SOURCE: Fisher Communications, Inc.

Fisher Communications, Inc.

August 06, 2009 09:00 ET

Fisher Communications, Inc. Reports Second Quarter 2009 Financial Results

SEATTLE, WA--(Marketwire - August 6, 2009) - Fisher Communications, Inc. (NASDAQ: FSCI) today reported its financial results for the second quarter ended June 30, 2009.

2009 Second Quarter Summary

--  Television revenue decreased 26% in the second quarter of 2009 compared
    with the same period last year, reflecting continued weakness in
    advertising during the quarter due to the challenging macro-economic
    environment, and a $2.0 million decline in political spending compared
    to the second quarter of 2008. Excluding political spending, television
    revenue declined 22% in the second quarter of 2009 compared to the same
    period last year.
      --  Key advertising categories continued to experience significant
          declines from the second quarter of 2008, including automotive
          (down 58%), retail (down 25%), and professional services
          (down 26%).
      --  Television broadcast cash flow ("BCF") was $1.1 million in the
          second quarter, down from $9.1 million in the second quarter
          of 2008.

--  Radio revenue decreased 49% in the second quarter compared to the
    second quarter of 2008, while radio BCF increased $1.4 million
    compared to the same period last year, a result of the termination
    of the Company's Seattle Mariners broadcast contract in 2008.
    Excluding the financial impact of the Seattle Mariners broadcast
    contract in 2008, radio revenue declined 21% and radio BCF decreased
    30% over the same period.

Retransmission

Over the past three quarters, the Company executed final agreements or reached agreements in principle on key financial terms for new retransmission agreements with most of its distribution partners, whose prior retransmission agreements with the Company expired in December 2008. The Company and several of its cable distribution partners had not executed final agreements at June 30, 2009, even though key financial terms, including fees from January 1, 2009 forward, had been finalized. Accordingly, the Company's second quarter financial results do not include approximately $2 million of cable retransmission fees attributable to those contracts for the period from January 1, 2009 to June 30, 2009. In July 2009, the agreements were fully executed. Therefore, the Company will record the retransmission fees attributable to the first six months of 2009 for those contracts as revenue in the third quarter of 2009.

On June 10, 2009, Fisher and DISH Network ("DISH") executed a new multi-year retransmission agreement. As part of the agreement, the Company agreed to release all prior legal claims against DISH. The Company's retransmission fees under the new DISH agreement began accruing as of the date of execution.

Seattle Radio

During the second quarter of 2009, Fisher began simulcasting its all-news radio station, KOMO AM 1000, on the FM dial at 97.7 pursuant to a local marketing agreement entered into with the station's owner.

In July, advertisers in the Seattle-Tacoma market began buying radio advertising on the basis of Arbitron's new Personal People Meter (PPM) ratings system. Fisher's Hot Adult Contemporary station, branded as STAR 101.5, became the #1 ranked station in all key dayparts and demographics for the first three months of the new ratings system. The KOMO AM/FM simulcast also significantly improved its competitive position under the new ratings system for the month of June (the first full month of the simulcast), ranking #1 in its targeted Adults 35-64 demographic in afternoon Drive and #3 in Adults 35-64 during morning Drive.

Repurchase of Senior Notes

In the second quarter of 2009, the Company repurchased $12.8 million in aggregate principal amount of its 8.625% senior notes due in 2014 for total consideration of $11.4 million in cash, reflecting a discount to the face value of the notes of approximately 11%. The Company recorded a net gain of $1.2 million in the second quarter in connection with these repurchases.

Fisher Plaza Electrical Fire

On July 2, 2009, a small electrical fire contained within a garage level equipment room of the east building of Fisher Plaza disrupted city supplied electrical service to that building. The building is currently being powered by a combination of electricity from Seattle City Light and building generators, with back-up electricity available from a series of portable generators. The Company currently expects to be on 100% city power later this month.

The cause of the electrical fire remains under investigation. Based on the currently available information and our insurance coverage amounts, the Company currently does not expect the incident's financial impact to be material.

Commentary on the Second Quarter

Fisher President and Chief Executive Officer Colleen B. Brown said: "Our financial performance continues to be affected by the overall weakness in the economy and its impact on our clients' advertising budgets. While we expect that our advertising and business partners will remain cautious until the economic recovery begins, we believe we are seeing signs that the worst may be behind us, including an improvement in TV ad pacing. It is too early to make definitive predictions, but these are positive indications that we will be closely monitoring for the remainder of the year.

