SOURCE: Fisher Communications, Inc.

Fisher Communications, Inc.

July 28, 2011 08:30 ET

Fisher Communications, Inc. Reports Second Quarter 2011 Financial Results

Net Television Revenue, Excluding Political, Increased 4%; EBITDA Increased 27%

SEATTLE, WA--(Marketwire - Jul 28, 2011) - Fisher Communications, Inc. (NASDAQ: FSCI) today reported its financial results for the second quarter ended June 30, 2011. Fisher's second quarter net television revenue, excluding political revenue, increased 4% over the same period last year. Fisher's total consolidated revenue for the quarter, which includes Fisher Plaza, was $40.4 million, equal to the second quarter of 2010. Increases in TV core advertising, retransmission revenue and internet revenue offset the expected decrease in political revenue. During the quarter, internet revenue increased 66% to $1.4 million and TV core revenue increased 3%.

The Company reported net income of $3.6 million in the quarter, compared to $328,000 in the second quarter of 2010. The quarter's net income included a $4.1 million pre-tax gain on the sale of non-essential real estate in Seattle. The 2010 results included a pre-tax gain on the exchange of broadcast equipment of $0.8 million and a $0.3 million gain from net insurance reimbursements relating to the 2009 Fisher Plaza fire insurance claim. Earnings per share were $0.41, compared to $0.04 for the second quarter of 2010.

Direct operating costs and selling, general and administrative expenses for the quarter decreased $1.2 million, or 4%, from the second quarter of 2010.

The decrease in operating costs for the second quarter included $0.8 million of additional costs related to the proxy contest conducted by FrontFour Capital Group in connection with the Company's 2011 Annual Meeting of Shareholders. This cost was fully offset by a $1.1 million credit resulting from the Company's revised employee vacation policy that was announced in 2010 and became effective January 1, 2011. In addition, the Company had $0.5 million in compensation cost savings and $0.3 million in Local Marketing Agreement fee savings related to the wind down of the Company's KING-FM Joint Sales Agreement, which expired in the second quarter. During the first half of 2011, the Company incurred $1.6 million of costs related to the proxy contest.

Excluding the impact of proxy contest costs, ongoing operating costs would have decreased by 6%, or $2.0 million, compared to the second quarter of 2010.

EBITDA increased $1.5 million, or 27%, to $6.9 million in the second quarter of 2011.

Fisher President and Chief Executive Officer Colleen B. Brown commented, "Fisher performed well in the second quarter, with a steady increase in net television revenue and robust EBITDA growth. The Company's results reflect our broadcast properties' increasing popularity and growth from our digital platform, combined with our on-going multiplatform success. Through the successful execution of our strategic plan, we have increased station market share, developed innovative digital distribution channels to better serve an increasingly mobile audience, strengthened our brand and deepened our community ties, all of which enables Fisher to capture a larger share of the local advertising spend."

Financial Highlights for the Second Quarter of 2011

(All comparisons are made to the second quarter of 2010 unless otherwise noted.)

Television:

--  TV net revenue was flat at $30.9 million.
--  Core advertising revenue (local and national excluding political)
    (net) increased 3% to $24.1 million.
--  Retransmission consent revenue increased 1% to $3.3 million.
--  Telecom and Retail advertising revenue increased 9% and 1%,
    respectively, while Automotive decreased 2% and Professional Services
    stayed flat.
--  TV cash flow increased $460,000, or 7%, to $6.9 million; TV cash flow
    margin was 22%, up from 21% in this period last year.
--  Internet revenue (net) grew 66% to $1.4 million. Internet revenue
    (including convergence revenue, which is reported in core advertising
    revenue) was 6% of net TV revenue.

Radio:

--  Radio net revenue decreased 5% to $5.7 million.
--  Radio cash flow increased $654,000 to $1.7 million and cash flow margin
    was 29.1%, up from 16.7%.
--  Radio results reflected the wind-down of the KING-FM Joint Sales
    Agreement which was not renewed during the quarter.

Plaza:

--  Fisher Plaza revenue grew $336,000, or 10%.
--  Fisher Plaza EBITDA increased 13% to $2.5 million.

