Core ad revenue grows 9%, retrans is up 25%, while Internet revenue jumps 89%.
Fisher TV Revenue Up 9.5% In 1Q
Fisher Communications Inc. today reported financial results for the first quarter ended March 31 that included solid core advertising growth, with net TV revenue increasing by 9.5%. Excluding political revenue, TV revenue increased 12.3%.
TV net revenue increased 9% to $29.1 million.
Core advertising revenue (local and national excluding political) increased 9% to $22.8 million.
Retransmission consent revenue increased 25% to $3.3 million.
Automotive and pharmaceutical advertising revenue increased 27% and 79%, respectively, while professional services increased 7%.
TV cash flow increased $1.5 million, or 47%, to $4.7 million; TV cash flow margin was 16%, up from 12% in this period last year.
Internet revenue (net) grew 89% to $1.2 million. Internet revenue was 5.5% of net TV revenue.
Fisher President-CEO Colleen B. Brown commented: “Fisher’s successful execution of its strategic plan has continued our business growth by improving ratings, growing revenue share and adding new advertising categories and local solutions. The strong revenue and EBITDA growth we delivered in the first quarter reflects our market leading positions and the power of our brands, which has allowed Fisher to take full advantage of the early advertising recovery.”
“We also remain very pleased with the growth of our internet portfolio, which focuses on delivering highly localized content and information across a number of platforms, including mobile devices and social media tools. We are combining these multi-platform offerings with innovative advertising solutions to better position Fisher to capture a larger share of the total market advertising spend. Our ability to leverage the strength of our core broadcasting assets with technological innovation has put Fisher at the forefront of redefining our industry for the future.”
Read the company’s report here.