"We are pleased to have completed our key cable retransmission agreements, gaining some recognition for the value of our stations, and to have settled our dispute with DISH Network. In this challenging economic environment, we continue to seek new opportunities to drive incremental revenue by expanding our broadcast to broadband strategy. We also remain focused on improving our operational performance and effectively managing our cost structure."

Second Quarter Results

Consolidated Results

Revenue for the second quarter of 2009 was $32.0 million, compared to revenue of $45.7 million in the second quarter of 2008, a decrease of $13.7 million, or 30%. The Company anticipated a significant portion of the decline, given that 2009 is an off-political year and the Company did not renew its Seattle Mariners broadcast contract in 2008.

Loss from operations was $2.1 million for the quarter, compared with a loss from operations of $3.5 million during the same period in 2008. The improvement was due primarily to a 31% decrease in total operating costs from the second quarter of 2008, which offset the 30% decline in revenue. Second quarter 2008 operating costs included approximately $6 million of non-recurring, non-cash charges. EBITDA totaled $1.2 million for the second quarter of 2009, compared to $6.5 million in the second quarter of 2008. Net loss for the second quarter was $2.1 million, or $0.24 per share, compared to net income of $63.7 million or $7.29 per share in the second quarter of 2008. Net income in the second quarter of 2008 included an after-tax gain on the sale of 1.5 million shares of Safeco Corporation of $67.4 million. Excluding the after-tax gain, net loss in the second quarter of 2008 was $3.7 million, or $0.42 per share.

Television Results

For the second quarter of 2009, the television segment reported revenue of $22.7 million, a 26% decrease from the $30.9 million generated in the comparable period of 2008. The decline was attributable to lower local, national, and political advertising revenue at a majority of our stations. TV BCF was $1.1 million, compared with $9.1 million in the same period of 2008, a decrease of 87%. The decrease in BCF was solely attributable to revenue declines.

During the second quarter, the television segment recorded $247,000 of political revenue, compared to $2.2 million during the same period last year, a decrease of 89%. Fisher recorded $791,000 in total retransmission consent revenue in the second quarter, an increase of 6% from the second quarter of 2008. This amount excludes approximately $1 million in retransmission fees for the second quarter (and another $1 million for the first quarter) attributable to certain retransmission consent agreements for which the key financial terms were finalized but which were not executed until the third quarter of 2009.

Radio Results

For the second quarter of 2009, the radio segment reported revenue of $5.9 million, a decrease of 49% from the $11.6 million earned in the comparable period of 2008. The decrease in revenue was more than offset by lower expenses, attributable largely to the absence of the Seattle Mariners broadcast contract in the second quarter of 2009. Radio BCF was $1.4 million, compared with a negative BCF of $6,000 in the second quarter of 2008. Excluding the Mariners contract, BCF decreased 30% from $2.0 million in the second quarter of 2008, a result of a 21% decline in non-Mariners revenue partially offset by a comparable reduction in non-Mariners expenses.

Fisher Plaza Results

For the second quarter of 2009, the Plaza segment reported revenue of $3.4 million, an 8% increase from the second quarter of 2008. Income from operations was $1.7 million, an increase of $374,000 and 29% compared to the same period in 2008. Plaza occupancy was 96% at the end of the second quarter of 2009, compared to 97% at the end of the second quarter of 2008. The slight decrease was attributable to a change in classification of approximately 4,400 square feet formerly occupied by Fisher but now vacant and available for lease.

Key Balance Sheet and Cash Flow Items

Cash, cash equivalents and short-term investments were $58.5 million at the end of the second quarter of 2009, compared to $91.5 million at December 31, 2008. The reduction was primarily due to the Company's repurchase of $28 million in principal amount of its senior notes during the first six months of 2009.

Total debt outstanding was $122.1 million at the end of the second quarter of 2009, compared to $150.0 million at December 31, 2008. The Company's Debt to Operating Cash Flow Ratio, as defined in the Company's senior notes indenture, was 7.2 as of June 30, 2009 compared to 5.3 as of December 31, 2008.

