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Fisher Communications Inc. Reports Operating Results (10-Q)

August 09, 2010 | About:
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10qk

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Fisher Communications Inc. (FSCI) filed Quarterly Report for the period ended 2010-06-30.

Fisher Communications Inc. has a market cap of $150.35 million; its shares were traded at around $17.12 with and P/S ratio of 1.12. Fisher Communications Inc. had an annual average earning growth of 1.3% over the past 10 years.FSCI is in the portfolios of Jim Simons of Renaissance Technologies 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 increased $2.5 million and $4.2 million in the three and six months ended June 30, 2010 compared to the same period in 2009. The 2009 amount excluded $902,000 and $1.8 million of cable retransmission consent fees attributable to the three and six months ended June 30, 2009, respectively, under contracts with several cable distribution partners that were executed in the third quarter of 2009. Including the $902,000 and $1.8 million of retransmission revenue recorded in the third quarter of 2009 but attributable to the three and six months ended June 30, 2009, 2010 retransmission revenue increased $1.6 million and $2.4 million from the three and six months ended June 30, 2009, respectively.

Repurchase of Senior Notes. During the three months ended June 30, 2009, we repurchased $12.8 million aggregate principal amount of our Senior Notes, for total consideration of $11.4 million in cash plus accrued interest of $139,000. A gain on extinguishment of debt was recorded net of a charge for related unamortized debt issuance costs of $249,000, resulting in a net gain of approximately $1.2 million. During the six months ended June 30, 2009, we repurchased $28.0 million aggregate principal amount of 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.

In the second quarter of 2010, we repurchased $17.4 million aggregate principal amount of our 8.625% senior notes due 2014, 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.

Fisher Plaza Fire. In July 2009, an electrical fire contained within a garage level equipment room of the east building of Fisher Plaza disrupted city-supplied electrical service to that building. According to a third-party investigation, the fire appears to have been caused by a malfunction of bus duct equipment manufactured by a third-party. We recorded the Plaza fire expenses as incurred and recorded insurance reimbursements within operating results in the period the reimbursements were considered probable and certain. All of the final repairs and equipment replacement have been completed as of December 31, 2009. We recorded net reimbursements of $309,000 and $400,000 during the three and six months ended June 30, 2010, respectively.

Read the The complete Report

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10qk
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