SOURCE: Fisher Communications, Inc.

Fisher Communications, Inc.

March 11, 2010 09:00 ET

Fisher Communications, Inc. Reports Fourth Quarter and Full-Year 2009 Financial Results

Fourth Quarter Core Television Net Advertising up 4%

SEATTLE, WA--(Marketwire - March 11, 2010) - Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the fourth quarter and the fiscal year ended December 31, 2009. While economic conditions resulting in reduced advertising spending clearly impacted the Company's quarterly and full-year results, Fisher benefited in the fourth quarter from a 4% increase in core (non-political) television net advertising revenue as compared to the same quarter last year.

Total revenue for the fourth quarter of 2009 decreased 19% to $38.6 million compared to the fourth quarter of 2008, primarily due to lower political advertising revenue. Excluding contract termination charges of $928,000 in the fourth quarter of 2009, direct operating costs and selling, general and administrative expenses decreased $2.4 million, or 7.2%, from the fourth quarter of 2008. EBITDA decreased $8.3 million to $4.1 million in the fourth quarter of 2009 compared with the fourth quarter of 2008.

The Company reported net income of $1.1 million in the quarter, which included a $2.6 million pre-tax gain on the exchange of broadcast equipment pursuant to the Sprint Nextel Broadcast Auxiliary Service relocation and a $1.3 million pre-tax gain from net insurance reimbursements received from the Fisher Plaza electrical fire insurance claim. This compares to a net loss of $47.7 million in the fourth quarter of 2008, when the Company incurred a pre-tax impairment charge of $78.2 million.

For the full fiscal year, the Company reported consolidated revenue of $133.7 million, a 23% decrease from 2008. EBITDA declined $18.7 million, or 73%, to $6.9 million in 2009. The Company reported a 2009 net loss of $9.3 million, compared to net income of $44.7 million in 2008. The 2009 net loss included the $2.6 million pre-tax gain on exchange of broadcast equipment, a $3.0 million pre-tax gain on debt extinguishment, and $2.7 million in Fisher Plaza electrical fire expenses, net of reimbursements. The 2008 net income included a $152.6 million pre-tax gain on the sale of Safeco stock, a $78.2 million pre-tax impairment charge, and a $5.0 million pre-tax charge related to the Company's change in national representation firms.

Fisher President and Chief Executive Officer Colleen B. Brown commented, "While our 2009 financial results were severely impacted by the worst economy since World War II and extremely cautious advertising spending, I am very pleased with our stations' competitive ratings performance and our response to these economic challenges. In 2009, we aggressively managed our expenses while increasing total revenue share in our radio and TV markets; we expanded newsroom multiplatform synergies between our TV, radio and online businesses; and we launched new digital distribution platforms which allow us to better serve our neighborhoods.

"As we look ahead, we are encouraged by some of the trends we witnessed in the fourth quarter, including an improvement in our core, non-political television advertising. Fisher's automotive ad spending grew in the quarter for the first time since the recession began, and we are hopeful that this pace will gradually increase throughout the year."

Financial Highlights for the Fourth Quarter of 2009

(All comparisons are made to the fourth quarter of 2008 unless otherwise noted.)

Television:

--  TV net revenue decreased 23% to $29.1 million.
--  Core advertising revenue (net) increased 4% to $23.0 million and
    Political revenue (net) declined $10.9 million to $1.2 million.
--  Retransmission consent revenue increased $1.5 million to $2.4 million.
--  Automotive advertising increased 14%, while Retail and Restaurants
    declined 13% and 14%, respectively.
--  TV BCF declined $9.3 million to $5.1 million; TV BCF margin was 17.7%,
    down from 38.2%.
--  Internet net revenue was flat at $507,000, or 1.7% of TV revenue.

Radio:

--  Radio net revenue decreased 8% to $6.1 million.
--  Radio BCF and BCF margin were virtually unchanged at $1.1 million and
    17.4%, respectively.

Plaza:

--  Fisher Plaza revenue grew $180,000, or 5%.
--  Fisher Plaza EBITDA (which excludes net fire-related expenses)
    increased 8.3% to $1.9 million.

Financial Highlights for Full-Year 2009

(All comparisons are made to full-year 2008 unless otherwise noted.)