Balance Sheet:

--  Cash and short-term investments were $33.3 million at June 30, 2011,
    compared to $52.9 million at the end of 2010. The decrease reflected
    $6.2 million of cash generated from operations during the first half of
    2011, offset by the Company's repurchase and redemption of $25.9
    million in principal amount of its senior notes, $4.2 million of
    proceeds from the sale of non-essential real estate and $3.0 million in
    capital expenditures.

--  Total debt outstanding decreased from $101.4 million at the end of 2010
    to $75.6 million at June 30, 2011. As a result of improved operating
    results and the Company's debt reduction strategy, its
    debt-to-operating cash flow ratio decreased from 2.8x at the end of the
    first quarter to 1.9x at the end of the second quarter.

--  Additionally, in July 2011, the Company completed the redemption of an
    additional $6.3 million in principal amount of its senior notes, which
    further reduces total debt outstanding to $69.3 million.

Key Operating and Strategic Highlights

--  Fisher television stations ranked either #1 or #2 in the key Adult
    25-54 demographic in total day share in all six of its markets in the
    May 2011 ratings period.

--  In its audited television markets, Fisher's consolidated TV revenue was
    in line with the consolidated market revenue decline of 290 basis
    points; excluding political, Fisher's TV revenue was 280 basis points
    better than market growth. Fisher's share of consolidated TV market
    revenues improved 40 basis points from the first quarter.

--  Fisher Radio in Seattle had two of the Top 10 stations in the market
    during Morning Drive for Adults age 25-54 in average share and
    cumulative audience in June 2011. Fisher has the #1 station in the
    market for Adults age 25-54 total day cumulative audience (KPLZ-FM).

--  Fisher Plaza occupancy was 96%, which is unchanged from year-end.

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 1-866-203-2528; confirmation code 22814503. 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 89436540.

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 Television cash flow, Radio cash flow, 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 cash flow are calculated as income (loss) from 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 Plaza income (loss) from operations plus depreciation, Plaza fire expenses (reimbursements), 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 (reimbursements), 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 (FSCI) is an innovative local media company with television, radio, internet and mobile operations throughout the western United States. Fisher operates 18 television stations, which include network affiliations with ABC, CBS, FOX, Univision and CW that reach 3.5% of U.S. television households, and three radio stations targeting a full range of audience demographics. Fisher Interactive produces more than 120 local and hyper-local websites and delivers comprehensive multiplatform advertising solutions to local businesses. The Company is headquartered at Fisher Plaza, a 300,000 square foot media, telecommunications and data center facility in Seattle, WA. More information about Fisher Communications, Inc. is available at 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," "intends," "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, 2010, which we have filed with the Securities and Exchange Commission.



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

(in thousands,    Three months ended            Six months ended
 except per-share      June 30,         %           June 30,         %
 amounts)           2011      2010    Change     2011      2010    Change
                  --------  --------  ------   --------  --------  ------
Revenue           $ 40,350  $ 40,396      (0%) $ 77,902  $ 75,396       3%
                  --------  --------  ------   --------  --------  ------
Operating
 expenses
  Direct
   operating
   costs            17,217    17,453      (1%)   34,891    34,393       1%
  Selling,
   general and
   administrative
   expenses         13,417    14,360      (7%)   28,167    27,620       2%
  Amortization of
   broadcast
   rights            2,905     2,963      (2%)    5,875     5,933      (1%)
  Depreciation
   and
   amortization      2,672     3,682     (27%)    5,330     7,318     (27%)
  Gain on sale of
   real estate,
   net              (4,089)        -     n/a     (4,089)        -     n/a
  Plaza fire
   reimbursements,
   net                (105)     (309)     66%      (183)     (400)     54%
  Gain on asset
   exchange, net         -      (842)    100%         -    (1,782)    100%
                  --------  --------  ------   --------  --------  ------
  Total operating
   expenses         32,017    37,307     (14%)   69,991    73,082      (4%)
                  --------  --------  ------   --------  --------  ------
Income from
 operations          8,333     3,089     170%     7,911     2,314     242%
Loss on
 extinguishment
 of senior notes,
 net                  (948)      (72)            (1,058)      (72)
Other income, net      100       106                180       163
Interest expense    (1,878)   (2,590)            (4,125)   (5,262)
                  --------  --------           --------  --------
Income (loss)
 from continuing
 operations
 before income
 taxes               5,607       533              2,908    (2,857)
Provision
 (benefit) for
 income taxes        2,065       252              1,085      (983)
                  --------  --------           --------  --------
Income (loss)
 from continuing
 operations          3,542       281              1,823    (1,874)
Income from
 discontinued
 operations, net
 of income taxes        74        47                 66        23
                  --------  --------           --------  --------
Net income (loss) $  3,616  $    328           $  1,889  $ (1,851)
                  ========  ========           ========  ========


