Q4 revenues were down 19% to $46.4 million for Fisher Communications, largely due to the lack of political advertising. But the company reported a huge increase in net income due to closing the sale of Fisher Plaza.
TV revenues fell 19% to $38 million, but excluding political revenues were up 9% to $34.5 million. TV core ad revenues grew 9% to $27.4 million. Automotive and Professional Services advertising increased 19% and 26%, respectively, while Retail decreased 6%.
Retransmission consent revenue increased 14% to $3.4 million.
TV cash flow decreased 35% to $13.3 million.
Radio net revenue was down 18% to $5.5 million, but radio cash flow grew by $82K to $1.4 million.
Due to the sale of Fisher Plaza for $160 million the company reported a pre-tax gain of $40.5 million ($26.7 million after-tax). Fisher now leases back a portion of the building for its corporate headquarters and Seattle broadcast operations.
With that big boost, Fisher Communications reported net income of $33.1 million for Q4, or $3.71 per share, up from $8.3 million, or 93 cents per share, a year earlier. Excluding the building sale, net income would have been $6.4 million, or 72 cents per share.
“We are very pleased with how our core broadcasting business and digital portfolio performed in 2011, especially the strong results we delivered in the fourth quarter. The momentum we have built — combined with the successful execution of our strategy — has enabled us to consistently take valuable ratings and revenue share in our markets,” said CEO Colleen Brown.
“In 2012, we remain focused on executing our multiplatform approach, which is creating long-term value for our audiences, shareholders and business partners. By leveraging the significant reach and popularity of our TV and radio stations with innovative digital media platforms that deliver personalized content and marketing solutions, we are enabling consumers to receive news and information across multiple screens, driving deeper levels of community engagement and providing targeted ways for businesses to reach their customers. These are fundamental to our ability to capture a larger share of the entire media market advertising spend,” Brown added.