Fisher Television Revenue Up 37%Growth surpasses peer station groups, thanks to giant automotive ad recovery 8/09/2010 12:11:04 PM Eastern
Fisher Communications reported television revenue of $31.1 million in the second quarter, a booming 37% increase over the same quarter last year. Core advertising net revenue increased 20%. Automotive advertising was up 85% in the quarter.
Retransmission consent revenue was $3.3 million in the quarter, a $2.5 million improvement from the retrans revenue recorded in the second quarter of 2009.
Fisher's radio division reported net revenue of $6.4 million, an 8% gain on 2009.
Seattle-based Fisher's total revenue was $40.8 million, a 28% increase over revenue in the second quarter of 2009.
"Fisher benefited from the strong revenue growth in the television advertising market, the sustained recovery in local advertising and our ability to capture a larger share of the markets we serve," said Fisher President/CEO Colleen B. Brown. "Our second quarter results demonstrate the power of our brands and the popularity of our news and entertainment programming. In particular, we are pleased with the operational performance of our television stations, which included the top rated stations in the Seattle and Portland markets."
Fisher's 37% growth in TV revenue surpasses its peer groups, which have reported revenue growth in the low to mid 20s for the second quarter.
Brown said the near-term future looks favorable. ""As we look ahead to the remainder of 2010, we are optimistic that the increased advertising spending will continue to drive growth opportunities for local broadcasters," she said. "Over the past several years, we have strategically positioned Fisher to benefit from this recovery by improving our broadcast operations and developing a robust digital platform that enables us to meet the growing demand for local online and mobile content. We believe this diversified approach will allow us to create long-term value for our viewers, shareholders and business partners."
Fisher owns 13 full power television stations, seven low power TV stations and eight radio stations in the western United States.