Income (loss) per
 share:
  From continuing
   operations     $   0.40  $   0.03           $   0.21  $  (0.21)
  From
   discontinued
   operations         0.01      0.01               0.01      0.00
                  --------  --------           --------  --------
  Net income
   (loss) per
   share          $   0.41  $   0.04           $   0.21  $  (0.21)
                  ========  ========           ========  ========

Income (loss) per
 share assuming
 dilution:
  From continuing
   operations     $   0.40  $   0.03           $   0.21  $  (0.21)
  From
   discontinued
   operations         0.01      0.01               0.01      0.00
                  --------  --------           --------  --------
  Net income
   (loss) per
   share assuming
   dilution       $   0.41  $   0.04           $   0.21  $  (0.21)
                  ========  ========           ========  ========



Weighted average
 shares
 outstanding         8,834     8,798              8,822     8,793
                  ========  ========           ========  ========
Weighted average
 shares
 outstanding
 assuming
 dilution            8,895     8,830              8,892     8,793
                  ========  ========           ========  ========











                Fisher Communications, Inc. and Subsidiaries
                   Condensed Consolidated Balance Sheets
                                 (Unaudited)

                                                    June 30,   December 31,
(in thousands)                                        2011         2010
                                                  ------------ ------------
ASSETS
Current Assets
  Cash and cash equivalents                       $     33,298 $     52,945
  Receivables, net                                      29,405       30,755
  Income taxes receivable                                    -        1,353
  Deferred income taxes, net                             1,649        1,649
  Prepaid expenses and other                             2,456        2,863
  Cash surrender value of annuity contracts                  -        2,397
  Television broadcast rights                            2,060        7,855
  Assets held for sale                                      44           52
                                                  ------------ ------------
    Total current assets                                68,912       99,869
Cash surrender value of life insurance and
 annuity contracts                                      16,877       16,499
Goodwill, net                                           13,293       13,293
Intangible assets, net                                  40,425       40,543
Other assets                                             6,843        7,376
Assets held for sale                                       611          485
Property, plant and equipment, net                     140,418      142,827
                                                  ------------ ------------
Total Assets                                      $    287,379 $    320,892
                                                  ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Accounts payable                                $      4,753 $      4,017
  Accrued payroll and related benefits                   4,187        7,896
  Interest payable                                       1,901        2,552
  Television broadcast rights payable                    1,882        7,849
  Income taxes payable                                     310            -
  Current portion of accrued retirement benefits         1,117        1,117
  Other current liabilities                              4,783        4,388
  Liabilities of business held for sale                     41           27
                                                  ------------ ------------
    Total current liabilities                           18,974       27,846
Long-term debt                                          75,580      101,440
Accrued retirement benefits                             18,975       18,982
Deferred income taxes, net                                 438          417
Other liabilities                                        5,723        6,981
                                                  ------------ ------------
    Total liabilities                                  119,690      155,666
                                                  ------------ ------------
Total Stockholders' Equity                             167,689      165,226
                                                  ------------ ------------
Total Liabilities and Stockholders' Equity        $    287,379 $    320,892
                                                  ============ ============









