![(FISHER COMMUNICATIONS LOGO)](https://capedge.com/proxy/8-K/0000950124-06-001171/v18475v18475.gif)
FOR IMMEDIATE RELEASE
CONTACT: Rob Bateman, CFO of Fisher Communications, Inc. (206) 404-6776
FISHER COMMUNICATIONS’ NON-CASH CHARGE
SEATTLE—(BUSINESS WIRE)—March 13, 2006—Fisher Communications, Inc. (Nasdaq: FSCI). As noted in Fisher’s February 16, 2006 earnings release, the Company had recognized a non-cash charge related to Fisher’s decision in December 2005 to replace its national advertising sales agency for television operations. This non-cash charge and related items that were previously presented in the press release as a reduction to revenue, are now reflected within selling expenses in the attached financial information. The Company notes that this change does not impact previously released net operating results, pre-tax results, earnings per share, any cash flow measure, and there is no impact to condensed consolidated balance sheets.
###
Fisher Communications, Inc. is a Seattle-based integrated media company. The Company’s nine network-affiliated television stations, and a tenth station 50% owned by Fisher Communications, are located in Washington, Oregon, and Idaho, and its 27 radio stations broadcast in Washington and Montana. The Company also owns and operates Fisher Plaza, a facility located near downtown Seattle.
FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended | Three months ended | |||||||||||||||||||||||||||||||
December 31 | December 31 | |||||||||||||||||||||||||||||||
2005 | 2005 | |||||||||||||||||||||||||||||||
(in thousands, except per-share amounts) Unaudited | As Presented | Change | Revised | 2004 | As Presented | Change | Revised | 2004 | ||||||||||||||||||||||||
Revenue | $ | 144,471 | $ | 4,848 | $ | 149,319 | $ | 153,866 | $ | 34,588 | $ | 4,848 | $ | 39,436 | $ | 42,349 | ||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||||||
Cost of services sold | 73,798 | 73,798 | 69,123 | 15,945 | 15,945 | 15,674 | ||||||||||||||||||||||||||
Selling expenses | 27,496 | 4,848 | 32,344 | 27,626 | 6,837 | 4,848 | 11,685 | 6,769 | ||||||||||||||||||||||||
General and administrative expenses | 34,074 | 34,074 | 34,682 | 8,911 | 8,911 | 8,589 | ||||||||||||||||||||||||||
Depreciation and amortization | 13,085 | 13,085 | 16,017 | 2,640 | 2,640 | 3,762 | ||||||||||||||||||||||||||
148,453 | 4,848 | 153,301 | 147,448 | 34,333 | 4,848 | 39,181 | 34,794 | |||||||||||||||||||||||||
Income (loss) from operations | (3,982 | ) | — | (3,982 | ) | 6,418 | 255 | — | 255 | 7,555 | ||||||||||||||||||||||
Net gain (loss) on derivative instruments | — | — | (12,656 | ) | — | — | 589 | |||||||||||||||||||||||||
Loss from extinguishment of long-term debt | — | — | (5,034 | ) | — | — | — | |||||||||||||||||||||||||
Other income, net | 3,674 | 3,674 | 3,421 | 982 | 982 | 1,174 | ||||||||||||||||||||||||||
Interest expense | (13,726 | ) | (13,726 | ) | (11,776 | ) | (3,485 | ) | (3,485 | ) | (3,455 | ) | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (14,034 | ) | — | (14,034 | ) | (19,627 | ) | (2,248 | ) | — | (2,248 | ) | 5,863 | |||||||||||||||||||
Provision (benefit) for federal and state income taxes | (8,962 | ) | (8,962 | ) | (7,806 | ) | (4,124 | ) | (4,124 | ) | 1,315 | |||||||||||||||||||||
Income (loss) from continuing operations | (5,072 | ) | — | (5,072 | ) | (11,821 | ) | 1,876 | — | 1,876 | 4,548 | |||||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | (132 | ) | — | — | — | — | |||||||||||||||||||||||
Net income (loss) | $ | (5,072 | ) | $ | — | $ | (5,072 | ) | $ | (11,953 | ) | $ | 1,876 | $ | — | $ | 1,876 | $ | 4,548 | |||||||||||||
Income (loss) per share: | ||||||||||||||||||||||||||||||||
From continuing operations | $ | (0.58 | ) | $ | (0.58 | ) | $ | (1.37 | ) | $ | 0.22 | $ | 0.22 | $ | 0.53 | |||||||||||||||||
From discontinued operations | (0.02 | ) | ||||||||||||||||||||||||||||||
Net income (loss) per share | $ | (0.58 | ) | $ | (0.58 | ) | $ | (1.39 | ) | $ | 0.22 | $ | 0.22 | $ | 0.53 | |||||||||||||||||
Weighted average shares outstanding | 8,678 | 8,678 | 8,617 | 8,700 | 8,700 | 8,619 | ||||||||||||||||||||||||||
Income (loss) per share assuming dilution: | ||||||||||||||||||||||||||||||||
From continuing operations | $ | (0.58 | ) | $ | (0.58 | ) | $ | (1.37 | ) | $ | 0.22 | $ | 0.22 | $ | 0.53 | |||||||||||||||||
From discontinued operations | (0.02 | ) | ||||||||||||||||||||||||||||||
Net income (loss) per share | $ | (0.58 | ) | $ | (0.58 | ) | $ | (1.39 | ) | $ | 0.22 | $ | 0.22 | $ | 0.53 | |||||||||||||||||
Weighted average shares outstanding assuming dilution | 8,678 | 8,678 | 8,617 | 8,708 | 8,708 | 8,634 |