Fisher Q2 TV revenue up 19%; Radio down 2%


Fisher CommunicationsFisher Communications’ Q2 was highlighted by 19% growth in net television revenue compared to the same period in 2011. Excluding political revenue it increased 17% for the same period. Fisher was able to capture a larger share of advertising and earn a significant increase in retransmission revenue during the quarter.

For the quarter, earnings per diluted share were $0.48, compared to $0.41 for the second quarter of 2011, and television cash flow increased 82%, or $5.7 million, to $12.6 million.

“Fisher’s solid performance is a result of playing to our strength,” said Colleen Brown, Fisher CEO. “The combination of leading broadcast stations and innovative digital solutions, leverages the strength of our local media assets. Through our multiplatform approach, Fisher is deepening its relationship with consumers and providing advertisers with advanced local multiplatform solutions to reach their customers — these are distinct advantages that benefit all of our stakeholders.”

Retransmission revenue increased 89% from Q2 2011, reflecting renewals of retransmission consent agreements for the 2012-2014 cycle. So, Q2 results include some $700,000 of retransmission fees attributable to those contracts for Q1 2012. Excluding the $700,000 of retransmission revenue attributable to the first quarter of 2012, total retransmission revenue increased $2.3 million, or 68%, from Q2 2011.

Radio net revenue decreased 2% to $5.6 million. Radio cash flow grew 12% or $198,000 to $1.8 million and Radio cash flow margin improved to 33.2% from 29.1%. For the quarter, Fisher Radio in Seattle had two of the Top 10 stations in the market during Morning Drive for Adults age 25-54 in average share. KPLZ had the highest rating and share among women 25-54 and KOMO News Radio had the highest rating and share among men age 35+.

Broadcast cash flow increased 69% to $14.4 million, which reflects the increase in broadcast revenue and continued focus on expense management.

EBITDA was $8.9 million in the second quarter of 2012, an increase of 15%, or $1.1 million, from the same period in 2011. Adjusted EBITDA (excluding Plaza rent expense in 2012 and Plaza EBITDA in 2011) was $10.2 million in the quarter of 2012, an increase of 91%, or $4.9 million, from Q2 2011.

More Television highlights:

–Core TV revenue increased 8% to $25.9 million.

–Net TV revenue, excluding political revenue, increased 17% to $35.8 million.

–Retransmission consent revenue increased 89% to $6.3 million.

–Advertising increased in key categories, including Automotive, Professional Services and Retail, which grew 20%, 14%, and 10%, respectively.

–Political revenue (net) increased 255% to $943,000.

–TV cash flow increased 82%, or $5.7 million, to $12.6 million; TV cash flow margin was 34.1%, up from 22.3%.

— Fisher TV stations ranked either #1 or #2 in Adults 25-54 in early evening local news in five out of its six markets during the May 2012 ratings period. Additionally, Fisher TV stations ranked #1 or #2 among adults 25-54 in total day share in all its markets.

Internet revenue declined $74,000 to $1.3 million. Total Developing Media revenue, including multiplatform internet related revenue (which is reported in TV core advertising revenue) was 8% of TV core revenue for both Q2 of 2012 and 2011.