Increases in TV core advertising, retransmission revenue and Internet revenue offset the expected decrease in political revenue. Excluding political resulted in a 4% gain in net revenue. The company also announces promotions for Hassan Natha and Sherry Pelletier.
Fisher 2Q TV Revenue Finishes Flat
Fisher Communications Inc. today reported its TV net revenue for the second quarter ended June 30 was flat compared to the same quarter last year. That was due, it said to the difference in political ad revenue. If the political money is excluded from the calculations, Fisher’s second quarter net television revenue increased 4% over last year.
Increases in TV core advertising, retransmission revenue and Internet revenue offset the expected decrease in political revenue. During the quarter, Internet revenue increased 66% to $1.4 million and TV core revenue increased 3% to $24.1 million. Retrans money rose 1% to $3.3 million.
Among the company’s leading advertising categories, Telecom and retail advertising revenue increased 9% and 1%, respectively, while automotive decreased 2% and professional services stayed flat.
TV cash flow increased $460,000, or 7%, to $6.9 million; TV cash flow margin was 22%, up from 21% in this period last year.
Fisher President-CEO Colleen B. Brown commented: “Fisher performed well in the second quarter, with a steady increase in net television revenue and robust EBITDA growth. The company’s results reflect our broadcast properties’ increasing popularity and growth from our digital platform, combined with our on-going multiplatform success. Through the successful execution of our strategic plan, we have increased station market share, developed innovative digital distribution channels to better serve an increasingly mobile audience, strengthened our brand and deepened our community ties, all of which enables Fisher to capture a larger share of the local advertising spend.”
The company reported net income of $3.6 million in the quarter, compared to $328,000 in the second quarter of 2010. The quarter’s net income included a $4.1 million pre-tax gain on the sale of non-essential real estate in Seattle. Earnings per share were $0.41, compared to $0.04 for the second quarter of 2010.
Read the company’s report here.
Also today, Fisher announced the promotions of Hassan Natha to SVP-CFO and Sherry Pelletier to VP of human resources.
As SVP-CFO, Natha will continue to be responsible for Fisher’s financial, accounting and investor relations programs. He has been the company’s VP-CFO since January 2011 and previously was VP of finance and principal accounting officer.
In her new position, Pelletier will oversee the corporate-wide human resources function, including employee and labor relations, compensation, payroll, development, recruiting and health and wellness programs. She joined Fisher in 2007 and most recently was the director of human resources.