TV Revenue Up At Fisher
Reports $27.4 million in television segment revenue, a 7.3 % increase over last year.
By Michael Malone -- Broadcasting & Cable, 11/6/2008 12:12:00 PM
Fisher Communications reported $27.4 million in Television segment revenue for the third quarter, a 7.3% increase over the same period a year ago. Broadcast cash flow was $5.6 million, down 10% from the same period in 2007.
Revenue and broadcast cash flow at Fisher’s Univision stations grew 22% and 30%, respectively, from Q3 2007. Fisher generated $750,000 in total retransmission consent revenue for the quarter, a boost of 11% from the third quarter of 2007.
Seattle-based Fisher owns 13 full power and 7 low power TV stations. The company’s consolidated revenues for the quarter were $41.9 million, a 2.8% increase over last year’s third quarter thanks primarily to the acquisition of KBAK and KBFX Bakersfield.
President/CEO Colleen B. Brown commented: "Our third quarter performance reflects the unfortunate events that occurred in the financial markets during the quarter and the larger challenges in the U.S. economy. As companies re-evaluated their spending priorities to address the uncertainties brought on by the economic slowdown, we experienced sharp declines in advertising revenues in many categories, which could not be offset by stronger than expected political spending and growing Internet revenues during the quarter.”
She continued: “We believe we are taking the necessary steps to withstand the current economic downturn, including improving operational efficiencies and aggressively reducing expenses, with an eye toward continuing our momentum when economic recovery begins. Our strategy to expand Fisher's demographic reach and develop new revenue streams also continues to deliver positive results, as our Univision stations generated strong growth in both revenue and broadcast cash flow while our online business experienced impressive growth during the quarter."
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