EXHIBIT 99.1
FOR IMMEDIATE RELEASE | ![]() |
CONTACT: | William W. Krippaehne Jr. of Fisher Communications, Inc. (206) 404-6783 |
FISHER COMMUNICATIONS ANNOUNCES SECOND QUARTER 2004 RESULTS
SEATTLE—(BUSINESS WIRE)—August 9, 2004—Fisher Communications, Inc. (Nasdaq: FSCI) today announced its financial results for the second quarter and year-to-date periods ended June 30, 2004.
Broadcasting revenue for the second quarter of 2004 increased 8.3% to $39.5 million, compared to $36.5 million in the second quarter of 2003. Broadcasting revenue for the six months ended June 30, 2004 increased 8.0% to $69.3 million, compared to $64.2 million in the six months ended June 30, 2003. The increases in revenue in the 2004 periods were primarily due to higher political advertising, as well as generally higher local advertising.
Total revenue for the second quarter of 2004 increased 7.8% to $40.4 million, compared to $37.4 million in the second quarter of 2003. Total revenue for the six months ended June 30, 2004 increased 5.3% to $71.3 million, compared to $67.7 million in the six months ended June 30, 2003. Total revenues include the operations of Fisher Plaza, a communications center located near downtown Seattle. Revenue from Fisher Plaza declined in the three and six months ended June 30, 2004, as compared to the same periods in 2003, primarily due to a significant payment from a tenant in the first quarter of 2003 to terminate a lease.
The Company’s operating results include gains and losses from derivative instruments related directly to corporate borrowing agreements. The Company recognized a loss of $1.4 million on derivative instruments in the second quarter of 2004, compared to a gain of $653,000 in the second quarter of 2003. For the six months ended June 30, 2004, the Company recognized a loss of $10.5 million on derivative instruments, compared to a gain of $411,000 for the six months ended June 30, 2003.
Net loss for the three months ended June 30, 2004 was $1.4 million, compared to a net loss of $4.3 million in the three months ended June 30, 2003. Net loss for the six months ended June 30, 2004 was $11.3 million, compared to a net loss of $7.2 million in the six months ended June 30, 2003.
###
Fisher Communications, Inc. is a Seattle-based integrated media company focused on creating, aggregating, and distributing information and entertainment to a broad range of audiences. Its 10 network-affiliated television stations are located in Washington, Oregon, and Idaho, and its 27 radio stations broadcast in Washington and Montana. Other operations include Fisher Plaza, a communications facility located near downtown Seattle.
FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
(in thousands, except per-share amounts) Unaudited | 2004 | 2003 | 2004 | 2003 | ||||||||||||
Revenue | $ | 71,266 | $ | 67,655 | $ | 40,374 | $ | 37,436 | ||||||||
Costs and expenses | ||||||||||||||||
Cost of services sold | 33,579 | 35,112 | 18,520 | 19,876 | ||||||||||||
Selling expenses | 13,514 | 12,166 | 7,151 | 6,137 | ||||||||||||
General and administrative expenses | 17,976 | 21,040 | 8,797 | 10,745 | ||||||||||||
Depreciation and amortization | 8,315 | 7,931 | 4,104 | 3,854 | ||||||||||||
73,384 | 76,249 | 38,572 | 40,612 | |||||||||||||
Income (loss) from operations | (2,118 | ) | (8,594 | ) | 1,802 | (3,176 | ) | |||||||||
Net gain (loss) on derivative instruments | (10,545 | ) | 411 | (1,373 | ) | 653 | ||||||||||
Other income, net | 1,467 | 5,088 | 664 | 659 | ||||||||||||
Interest expense, net | (5,767 | ) | (6,212 | ) | (2,643 | ) | (2,643 | ) | ||||||||
Loss from continuing operations before income taxes | (16,963 | ) | (9,307 | ) | (1,550 | ) | (4,507 | ) | ||||||||
Benefit for federal and state income taxes | (5,806 | ) | (3,821 | ) | (106 | ) | (1,890 | ) | ||||||||
Loss from continuing operations | (11,157 | ) | (5,486 | ) | (1,444 | ) | (2,617 | ) | ||||||||
Loss from discontinued operations, net of income taxes | (132 | ) | (1,747 | ) | — | (1,670 | ) | |||||||||
Net loss | $ | (11,289 | ) | $ | (7,233 | ) | $ | (1,444 | ) | $ | (4,287 | ) | ||||
Loss per share: | ||||||||||||||||
From continuing operations | $ | (1.30 | ) | $ | (0.64 | ) | $ | (0.17 | ) | $ | (0.31 | ) | ||||
From discontinued operations | (0.01 | ) | (0.20 | ) | (0.19 | ) | ||||||||||
Net loss per share | $ | (1.31 | ) | $ | (0.84 | ) | $ | (0.17 | ) | $ | (0.50 | ) | ||||
Weighted average shares outstanding | 8,615 | 8,594 | 8,619 | 8,595 |
FISHER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) Unaudited | June 30 2004 | December 31 2003 | ||||
Assets | ||||||
Current assets | $ | 52,688 | $ | 53,525 | ||
Marketable securities, at market value | 132,105 | 116,882 | ||||
Other assets | 65,701 | 66,435 | ||||
Property, plant and equipment, net | 152,654 | 159,843 | ||||
Total assets | $ | 403,148 | $ | 396,685 | ||
Liabilities and Stockholders’ Equity | ||||||
Notes payable and current portion of long-term debt | $ | 46,512 | $ | 1,526 | ||
Other current liabilities | 15,078 | 28,780 | ||||
Long-term debt, net of current maturities | 93,858 | 127,331 | ||||
Deferred income taxes | 29,355 | 25,980 | ||||
Other liabilities | 31,455 | 25,264 | ||||
Total liabilities | 216,258 | 208,881 | ||||
Stockholders’ equity, other than accumulated other comprehensive income | 103,907 | 114,715 | ||||
Accumulated other comprehensive income, net of income taxes | 82,983 | 73,089 | ||||
Total stockholders’ equity | 186,890 | 187,804 | ||||
Total liabilities and stockholders’ equity | $ | 403,148 | $ | 396,685 | ||