Television:

--  TV net revenue decreased 22% to $97.2 million.
--  Core advertising revenue (net) decreased 17% to $77.9 million and
    Political revenue (net) declined $17.4 million to $1.9 million.
--  Retransmission consent revenue increased $5.3 million to $8.4 million.
--  Automotive, Retail, and Professional Services declined 40%, 23%, and
    13%, respectively.
--  TV BCF declined $25.5 million to $10.1 million; TV BCF margin was
    10.4%, down from 28.7%.
--  Internet net revenue decreased 12% to $1.7 million, or 1.8% of TV
    revenue.

Radio:

--  Radio net revenue decreased 38% to $22.8 million; excluding 2008
    revenue associated with the broadcast of Seattle Mariners games, radio
    revenue decreased 19%.
--  Radio BCF increased $4.3 million to $4.1 million; Radio BCF margin
    improved to 18.0%.
Plaza:

--  Fisher Plaza revenue grew $617,000, or 5%.
--  Fisher Plaza EBITDA (which excludes net expenses related to the 2009
    electrical fire) increased 18% to $8.1 million.

Balance Sheet:

--  Cash and short-term investments were $44.0 million at year-end,
    compared to $91.5 million at the end of 2008.  The decrease reflected
    the Company's repurchase of $24.4 million of its senior notes and $11.6
    million in capital expenditures (including $3.1 million related to the
    Fisher Plaza electrical fire).
--  Total debt outstanding decreased from $150.0 million at the end of 2008
    to $122.1 million at December 31, 2009 as a result of the Company's
    repurchase of $27.9 million of its senior notes during the first half
    of 2009.  The Company's Debt to Operating Cash Flow Ratio, as defined
    in the Company's senior notes indenture, was 14.7 as of December 31,
    2009 compared to 5.3 as of December 31, 2008.

Key Operating and Strategic Highlights

--  Fisher television stations ranked either #1 or #2 in the key Adult
    25-54 demographic in prime, early news, and overall station performance
    in 6 of its 7 markets in the November 2009 ratings period.
--  The Company's aggregate TV/radio non-political market share in markets
    that provide audited market figures improved 90 basis points from
    fourth quarter 2008 to fourth quarter 2009.
--  The Company invested $1.5 million in DataSphere Technologies, Inc., a
    Software as a Service (SaaS) Web technology and hyperlocal ad sales
    company, as part of DataSphere's Series B funding round.  Fisher has
    worked with DataSphere to launch over 100 hyperlocal neighborhood sites
    in Seattle, Washington; Portland and Eugene, Oregon; Bakersfield,
    California; and Boise, Idaho. Fisher also works with DataSphere in its
    distribution of its technology and sales solution to other broadcast
    companies looking to establish hyperlocal sites.
--  At the end of 2009, Fisher Plaza occupancy was 97%, unchanged from the
    previous year.

Fourth Quarter Conference Call

Fisher will host a conference call today at 1:00 p.m. (PST). Senior management will discuss the financial results and host a question and answer session. The dial-in number for the audio conference call is 1-800-901-5241; confirmation code 18862853. A live audio webcast of the call will be accessible to the public on Fisher's Web site, www.fsci.com. A recording of the webcast will subsequently be archived on the Web site and available for replay for one week following the call. An audio replay of the call can be accessed for one week by dialing 1-888-286-8010 and entering confirmation code 86282116.

Definitions and Disclosures Regarding Non-GAAP Financial Information

The Company reports and discusses its operating results using financial measures consistent with generally accepted accounting principles (GAAP) and believes this should be the primary basis for evaluating its performance.

The preceding discussion of our results includes a discussion of non-GAAP financial measures such as Broadcast Cash Flow (BCF), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Plaza EBITDA. These non-GAAP measures should not be viewed as alternatives or substitutes for GAAP reporting.

The Company believes the presentation of these non-GAAP measures is useful to investors because they are used by lenders to measure the Company's ability to service debt; by industry analysts to determine the market value of stations and their operating performance; and by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs; and, because they reflect the most up-to-date operating results of the stations inclusive of pending acquisitions, time brokerage agreements or local marketing agreements. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company's business.

Television and radio BCF is calculated as income (loss) from the segment operations plus amortization of program rights, depreciation and amortization, non-cash charges, Internet and corporate expenses minus gain on asset exchange, net, payments for broadcast rights, amortization of non-cash benefit resulting from a change in national advertising representation firm and non-convergence Internet revenue.

Plaza EBITDA is calculated as income (loss) from the segment operations plus depreciation, Plaza fire expenses, net minus Plaza operating expenses allocated to the TV and Radio segments.