Other components of cash flow for the second quarter of 2009 were capital expenditures of $5.3 million and cash payments for broadcast rights of $4.6 million.

Second Quarter Conference Call

Fisher will host a conference call today at 1:00 p.m. (PDT). Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 1-800-561-2718; confirmation code 42407004. 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 approximately 2 hours after the live event. The replay will be available 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 60664924.

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) and Earnings Before Interest, Taxes, Depreciation and Amortization (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 payments for broadcast rights, amortization of non-cash benefit resulting from a change in national advertising representation firm and non-convergence Internet revenue.

EBITDA is calculated as income from operations plus amortization of program rights, depreciation and amortization, stock-based compensation, 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 news announcement, 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 (including a 50%-owned television station), 7 low power television stations, and 8 radio stations (in addition to 2 radio stations not owned by the Company but for which the Company provides programming or sales services) in the Western United States. The Company also owns and operates 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," or "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, as updated by the risk factors contained in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, both of which we have filed with the Securities and Exchange Commission.


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


(in thousands,      Six months ended            Three months ended
 except per-share       June 30,         %           June 30,         %
 amounts)            2009      2008    change     2009      2008    change
                   --------  --------  ------   --------  --------  ------
Revenue            $ 60,496  $ 83,749     -28%  $ 31,983  $ 45,694     -30%
                   --------  --------  ------   --------  --------  ------
Operating expenses
  Direct operating
   costs             31,678    35,090     -10%    15,850    17,729     -11%
  Selling, general
   and
   administrative
   expenses          24,954    35,189     -29%    12,514    21,332     -41%
  Amortization of
   program rights     4,577     9,461     -52%     2,281     7,015     -67%
  Depreciation and
   amortization       6,723     6,213       8%     3,391     3,104       9%
                   --------  --------  ------   --------  --------  ------
                     67,932    85,953     -21%    34,036    49,180     -31%
                   --------  --------  ------   --------  --------  ------
Loss from
 operations          (7,436)   (2,204)    237%    (2,053)   (3,486)    -41%
Gain on
 extinguishment of
 senior notes, net    2,965         -              1,173         -
Other income, net       829   105,762                535   104,732
Interest expense     (6,203)   (6,902)            (2,938)   (3,544)
                   --------  --------           --------  --------
Income (loss) from
 continuing
 operations before
 income taxes        (9,845)   96,656             (3,283)   97,702
Provision
 (benefit) for
 income taxes        (3,446)   33,546             (1,149)   33,772
                   --------  --------           --------  --------
Income (loss)
 from continuing
 operations          (6,399)   63,110             (2,134)   63,930
Loss from
 discontinued
 operations, net
 of income taxes          -      (502)                 -      (256)
                   --------  --------           --------  --------
Net income (loss)  $ (6,399) $ 62,608           $ (2,134) $ 63,674
                   --------  --------           --------  --------


Income (loss)
 per share:
  From continuing
   operations      $  (0.73) $   7.23           $  (0.24) $   7.32
  From
   discontinued
   operations             -     (0.06)                 -     (0.03)
                   --------  --------           --------  --------
  Basic and
   diluted net
   income (loss)
   per share       $  (0.73) $   7.17           $  (0.24) $   7.29
                   --------  --------           --------  --------

Income (loss) per
 share assuming
 dilution:
  From continuing
   operations      $  (0.73) $   7.23           $  (0.24) $   7.32
  From
   discontinued
   operations             -     (0.06)                 -     (0.03)
                   --------  --------           --------  --------
  Net income
   (loss) per
   share assuming
   dilution        $  (0.73) $   7.17           $  (0.24) $   7.29
                   --------  --------           --------  --------

Weighted average
 shares
 outstanding          8,772     8,730              8,774     8,731

Weighted average
 shares
 outstanding
 assuming dilution    8,772     8,732              8,774     8,735




               Fisher Communications, Inc. and Subsidiaries
                 Condensed Consolidated Balance Sheets