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

                                                Six months ended June 30,
(in thousands)                                      2011          2010
                                                ------------  ------------
Operating activities
  Net income (loss)                             $      1,889  $     (1,851)
  Adjustments to reconcile net income (loss) to
   net cash provided by operating activities
      Depreciation and amortization                    5,330         7,318
      Deferred income taxes                               21            11
      Amortization of deferred financing fees            170           217
      Amortization of broadcast rights                 5,875         5,933
      Payments for broadcast rights                   (6,057)       (6,239)
      Gain on exchange of assets, net                      -        (1,782)
      Loss on extinguishment of senior notes,
       net                                             1,058            72
      Loss on disposal of property, plant and
       equipment                                          52           208
      Gain on sale of radio station                      (48)            -
      Gain on sale of real estate, net                (4,089)            -
      Amortization of non-cash contract
       termination fee                                  (731)         (731)
      Loss in operations of equity investees              84             -
      Stock-based compensation                           733           603
  Change in operating assets and liabilities,
   net
    Receivables                                        1,358        (1,336)
    Prepaid expenses and other                           408         2,639
    Cash surrender value of life insurance and
     annuity contracts                                 2,019          (505)
    Other assets                                         136           194
    Trade accounts payable, accrued payroll and
     related benefits and other current
     liabilities                                      (2,595)        3,871
    Interest payable                                    (651)         (524)
    Income taxes receivable and payable                1,662         9,028
    Accrued retirement benefits                           31            32
    Other liabilities                                   (428)         (370)
                                                ------------  ------------
        Net cash provided by operating
         activities                                    6,227        16,788
                                                ------------  ------------
Investing activities
  Contribution to equity investee                        (77)            -
  Net cash in consolidation of equity investee             -            75
  Purchase of radio stations                            (113)            -
  Proceeds from sale of radio station                     48             -
  Proceeds from sale of real estate                    4,164             -
  Purchase of property, plant and equipment           (3,009)       (6,120)
                                                ------------  ------------
        Net cash provided by (used in)
         investing activities                          1,013        (6,045)
                                                ------------  ------------
Financing activities
  Repurchase of senior notes                         (26,600)      (17,160)
  Shares settled on vesting of stock rights             (273)         (104)
  Payments on capital lease obligations                  (89)          (82)
  Proceeds from exercise of stock options                 75             -
                                                ------------  ------------
        Net cash used in financing activities        (26,887)      (17,346)
                                                ------------  ------------
Net decrease in cash and cash equivalents            (19,647)       (6,603)
Cash and cash equivalents, beginning of period        52,945        43,982
                                                ------------  ------------
Cash and cash equivalents, end of period        $     33,298  $     37,379
                                                ============  ============









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


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

                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                    ------------------  ------------------
                                      2011      2010      2011      2010
                                    --------  --------  --------  --------

Income from continuing operations   $  8,333  $  3,089  $  7,911  $  2,314

  Add:
    Amortization of broadcast
     rights                            2,905     2,963     5,875     5,933
    Depreciation and amortization      2,672     3,682     5,330     7,318
    Stock-based compensation             433       371       733       603
    Loss on disposal of property,
     plant and equipment                  18        47        52       208
  Subtract:
    Gain on exchange of assets, net        -       842         -     1,782
    Gain on sale of real estate        4,089         -     4,089         -
    Plaza fire reimbursements, net       105       309       183       400
    Payments for broadcast rights      2,864     3,189     6,057     6,239
    Amortization of non-cash
     benefit resulting from change
     in national advertising
     representation firm                 366       366       731       731

                                    --------  --------  --------  --------
EBITDA (Non-GAAP)                   $  6,937  $  5,446  $  8,841  $  7,224
                                    ========  ========  ========  ========
EBITDA as a percentage of Revenue       17.2%     13.5%     11.3%      9.6%
                                    ========  ========  ========  ========


The following table provides a reconciliation of television income from continuing operations (GAAP) to television cash flow (non-GAAP) in each of the periods presented:

                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                    ------------------  ------------------
                                      2011      2010      2011      2010
                                    --------  --------  --------  --------

Television segment income from
 continuing operations              $  4,517  $  4,243  $  6,844  $  4,958

  Add:
    Amortization of broadcast
     rights                            2,905     2,963     5,875     5,933
    Depreciation and amortization      1,535     2,350     3,087     4,732
    Corporate and internet expenses    2,511     2,045     5,017     4,090
    Loss on disposal of property,
     plant and equipment                  18        46        52        82

  Subtract:
    Gain on exchange of assets, net        -       842         -     1,782
    Payments for broadcast rights      2,864     3,189     6,057     6,239
    Amortization of non-cash
     benefit resulting from change
     in national advertising
     representation firm                 366       366       731       731
    Non-convergence internet
     revenue                           1,372       826     2,550     1,449

                                    --------  --------  --------  --------
Television Broadcast Cash Flow
 (Non-GAAP)                         $  6,884  $  6,424  $ 11,537  $  9,594
                                    ========  ========  ========  ========

