Fisher Communications announced its financial results for Q4 and full-year 2007. Q4 revenue decreased 1% vs. 2006. FY revenue was up 4% in 2007 vs. 2006.
Television revenue increased 3% for the year, compared to 2006—largely due to increases in national ad revenue for both the English and Spanish-language TV stations.
For Q4, television revenue also decreased 1% compared to the same quarter in 2006. The decrease from prior year was due to cyclical decreases in political advertising offset by strong increases in both national and local advertising.
Fisher Plaza revenue increased 20% for the full year 2007 and 3% in Q4.
Fisher reported net income of 31.4 million in Q4, compared to 16.9 million for Q4 ‘06. Q4 net income included a gain from the sale of the Safeco stock of 26.2 million. Q4 income from continuing operations, excluding the gain from the sale of stock, was 5.1 million, compared to income from continuing operations for Q4 2006 of 7.0 million.
In Q4 of 2006, Fisher sold 18 of its 24 stations for 26.1 million. In Q2 of 2007, the Fisher sold one of the remaining six radio stations held for sale for 3.0 million.
For the FY 2007 net income was 31.9 million in comparison to 2006 net income of 16.8 million. Income from continuing operations for the full year, excluding the after-tax gain from the sale of stock of 26.2 million, was 4.0 million, compared to income from continuing operations for the year of 6.3 million.
Income from discontinued operations for the full year 2007 was 1.7 million, compared to income from 2006 discontinued operations of 10.6 million.
Said Fisher Communications CEO Colleen Brown: "2007 was a strong year for Fisher, building off an improved year in 2006. In the past two years we have driven sales growth, ratings growth, and margin growth. We have diversified our network and geographic footprint, built duopolies in our existing markets, entered the Spanish-language television business, launched an Internet division, and significantly improved our debt to cash flow ratio, while continuing to improve the performance of the company."
Note: on 1/1/08, Fisher closed on KBAK-TV (CBS) and KBFX-CA (FOX) Bakersfield, from Westwind Communications for 55 million cash.