                                               (unaudited)
                                                 June 30,     December 31,
(in thousands)                                     2009           2008
                                               ------------   ------------
ASSETS
Current Assets
  Cash and cash equivalents                    $     58,467   $     31,835
  Short-term investments                                  -         59,697
  Receivables, net                                   22,116         26,044
  Income taxes receivable                             6,353          2,763
  Deferred income taxes                               1,763          1,763
  Prepaid expenses and other assets                   2,173          2,200
  Television and radio broadcast rights               1,558          6,106
                                               ------------   ------------
    Total current assets                             92,430        130,408
Cash value of life insurance and
 retirement deposits                                 17,758         17,425
Goodwill                                             13,293         13,293
Intangible assets                                    40,897         41,015
Other assets                                          6,045          6,955
Deferred income taxes                                13,537         13,757
Property, plant and equipment, net                  148,843        148,440
                                               ------------   ------------
Total Assets                                   $    332,803   $    371,293
                                               ------------   ------------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Trade accounts payable                       $      3,572   $      4,339
  Accrued payroll and related benefits                6,254          4,301
  Interest payable                                    3,237          3,773
  Television and radio broadcast rights
   payable                                            1,573          6,124
  Current portion of accrued retirement
   benefits                                           1,254          1,254
  Other current liabilities                           6,169          5,712
                                               ------------   ------------
    Total current liabilities                        22,059         25,503
Long-term debt                                      122,050        150,000
Accrued retirement benefits                          19,415         19,439
Other liabilities                                    10,395         11,607
                                               ------------   ------------
Total Stockholders' Equity                          158,884        164,744
                                               ------------   ------------
Total Liabilities and Stockholders' Equity     $    332,803   $    371,293
                                               ------------   ------------




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


                                                Six months ended June 30,
(in thousands)                                     2009           2008
                                               ------------   ------------
Cash flows from operating activities
  Net income (loss)                            $     (6,399)  $     62,608
  Adjustments to reconcile net income (loss)
   to net cash used in operating activities
      Depreciation and amortization                   6,723          6,253
      Deferred income taxes                             203             74
      Amortization of deferred financing fees           247            316
      Amortization of broadcast rights                4,577          9,461
      Gain on extinguishment of senior notes,
       net                                           (2,965)             -
      Payments for broadcast rights                  (4,593)        (9,588)
      Amortization of short-term investment
       discount                                        (303)             -
      Gain on sale of marketable securities               -       (103,621)
      Net non-cash contract termination fee               -          4,990
      Amortization of non-cash contract
       termination fee                                 (731)          (533)
      Equity in operations of equity investees           73             (1)
      Stock-based compensation                          495            426
      Other                                              63            182
  Change in operating assets and liabilities
    Receivables                                       3,928         (3,062)
    Prepaid expenses and other current assets            27           (618)
    Cash value of life insurance and
     retirement deposits                               (333)          (413)
    Other assets                                         92          1,005
    Trade accounts payable, accrued payroll
     and related benefits, interest payable,
     and other current liabilities                     (648)           818
    Income taxes receivable and payable              (3,591)        16,253
    Accrued retirement benefits                         (23)            11
    Other liabilities                                  (384)          (483)
                                               ------------   ------------
        Net cash used in operating activities        (3,542)       (15,922)
                                               ------------   ------------
Cash flows from investing activities
  Purchases of marketable securities                      -            (56)
  Proceeds from sale of marketable securities             -         89,845
  Purchase of television stations                         -        (52,365)
  Decrease in restricted cash                             -         52,365
  Redemption of short-term investments               60,000              -
  Purchase of property, plant and equipment          (5,322)        (5,436)
                                               ------------   ------------
        Net cash provided by investing
         activities                                  54,678         84,353
                                               ------------   ------------
Cash flows from financing activities
  Borrowings under borrowing agreements                   -         14,000
  Payments on borrowing agreements                        -        (14,000)
  Repurchase of senior notes                        (24,428)             -
  Payments on capital lease obligations                 (76)           (70)
                                               ------------   ------------
        Net cash used in financing activities       (24,504)           (70)
                                               ------------   ------------
Net increase in cash and cash equivalents            26,632         68,361
Cash and cash equivalents, beginning of period       31,835          6,510
                                               ------------   ------------
Cash and cash equivalents, end of period       $     58,467   $     74,871
                                               ------------   ------------




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


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

                                  Six Months ended     Three Months ended
                                      June 30,              June 30,
                                --------------------  --------------------
                                   2009       2008       2009       2008
                                ---------  ---------  ---------  ---------

Income (loss) from operations
 (per GAAP, Statements of
 Operations)                    $  (7,436) $  (2,204) $  (2,053) $  (3,486)

