Fisher reported television segment revenue of $29.2 million in the first quarter, essentially flat with the $29.1 million reported in the first quarter of last year. A 9% increase in Developing Media revenue and an 8% increase in retransmission revenue helped TV net revenue performance.
Broadcast revenue, which includes Fisher's radio properties, declined primarily due to lower national advertising spending in certain categories, including pharmaceutical, financial services and tourism. This was offset by increases in the retail and automotive categories. While political revenue was higher than last year, Fisher did not receive what it called "meaningful dollars" in the first quarter.
Fisher's consolidated revenue was $33.9 million, down 10% from the first quarter of 2011. Broadcast cash flow increased 25% to $6.2 million.
"Through the strength of our broadcast stations and innovative digital platforms, Fisher is able to expand its demographic reach and deliver its valuable news, information and content to multiple screens," said Colleen Brown, Fisher president and CEO. "We believe Fisher remains well positioned for strong station performance and audience share growth. These are the fundamentals that differentiate Fisher from its competitors and will continue to make the Company a leader in redefining the future of local media.
Television segment income from continuing operations was $5.1 million, up from the $4.66 million Fisher reported in the first quarter of 2011.
Radio's net revenue decreased 3% in the quarter to $4.7 million.
"Our first quarter results reflect a soft national marketplace," Brown continued. "Despite this, our stations continued to outperform the market in both audience share and revenue growth during the quarter, which are especially important as political spending begins its expected acceleration as we get closer to the fall elections. We believe the quality of our programming, the popularity of our award winning journalism teams and the growth of our developing media program provides Fisher a solid foundation to deliver long-term growth."