EBITDA is calculated as income from operations plus amortization of program rights; depreciation and amortization; stock-based compensation; Plaza fire expenses, net; gain on exchange of assets, net; and non-cash charges minus payments for broadcast rights and amortization of non-cash benefit resulting from a change in national advertising representation firm.

For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this press release, please see the supplemental tables at the end of this release.

About Fisher Communications, Inc.

Fisher Communications, Inc. is a Seattle-based communications Company that owns and operates 13 full power television stations, 7 low power television stations, and 8 radio stations in the Western United States. The Company also owns and operates Fisher Interactive Network, its online division (including over 100 online sites), Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a media, telecommunications, and data center facility located near downtown Seattle. For more information about Fisher Communications, Inc., go to www.fsci.com.

Forward-Looking Statements

This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2008, which we have filed with the Securities and Exchange Commission, and in our Annual Report on Form 10-K for the year ended December 31, 2009, which we expect to file with the SEC on March 12, 2010.



               Fisher Communications, Inc. and Subsidiaries
             Condensed Consolidated Statements of Operations
                               (Unaudited)


(in thousands,
 except         Twelve months ended           Three months ended
 per-share          December 31,       %          December 31,       %
 amounts)         2009       2008    Change     2009       2008    Change
                ---------  --------- ------   ---------  --------- ------
Revenue         $ 133,664  $ 173,791    (23%) $  38,641  $  47,745    (19%)
                ---------  --------- ------   ---------  --------- ------
Operating
 expenses
  Direct
   operating
   costs           65,111     69,810     (7%)    17,163     17,131      0%
  Selling,
   general and
   administrative
   expenses        51,170     65,859    (22%)    14,316     15,783     (9%)
  Impairment of
   goodwill and
   intangible
   assets               -     76,742    n/a           -     76,742    n/a
  Impairment of
   investment
   in equity
   investee             -      1,468    n/a           -      1,468    n/a
  Amortization
   of program
   rights          10,056     19,288    (48%)     2,972      2,470     20%
  Depreciation
   and
   amortization    13,713     12,703      8%      3,540      3,413      4%
  Plaza fire
   expenses,
   net              2,657          -    n/a      (1,294)         -    n/a
  Gain on asset
   exchange,
   net             (2,569)         -    n/a      (2,569)         -    n/a
                ---------  --------- ------   ---------  --------- ------
  Total
   operating
   expenses       140,138    245,870    (43%)    34,128    117,007    (71%)
                ---------  --------- ------   ---------  --------- ------
Income (loss)
 from
 operations        (6,474)   (72,079)   (91%)     4,513    (69,262)  (107%)
Gain on
 extinguishment
 of senior
 notes, net         2,965          -                  -          -
Other income,
 net                1,288    156,570                 67        762
Interest
 expense          (11,677)   (13,928)            (2,760)    (3,585)
                ---------  ---------          ---------  ---------
Income (loss)
 from
 continuing
 operations
 before income
 taxes            (13,898)    70,563              1,820    (72,085)
Provision
 (benefit) for
 income taxes      (4,568)    24,833                741    (24,712)
                ---------  ---------          ---------  ---------
Income (loss)
 from
 continuing
 operations        (9,330)    45,730              1,079    (47,373)
Loss from
 discontinued
 operations,
 net of income
 taxes                  -     (1,072)                 -       (352)
                ---------  ---------          ---------  ---------
Net income
 (loss)         $  (9,330) $  44,658          $   1,079  $ (47,725)
                ---------  ---------          ---------  ---------


Income (loss)
 per share:
  From
   continuing
   operations   $   (1.06) $    5.23          $    0.12  $   (5.42)
  From
   discontinued
   operations           -      (0.12)                 -      (0.04)
                ---------  ---------          ---------  ---------
  Basic and
   diluted net
   income
   (loss) per
   share        $   (1.06) $    5.11          $    0.12  $   (5.46)
                ---------  ---------          ---------  ---------

Income (loss)
 per share
 assuming
 dilution:
  From
   continuing
   operations   $   (1.06) $    5.23          $    0.12  $   (5.42)
  From
   discontinued
   operations           -      (0.12)                 -      (0.04)
                ---------  ---------          ---------  ---------
  Net income
   (loss) per
   share
   assuming
   dilution     $   (1.06) $    5.11          $    0.12  $   (5.46)
                ---------  ---------          ---------  ---------

Weighted
 average shares
 outstanding        8,776      8,732              8,781      8,735

Weighted
 average shares
 outstanding
 assuming
 dilution           8,776      8,735              8,820      8,738

