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

May 10, 2010 | About:
10qk

10qk

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Fisher Communications Inc. (FSCI) filed Quarterly Report for the period ended 2010-03-31.

Fisher Communications Inc. has a market cap of $125.3 million; its shares were traded at around $14.3 with and P/S ratio of 0.94. 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.
This is the annual revenues and earnings per share of FSCI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FSCI.


Highlight of Business Operations:

Retransmission 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 $1.7 million to $2.6 million from the first quarter of 2009. The 2009 amount excluded $906,000 of cable retransmission consent fees attributable to the first quarter of 2009 under contracts with several cable distribution partners that were executed in the third quarter of 2009. Including the $906,000 of retransmission revenue recorded in the third quarter of 2009 but attributable to the first quarter of 2009, 2010 retransmission revenue increased $0.8 million, or 41% from first quarter of 2009.

Repurchase of Senior Notes. In the first quarter of 2009, we repurchased $15.2 million aggregate principal amount of our 8.625% senior notes due 2014, for total consideration of $13.1 million in cash plus accrued interest of $498,000. We recorded a gain on extinguishment of debt of approximately $1.8 million net of a charge for related unamortized debt issuance costs of $308,000 for the three months ended March 31, 2009.

Television revenue increased $6.3 million or 31% in the three months ended March 31, 2010 compared to the same period in 2009, which is attributable to increases in local and national advertising revenue of 19%, as well as increases in political spending of $716,000 and increases in retransmission revenue of $1.7 million. Retransmission revenue increased as a result of new retransmission consent agreements with over 50 distribution partners in the fourth quarter of 2008 and in 2009. Retransmission revenue for the first quarter of 2009 does not include $906,000 of cable retransmission consent fees attributable to that quarter as certain contracts were not executed until the third quarter of 2009. Including the $906,000 of retransmission revenue recorded in the third quarter of 2009 but attributable to the first quarter of 2009, 2010 retransmission revenue increased $0.8 million, or 41% from first quarter 2009.

Read the The complete Report

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10qk
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