Fisher TV 4Q Rev Up 23%, 2012 Up 15%

Fisher Communications Inc. on Thursday reported its financial results for the fourth quarter and fiscal year ended Dec. 31, 2012, that included TV net revenue of $46.7 million , up 23% year-over-year to driven by strong political issue and candidacy placements.

Net TV revenue (excluding political) decreased 2% to $33.9 million as the Pacific Northwest continued to experience softening in national spot advertising.

TV core advertising revenue decreased 11% to $24.2 million with weakness most notable in our professional services and automotive categories, which decreased 23% and 6% respectively, while the retail category was flat.

Retransmission consent revenue increased 81% to $6.1 million, the result of renewed contracts.

TV cash flow increased 55% to $20.7 million; TV cash flow margin was 44%, up from 35% due to an increase in political spending and retransmission consent revenue.

Political revenue increased 267% to $12.9 million due to increased issue and candidacy placements.

For the year, TV net revenues increased 15% to $147.3 million due to increased political spending and retransmission consent revenue.

Net TV revenue (excluding political) increased 5% to $129.4 million.

TV core advertising revenue declined 3% to $94.1 million due in large part to a 6% decline in our professional services category on lower insurance spending and a 3% decline in our telecom category due to lower cellular provider spending. These declines were partially offset by a 6% increase in automotive due to increased dealership spending and a 5% increase in retail advertising.

Retransmission consent revenue increased 66% to $22.2 million, the result of renewed contracts.

TV cash flow increased $17.4 million to $49.0 million or 33% cash flow margin, up from 25% cash flow margin in 2011.

Political revenue increased 274% to $18 million due to increased issue and candidacy placements.

“We are pleased with our operating performance in the fourth quarter and full year of 2012. For the seventh consecutive year, Fisher broadcast stations grew core market revenue share reflecting the quality and value of our local brands, and validating the strength and execution of our strategic plan,” said Colleen B. Brown, Fisher’s president-CEO. “As we begin 2013, we remain focused on building on our momentum and creating value for our shareholders.”

She added, “Completing our first full year as a pure play broadcaster, adjusted EBITDA increased 71% from prior year. Revenue growth and operational efficiencies, demonstrate the robust leverage inherent in our business model.”