Fisher Communications (FSCI) 8-K Results of Operations and Financial Condition

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.

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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