Dividends
 declared per
 share                     $    3.50





               Fisher Communications, Inc. and Subsidiaries
                  Condensed Consolidated Balance Sheets


                                                  (unaudited)
                                                  December 31, December 31,
(in thousands)                                        2009         2008
                                                  ------------ ------------
ASSETS
Current Assets
  Cash and cash equivalents                       $     43,982 $     31,835
  Short-term investments                                     -       59,697
  Receivables, net                                      28,070       26,044
  Income taxes receivable                               11,746        2,763
  Deferred income taxes                                  3,813        1,763
  Prepaid expenses and other                             4,460        2,200
  Cash surrender value of life insurance and
   annuity contracts                                     2,626            -
  Television and radio broadcast rights                  7,919        6,106
                                                  ------------ ------------
    Total current assets                               102,616      130,408
Cash surrender value of life insurance and
 annuity contracts                                      15,711       17,425
Goodwill                                                13,293       13,293
Intangible assets, net                                  40,779       41,015
Other assets                                             7,590        6,955
Deferred income taxes                                    2,297       11,621
Property, plant and equipment, net                     148,824      148,440
                                                  ------------ ------------
Total Assets                                      $    331,110 $    369,157
                                                  ------------ ------------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Trade accounts payable                          $      3,148 $      4,339
  Accrued payroll and related benefits                   4,445        4,301
  Interest payable                                       3,158        3,773
  Television and radio broadcast rights payable          7,987        6,124
  Current portion of accrued retirement benefits         1,100        1,254
  Other current liabilities                              6,251        5,712
                                                  ------------ ------------
    Total current liabilities                           26,089       25,503
Long-term debt                                         122,050      150,000
Accrued retirement benefits                             18,023       19,439
Other liabilities                                        9,476       11,607
                                                  ------------ ------------
Total Stockholders' Equity                             155,472      162,608
                                                  ------------ ------------
Total Liabilities and Stockholders' Equity        $    331,110 $    369,157
                                                  ------------ ------------



              Fisher Communications, Inc. and Subsidiaries
             Condensed Consolidated Statements of Cash Flow
                               (Unaudited)


                                                      Twelve months ended
                                                          December 31,
(in thousands)                                          2009       2008
                                                      ---------  ---------
Operating activities
  Net income (loss)                                   $  (9,330) $  44,658
  Adjustments to reconcile net income (loss) to net
   cash used in operating activities
      Depreciation and amortization                      13,713     12,786
      Deferred income taxes                               7,190    (15,318)
      Income (loss) in operations of equity investees       133       (134)
      Loss on disposal of fixed assets destroyed in
       Plaza Fire                                         1,482          -
      Loss on disposal of fixed assets, net                 558          -
      Amortization of deferred financing fees               469        782
      Amortization of broadcast rights                   10,056     19,288
      Payments for broadcast rights                     (10,038)   (18,154)
      Gain on extinguishment of senior notes, net        (2,965)         -
      Gain on asset exchange, net                        (2,569)         -
      Gain on sale of marketable securities                   -   (152,610)
      Amortization of short-term investment discount       (303)      (789)
      Impairment of goodwill and intangible assets            -     76,742
      Impairment of investment in equity investee             -      1,468
      Net non-cash contract termination fee                   -      4,990
      Amortization of non-cash contract termination
       fee                                               (1,461)    (1,264)
      Stock-based compensation                            1,015        918
      Other                                                 205       (179)
  Change in operating assets and liabilities
    Receivables                                          (2,026)     4,399
    Prepaid expenses and other current assets            (2,260)     1,481
    Cash surrender value of life insurance and
     annuity contracts                                     (912)      (616)
    Other assets                                            (19)       698
    Trade accounts payable, accrued payroll and
     related benefits, interest payable, and other
     current liabilities                                 (2,874)    (1,921)
    Income taxes receivable and payable                  (8,983)    (6,722)
    Accrued retirement benefits                            (511)       911
    Other liabilities                                      (759)      (643)
                                                      ---------  ---------
        Net cash used in operating activities           (10,189)   (29,229)
                                                      ---------  ---------
Investing activities
  Purchases of marketable securities                          -       (104)
  Proceeds from sale of marketable securities and
   short-term investments                                60,000    153,513
  Purchases of short-term investments                         -    (58,909)
  Restricted cash                                             -     52,365
  Purchase of television stations                             -    (52,365)
  Proceeds from sale of online news service                   -      1,460
  Purchases of intangible assets                              -       (285)
  Purchase of investment in DataSphere                   (1,500)         -
  Purchases of property, plant and equipment            (11,581)   (10,291)
                                                      ---------  ---------
        Net cash provided by investing activities        46,919     85,384
                                                      ---------  ---------
Financing activities
  Borrowings under borrowing agreements                       -     21,000
  Payments on borrowing agreements                            -    (21,000)
  Repurchase of senior notes                            (24,428)         -
  Payments on capital lease obligations                    (155)      (144)
  Cash dividends paid                                         -    (30,686)
                                                      ---------  ---------
        Net cash used in financing activities           (24,583)   (30,830)
                                                      ---------  ---------
Net increase in cash and cash equivalents                12,147     25,325
Cash and cash equivalents, beginning of period           31,835      6,510
                                                      ---------  ---------
Cash and cash equivalents, end of period              $  43,982  $  31,835
                                                      ---------  ---------



