Fisher OKs Share Repurchase Program

Fisher Communications Inc.’s board of directors today approved a share repurchase program that authorizes the company to use up to $15 million to purchase shares of its common stock during 2013. The repurchases will be made periodically, at the company’s discretion, on the open market at prevailing market prices or in negotiated transactions off the market.

“We are pleased that our continued financial strength enables us to return capital to our shareholders,” said Colleen Brown, Fisher president-CEO. “The board’s approval of a share repurchase program for 2013, coupled with the over $92 million that we returned to Fisher shareholders in 2012 in the form of cash dividends and share repurchases, demonstrates this ongoing commitment. As we look ahead, we will continue to evaluate additional opportunities that we believe will deliver value to our investors.”

The new repurchase program is effective Jan. 1, 2013, through December 31, 2013, subject to periodic evaluation by the board. Fisher said it plans to conduct the program and retire the repurchased shares in a method that “minimizes the likelihood that the ownership interest of any shareholder will increase through accretion to more than 30% of the company’s outstanding common stock as a direct result of the repurchases.”

It said this is intended to ensure that all Fisher shareholders “continue to have a voice in major Company decisions consistent with Fisher’s corporate charter and Washington law.” Based on current publicly available information, Fisher’s largest shareholder owns approximately 29% of the Company’s outstanding shares.

To-date, pursuant to its 2012 Share Repurchase Program, which expires on Dec. 31, the company has repurchased 100,852 shares of its common stock for an approximate aggregate amount of $2.5 million.