EXHIBIT 99.1
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| FOR IMMEDIATE RELEASE | |  |
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| CONTACT: | | S. Mae Fujita Numata, Senior Vice President Chief Financial Officer and Corporate Secretary, Fisher Communications, Inc. (206) 404-6776 |
FISHER COMMUNICATIONS ANNOUNCES CONTINUED IMPROVEMENT WITH FIRST QUARTER 2007 RESULTS
SEATTLE—(BUSINESS WIRE)—April 26, 2007—Fisher Communications, Inc. (NASDAQ: FSCI) today announced its financial results for the quarter ended March 31, 2007.
The Company reported an increase in revenue of 10 percent in the first quarter of 2007 to a total of $34.2 million, as compared to $31.1 million in the first quarter of 2006. “We gained solid revenue and net operating results in the first quarter of 2007 – especially in our large-market Univision-affiliated television stations and our Seattle radio stations,” commented Colleen B. Brown, President and CEO of Fisher Communications. “Though the first quarter of the year is generally seasonally lower in the broadcasting industry, we are very encouraged by our first quarter 2007 results and the launch of our Seattle Univision television station, KUNS.” Television revenue increased $1.7 million, or 8 percent, in the first quarter of 2007, in comparison to the first quarter of 2006; radio revenue increased $0.8 million, or 13 percent, in the same period. These increases in broadcasting revenue occurred in both the national and local revenue categories, compared to first quarter 2006 results which were positively impacted by ABC’s broadcast of the Seattle Seahawks in the Superbowl.
Fisher Plaza revenue increased 28 percent in the first quarter of 2007, primarily as a result of increased occupancy and services fees. Fisher Plaza occupancy was 94% as of March 31, 2007.
The Company’s net loss for first quarter 2007 and 2006 of $ 1.2 million and $1.7 million, respectively, was comprised of both continuing and discontinued operations. First quarter 2007 loss from continuing operations was $1.3 million, compared to loss from continuing operations for first quarter 2006 of $1.8 million. Income from discontinued operations was de minimis in both quarters. Discontinued operations reflect the after-tax operating results attributable to our small-market radio stations held for sale.
The Company will hold its annual meeting of shareholders on Thursday, April 26, 2007, at 10:00 AM Pacific Time. The presentations at the annual meeting are expected to include information regarding the Company’s operating results for the quarter ended March 31, 2007; therefore, the Company does not intend to hold a separate quarterly conference call.
The combined annual meeting and first quarter 2007 presentations are being webcast and can be accessed at the investor information page of Fisher Communication’s Web site atwww.fsci.com. A replay of the webcast will be available until Thursday, May 3, 2007, and will also be accessible at the Fisher Web site, as is other information about Fisher Communications.
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Fisher Communications, Inc. is a Seattle-based communications company that owns or manages twelve full power and seven low power television stations and nine radio stations in the Pacific Northwest. The Company owns and operates Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a media, telecommunications, and data center facility located near downtown Seattle.
FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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| | | Three months ended | |
| | | March 31 | |
| (in thousands, except per-share amounts) Unaudited | | 2007 | | | 2006 | |
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| Revenue | | $ | 34,243 | | | $ | 31,081 | |
| Costs and expenses | | | | | | | | |
| Direct operating costs | | | 14,275 | | | | 12,831 | |
| Selling, general and administrative expenses | | | 14,038 | | | | 13,340 | |
| Amortization of program rights | | | 2,423 | | | | 2,271 | |
| Depreciation and amortization | | | 2,841 | | | | 2,516 | |
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| | | | 33,577 | | | | 30,958 | |
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| Income from operations | | | 666 | | | | 123 | |
| Other income, net | | | 1,170 | | | | 886 | |
| Interest expense | | | (3,494 | ) | | | (3,454 | ) |
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| Loss from continuing operations before income taxes | | | (1,658 | ) | | | (2,445 | ) |
| Benefit for federal and state income taxes | | | (390 | ) | | | (658 | ) |
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| Loss from continuing operations | | | (1,268 | ) | | | (1,787 | ) |
| Income from discontinued operations, net of income taxes | | | 23 | | | | 86 | |
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| Net loss | | $ | (1,245 | ) | | $ | (1,701 | ) |
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| Income (loss) per share: | | | | | | | | |
| From continuing operations | | $ | (0.14 | ) | | $ | (0.21 | ) |
| From discontinued operations | | | — | | | | 0.01 | |
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| Net loss per share | | $ | (0.14 | ) | | $ | (0.20 | ) |
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| Weighted average shares outstanding | | | 8,720 | | | | 8,706 | |
FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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| | | March 31 | | | December 31 | |
| (in thousands) Unaudited | | 2007 | | | 2006 | |
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| Assets | | | | | | | | |
| Current assets | | $ | 48,658 | | | $ | 57,058 | |
| Marketable securities, at market value | | | 200,136 | | | | 188,307 | |
| Other assets | | | 104,131 | | | | 104,005 | |
| Property, plant and equipment, net | | | 148,501 | | | | 148,207 | |
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| Total assets | | $ | 501,426 | | | $ | 497,577 | |
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| Liabilities and stockholders’ equity | | | | | | | | |
| Current liabilities | | $ | 19,668 | | | $ | 26,044 | |
| Long-term debt | | | 150,000 | | | | 150,000 | |
| Deferred income taxes | | | 58,116 | | | | 54,414 | |
| Other liabilities | | | 27,567 | | | | 27,554 | |
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| Total liabilities | | | 255,351 | | | | 258,012 | |
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| Stockholders’ equity, other than accumulated other comprehensive income | | | 119,003 | | | | 120,071 | |
| Accumulated other comprehensive income, net of income taxes | | | 127,072 | | | | 119,494 | |
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| Total stockholders’ equity | | | 246,075 | | | | 239,565 | |
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| Total liabilities and stockholders’ equity | | $ | 501,426 | | | $ | 497,577 | |
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