Fisher shares with shareholders


Fisher CommunicationsMultimedia Fisher Communications is planning to distribute a large, one-time dividend to all shareholders in mid-October, and will institute a more-traditionally-valued dividend going forth after that event.

The bonus distribution will amount to $10 per share. It will be sent on 10/19/12 to shareholders of record as of 9/28/12. The total bill for the payout is expected to come to about $89M.

Additionally, subject to board approval, the company plans to institute a $0.15 per share quarterly dividend.

The company’s stock gained $0.23 to 433.82 on 8/24/12, the last full day of trading as of this writing.

Chairman of the Board Paul A. Bible said, “Fisher is committed to creating shareholder value, and the Board’s approval of a special dividend and a quarterly dividend policy reflects our continued focus to deliver on that commitment. The special dividend is an opportunity to efficiently return capital to all of our investors following the sale of Fisher Plaza. The quarterly dividend policy reflects our confidence that the successful execution of our strategic plan will continue to generate the strong cash flows that will enable us to invest in the business while returning excess cash to our shareholders.”

The company also received a commitment from JPMorgan Chase Bank for a $30M revolver good for five years, which is expected to have an option to increase to $50M.