              Fisher Communications, Inc. and Subsidiaries
                    GAAP to Non-GAAP Reconciliations
                        (Unaudited, in thousands)


The following table provides a reconciliation of income (loss) from
operations to EBITDA in each of the periods presented:


                              Twelve Months ended     Three Months ended
                                 December 31,            December 31,
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------

Income (loss) from
 operations (per GAAP,
 Statements of Operations)  $   (6,474) $  (72,079) $    4,513  $  (69,262)

  Add:
    Amortization of program
     rights                     10,056      19,288       2,972       2,470
    Depreciation and
     amortization               13,713      12,703       3,540       3,413
    Stock-based
     compensation                1,015         918         247         253
    Impairment of goodwill,
     intangibles and equity
     investment                      -      78,210           -      78,210
    Non-cash charge
     resulting from
     forfeiture of
     non-refundable deposit          -       1,000           -           -
    Net non-cash charge
     resulting from change
     in national
     advertising
     representation firm             -       4,990           -           -
    Plaza fire expenses,
     net                         2,657           -      (1,294)          -


  Subtract:
    Gain on asset exchange,
     net                         2,569           -       2,569           -
    Payments for television
     and radio broadcast
     rights                     10,038      18,154       2,920       2,305
    Amortization of
     non-cash benefit
     resulting from change
     in national
     advertising
     representation firm         1,461       1,264         365         366

                            ----------  ----------  ----------  ----------
EBITDA (Non-GAAP)           $    6,899  $   25,612  $    4,124  $   12,413
                            ==========  ==========  ==========  ==========

EBITDA as a percentage of
 Revenue                           5.2%       14.7%       10.7%       26.0%
                            ==========  ==========  ==========  ==========



The following table provides a reconciliation of television segment income
(loss) from operations to television broadcast cash flow in each of the
periods presented:


                              Twelve Months ended     Three Months ended
                                 December 31,            December 31,
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------

Television segment income
 (loss) from operations     $   (1,335) $  (61,276) $    3,773  $  (66,158)

  Add:
    Amortization of program
     rights                     10,056       8,538       2,972       2,469
    Depreciation and
     amortization                8,862       8,053       2,339       2,059
    Impairment of goodwill,
     intangibles and equity
     investment                      -      76,800           -      76,800
    Corporate and internet
     expenses                    8,278      10,063       2,412       2,462
    Net non-cash charge
     resulting from change
     in national
     advertising
     representation firm             -       4,990           -           -

  Subtract:
    Gain on exchange of
     assets, net                 2,569           -       2,569           -
    Payments for television
     broadcast rights           10,038       8,404       2,920       2,305
    Amortization of
     non-cash benefit
     resulting from change                                   -           -
     in national
     advertising
     representation firm         1,461       1,264         365         366
    Non-convergence
     internet revenue            1,705       1,943         507         507

                            ----------  ----------  ----------  ----------
Television Broadcast Cash
 Flow (Non-GAAP)            $   10,088  $   35,557  $    5,135  $   14,454
                            ==========  ==========  ==========  ==========

Television Broadcast Cash
 Flow as a percentage of
 Television Segment Revenue       10.4%       28.7%       17.7%       38.2%
                            ==========  ==========  ==========  ==========

Television Segment Revenue  $   97,201  $  124,001  $   29,081  $   37,850
                            ==========  ==========  ==========  ==========



The following table provides a reconciliation of radio segment income
(loss) from operations to radio broadcast cash flow in each of the periods
presented:


