks. Our two largest television stations, KOMO TV and KATU TV, accounted for approximately 58% percent of our television revenue for the three months ended March 31, 2012 and are affiliated with the ABC Television Network. We have twelve television stations which are affiliated with one of the four major networks; six of our television stations are affiliated with Univision; and the remainder of our television stations are independent or subscribe to various programming services. We have affiliation agreements with the ABC Television Network with current terms expiring in August 2014. Our affiliation agreements with the CBS Television Network generally expire in February 2016. Our affiliation agreement with FOX Television Network expires in June 2014. Our affiliation agreement with Univision expires in December 2014. Our broadcasting operations are subject to competitive pressures from traditional broadcasting sources, as well as from alternative methods of delivering information and entertainment, and these pressures may cause fluctuations in operating results.
Television. Television revenue increased $58,000 in the three months ended March 31, 2012 compared to the same period in 2011. This increase was primarily due to increases in political advertising of $431,000 and retransmission revenue of $275,000, offset by a decrease in core advertising of $537,000.
Revenue from our ABC-affiliated stations decreased 3% in the three months ended March 31, 2012 compared to the same period in 2011, primarily due to a decrease in national advertising revenue, partially offset by increases in political advertising and retransmission revenue. Revenue from our CBS-affiliated stations increased 9% in the three months ended March 31, 2012 compared to the same period in 2011, as a result of an increase in local advertising, partially offset by a decrease in national advertising.
Radio. Radio revenue declined by 3%, in the three months ended March 31, 2012 compared to the same period in 2011, primarily as a result of the non-renewal of our ten year Joint Sales Agreement with KING FM.
Stocks Discussed: FSCI,