Fisher Posts 12% Rise In 1Q TV Revenue

Fisher Communications Inc. today reported its financial results for the first quarter ended March 31 that included:

• Total TV net revenue was up 12% year-over-year to $32.6 million driven by strong growth in the automotive, financial services and retail categories.
• Retransmission consent revenue increased 82% to $6.5 million, as a result of renewed contracts.

• TV cash flow increased 33% to $7.0 million; TV cash flow margin was 22%, up from 18%.

• Fisher Interactive, the company’s digital media unit, achieved record audience at the end of the first quarter with nearly 52 million page views network-wide; in Seattle, komonews.com exceeds its closest television competitor in page views by a 2:1 margin.

In a statement, Colleen B. Brown, Fisher’s president-CEO, said: “2013 is off to a strong start, led by the continued market share growth among our broadcast stations. This momentum reflects the quality and value of our local brands and is the direct result of solid execution across our group of broadcast stations.

“A testament to the excellence of our local media properties, Fisher recently dominated the 2013 Edward R. Murrow Awards in the Northwest region, bringing home 10 Edward R. Murrow awards, including the coveted Overall Excellence awards for KOMO-TV (ABC) and KOMO Newsradio in Seattle.

“At the same time, we coupled operational execution with financial excellence, delivering substantial year-over-year improvements in TV cash flow and adjusted EBITDA.”

She added, “Subsequent to quarter-end, we announced that we have entered into a definitive merger agreement with Sinclair Broadcast Group, which we believe will deliver significant value to our shareholders. In addition, the combined entity will provide our stations, team members and business partners with new opportunities to flourish. As always, we remain focused on solid execution of our strategic plan and the continued growth of our stations.”

Read the company’s report here.