                Twelve Months ended December  Three Months ended December
                            31,                           31,
                ----------------------------  ----------------------------
                  2009      2008    2008 (1)    2009      2008    2008 (1)
                --------  --------  --------  --------  --------  --------

Radio segment
 income (loss)
 from
 operations     $  2,377  $ (4,562) $  2,755  $    745  $ (1,057) $   (862)

  Add:
    Amortization
     of
     program
     rights            -    10,750         -         -         1         -
    Depreciation
     and
     amortization    791     1,018     1,018       201       376       376
    Impairment
     of
     goodwill
     and
     intangible
     assets            -     1,410     1,410         -     1,410     1,410
    Corporate
     expenses
     and other       943       989     1,023       109       421       419

  Subtract:
    Payments
     for radio
     broadcast
     rights            -     9,750         -         -         -         -

                --------  --------  --------  --------  --------  --------
Radio Broadcast
 Cash Flow
 (Non-GAAP)     $  4,111  $   (145) $  6,206  $  1,055  $  1,151  $  1,343
                ========  ========  ========  ========  ========  ========

Radio Broadcast
 Cash Flow as a
 percentage of
 Radio Segment
 Revenue            18.0%     (0.4%)    22.1%     17.4%     17.5%     20.6%
                ========  ========  ========  ========  ========  ========

Radio Segment
 Revenue        $ 22,833  $ 36,719  $ 28,022  $  6,075  $  6,568  $  6,526
                ========  ========  ========  ========  ========  ========

(1) Excludes the financial impact of the Seattle Mariners broadcast
contract.



The following table provides a reconciliation of Plaza segment income
(loss) from operations to Plaza EBITDA in each of the periods presented:


                              Twelve Months ended     Three Months ended
                                 December 31,            December 31,
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------

Plaza segment income
 (loss) from operations     $    3,966  $    5,472  $    2,918  $    1,334

  Add:
    Depreciation                 3,019       3,117         751         745
    Plaza fire expense,
     net                         2,657           -      (1,294)          -

  Subtract:
    Operating expense
     allocated to TV and
     Radio segments              1,515       1,715         437         290

                            ----------  ----------  ----------  ----------
Plaza EBITDA (Non-GAAP)     $    8,127  $    6,874  $    1,938  $    1,789
                            ==========  ==========  ==========  ==========



The following table provides television segment revenue comparisons in each
of the periods presented:


              Twelve Months ended            Three Months ended
                 December 31,         %         December 31,         %
              ------------------- --------   ------------------- --------
                2009      2008     Change      2009      2008     Change
              --------- --------- --------   --------- --------- --------
Core
 advertising
 (local and
 national)    $  77,945 $  93,369      (17%) $  23,012 $  22,127        4%
Political         1,945    19,330      (90%)     1,164    12,033      (90%)
Internet          1,705     1,943      (12%)       507       507        0%
Retransmision     8,361     3,059      173%      2,390       864      177%
Trade, barter
 and other        7,245     6,300       15%      2,008     2,319      (13%)
              --------- --------- --------   --------- --------- --------
TV segment
 net revenue  $  97,201 $ 124,001      (22%) $  29,081 $  37,850      (23%)
              ========= ========= ========   ========= ========= ========

Net
 television
 revenue,
 excluding
 political    $  95,256 $ 104,671       (9%) $  27,917 $  25,817        8%



The following table provides radio segment revenue comparisons in each of
the periods presented:


            Twelve Months ended             Three Months ended
               December 31,         %          December 31,         %
            ------------------- ---------   ------------------- ---------
              2009      2008     Change       2009      2008     Change
            --------- --------- ---------   --------- --------- ---------
Core
 advertising
 (local and
 national)  $  20,999 $  33,314       (37%) $   5,678 $   5,961        (5%)
Political         291       886       (67%)        91       245       (63%)
Trade,
 barter and
 other          1,543     2,519       (39%)       306       362       (15%)
            --------- --------- ---------   --------- --------- ---------
Radio
 segment
 net
 revenue    $  22,833 $  36,719       (38%) $   6,075 $   6,568        (8%)
            ========= ========= =========   ========= ========= =========

Net radio
 revenue,
 excluding
 political  $  22,542 $  35,833       (37%) $   5,984 $   6,323        (5%)

Contact Information

  • Contacts:
    Sard Verbinnen & Co
    Paul Kranhold or Ron Low
    (415) 618-8750
    Robin Weinberg
    (212) 687-8080