Television Broadcast Cash Flow as a
 percentage of Television Segment
 Revenue                                22.3%     20.7%     19.2%     16.6%
                                    ========  ========  ========  ========

Television Segment Revenue          $ 30,934  $ 31,063  $ 60,035  $ 57,648
                                    ========  ========  ========  ========


The following table provides a reconciliation of radio income from continuing operations (GAAP) to radio cash flow (non-GAAP) in each of the periods presented:

                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                    ------------------  ------------------
                                      2011      2010      2011      2010
                                    --------  --------  --------  --------

Radio segment income from
 continuing operations              $  1,410  $    713  $  1,268  $    642

  Add:
    Depreciation and amortization        121       165       245       345
    Corporate expenses and other         120       119       399       350

                                    --------  --------  --------  --------
Radio Broadcast Cash Flow
 (Non-GAAP)                         $  1,651  $    997  $  1,912  $  1,337
                                    ========  ========  ========  ========

Radio Broadcast Cash Flow as a
 percentage of Radio Segment
 Revenue                                29.1%     16.7%     18.2%     12.3%
                                    ========  ========  ========  ========

Radio Segment Revenue               $  5,674  $  5,964  $ 10,532  $ 10,878
                                    ========  ========  ========  ========


The following table provides a reconciliation of Plaza income from continuing operations (GAAP) to Plaza EBITDA (non-GAAP) in each of the periods presented:

                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                    ------------------  ------------------
                                      2011      2010      2011      2010
                                    --------  --------  --------  --------

Plaza segment income from
 continuing operations              $  2,282  $  1,901  $  4,340  $  3,472

  Add:
    Depreciation                         766       873     1,530     1,653
    Loss on disposal of property,
     plant and equipment                   -         -         -       125

  Subtract:
    Plaza fire reimbursements, net       105       309       183       400
    Operating expense allocated to
     TV and Radio segments               492       287     1,035       736

                                    --------  --------  --------  --------
Plaza EBITDA (Non-GAAP)             $  2,451  $  2,178  $  4,652  $  4,114
                                    ========  ========  ========  ========

Plaza EBITDA as a percentage of
 Plaza Segment Revenue                  64.3%     62.7%     62.0%     58.8%
                                    ========  ========  ========  ========

Plaza Segment Revenue               $  3,811  $  3,475  $  7,508  $  6,993
                                    ========  ========  ========  ========


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

                  Three months ended            Six months ended
                       June 30,         %           June 30,         %
                  ------------------- ------   ------------------- ------
                    2011      2010    Change     2011      2010    Change
                  --------- --------- ------   --------- --------- ------
Core advertising
 (local and
 national)        $  24,052 $  23,314      3%  $  46,803 $  44,266      6%
Political               266     1,498    (82%)       354     2,250    (84%)
Internet              1,372       826     66%      2,550     1,449     76%
Retransmission        3,315     3,296      1%      6,617     5,940     11%
Trade, barter
 and other            1,929     2,129     (9%)     3,711     3,743     (1%)
                  --------- --------- ------   --------- --------- ------
TV segment net
 revenue          $  30,934 $  31,063     (0%) $  60,035 $  57,648      4%
                  ========= ========= ======   ========= ========= ======

Net television
 revenue,
 excluding
 political        $  30,668 $  29,565      4%  $  59,681 $  55,398      8%


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

                  Three months ended            Six months ended
                       June 30,         %           June 30,         %
                  ------------------- ------   ------------------- ------
                    2011      2010    Change     2011      2010    Change
                  --------- --------- ------   --------- --------- ------
Core advertising
 (local and
 national)        $   5,276 $   5,585     (6%) $   9,892 $  10,218     (3%)
Political                94        57     65%        127       105     21%
Trade, barter
 and other              304       322     (6%)       513       555     (8%)
                  --------- --------- ------   --------- --------- ------
Radio segment
 net revenue      $   5,674 $   5,964     (5%) $  10,532 $  10,878     (3%)
                  ========= ========= ======   ========= ========= ======

Net radio
 revenue,
 excluding
 political        $   5,580 $   5,907     (6%) $  10,405 $  10,773     (3%)

Contact Information

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