  Add:
    Amortization of program
     rights                         4,577      9,461      2,281      7,015
    Depreciation and
     amortization                   6,723      6,213      3,391      3,104
    Stock-based compensation          495        426        196        261
    Non-cash charge resulting
     from forfeiture of
     non-refundable deposit             -      1,000          -      1,000
    Net non-cash charge
     resulting from change in
     national advertising
     representation firm                -      4,990          -      4,990

  Subtract:
    Payments for television and
     radio broadcast rights         4,593      9,588      2,295      6,105
    Amortization of non-cash
     benefit resulting from
     change in national
     advertising representation
     firm                             731        533        366        316


                                ---------  ---------  ---------  ---------
EBITDA (Non-GAAP)               $    (965) $   9,765  $   1,154  $   6,463
                                =========  =========  =========  =========

EBITDA as a percentage of
 Revenue                             (1.6%)     11.7%       3.6%      14.1%
                                =========  =========  =========  =========


The following table provides a reconciliation of net income (loss) to
adjusted net loss in the periods presented:

                                                       Three Months ended
                                                            June 30,
                                                      --------------------
                                                         2009       2008
                                                      ---------  ---------

Net income (loss)                                     $  (2,134) $  63,674

Subtract:
  After-tax gain on sale of Safeco shares                     -     67,354

                                                      ---------  ---------
Adjusted net loss (Non-GAAP)                          $  (2,134) $  (3,680)
                                                      =========  =========


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

                                  Six Months ended     Three Months ended
                                      June 30,              June 30,
                                --------------------  --------------------
                                   2009       2008       2009       2008
                                ---------  ---------  ---------  ---------

Television segment income
 (loss) from operations         $  (5,771) $   2,697  $  (2,178) $     152

  Add:
    Amortization of program
     rights                         4,577      3,979      2,281      1,988
    Depreciation and
     amortization                   4,339      3,976      2,183      2,007
    Corporate and internet
     expenses                       4,277      5,562      1,891      2,716
    Net non-cash charge
     resulting from change in
     national advertising
     representation firm                -      4,990          -      4,990

  Subtract:
    Payments for television
     broadcast rights               4,593      4,017      2,295      1,927
    Amortization of non-cash
     benefit resulting from
     change in national
     advertising representation
     firm                             731        533        366        316
    Non-convergence internet
     revenue                          709      1,013        376        556

                                ---------  ---------  ---------  ---------
Television Broadcast Cash Flow
 (Non-GAAP)                     $   1,389  $  15,641  $   1,140  $   9,054
                                =========  =========  =========  =========

Television Broadcast Cash Flow
 as a percentage of Television
 Segment Revenue                      3.2%      26.6%       5.0%      29.3%
                                =========  =========  =========  =========

Television Segment Revenue      $  43,004  $  58,808  $  22,721  $  30,899
                                =========  =========  =========  =========


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

                     Six Months ended June 30,  Three Months ended June 30,
                    --------------------------  --------------------------
                      2009     2008   2008 (1)    2009     2008   2008 (1)
                    -------  -------  --------  -------  -------  --------

Radio segment
 income (loss)
 from operations    $   857  $(1,807) $  1,743  $   931  $(1,434) $  1,366

  Add:
    Amortization
     of program
     rights               -    5,482         -        -    5,027         -
    Depreciation
     and
     amortization       372      449       449      174      216       216
    Corporate
     expenses
     and other          644      388       401      268      363       380

  Subtract:
    Payments for
     radio
     broadcast
     rights               -    5,571         -        -    4,178         -

                    -------  -------  --------  -------  -------  --------
Radio Broadcast
 Cash Flow
 (Non-GAAP)         $ 1,873  $(1,059) $  2,593  $ 1,373  $    (6) $  1,962
                    =======  =======  ========  =======  =======  ========

Radio Broadcast
 Cash Flow as a
 percentage of
 Radio Segment
 Revenue               17.3%    -5.7%     18.6%    23.2%    -0.1%     26.4%
                    =======  =======  ========  =======  =======  ========

Radio Segment
 Revenue            $10,797  $18,478  $ 13,943  $ 5,909  $11,603  $  7,440
                    =======  =======  ========  =======  =======  ========

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

Contact Information

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