SOURCE: Fisher Communications, Inc.

Fisher Communications, Inc.

March 03, 2011 09:00 ET

Fisher Communications, Inc. Reports Strong Fourth Quarter and Full-Year 2010 Financial Results

Fourth Quarter TV Advertising Revenue Increased 61%; Fourth Quarter Diluted EPS of $0.93; Full-Year TV Advertising Revenue Increased 40%; Full-Year 2010 EBITDA Increased 401% to $34.6 Million

SEATTLE, WA--(Marketwire - March 3, 2011) - 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, 2010. Fisher's fourth quarter included strong political revenue and solid core advertising growth, with net TV advertising revenue increasing by 61%.

Total revenue for the fourth quarter of 2010 was $57.6 million, an increase of 49% compared to the fourth quarter of 2009, primarily due to strong political advertising revenue and improvements in other advertising categories. Direct operating costs and selling, general and administrative expenses for the fourth quarter of 2010 increased $3.9 million, or 12%, from the fourth quarter of 2009 primarily due to an increase in variable compensation costs and costs related to a format change at KVI radio. EBITDA increased $15.3 million to $19.4 million in the fourth quarter of 2010.

The Company reported net income of $8.3 million in the quarter. This compares to net income of $1.1 million in the fourth quarter of 2009, when the Company recognized a pre-tax gain on exchange of broadcast equipment of $2.6 million and a $1.3 million pre-tax gain from net insurance reimbursements received from the Fisher Plaza electrical fire insurance claim.

For the full fiscal year, the Company reported consolidated revenue of $175.9 million, a 32% increase from 2009. Fisher's performance was due to the strong political revenue growth and the continued local and national spot advertising recovery, combined with its ability to grow market share. Net TV advertising revenue increased by 40% for the full year and core TV advertising grew by 16%. Consolidated EBITDA increased $27.7 million, or 401%, to $34.6 million in 2010. The Company reported 2010 net income of $9.7 million, compared to a net loss of $9.3 million in 2009. 2010 net income included the $2.1 million pre-tax gain on exchange of broadcast equipment and the $3.4 million pre-tax gain from net insurance reimbursements received from the Company's Fisher Plaza electrical fire insurance claim. 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 a $2.7 million pre-tax loss from the Fisher Plaza electrical fire expenses, net of reimbursements.

The Company reported fourth quarter and full year 2010 net earnings (loss) per share of $0.93 and $1.10 respectively, compared to $0.12 and ($1.06), respectively, for the fourth quarter and full year 2009.

Fisher President and Chief Executive Officer Colleen B. Brown commented, "We are very pleased with our fourth quarter results, which reflect Fisher's highest quarterly revenue during the past ten years. Our five year track record of ratings and core advertising market share growth confirms that our strategic plan to drive EBITDA growth is working.

"The continued improvements within our traditional broadcast business and digital portfolio contributed to a very strong year in terms of operational performance, profitability and cash flow. We plan to leverage these strengths as we continue to transform Fisher into a more highly diversified local media company. In 2011, we are focused on using our multi-platform offering to aggressively strengthen our position and pursue a larger share of audience and local advertising in the markets we serve."

Financial Highlights for the Fourth Quarter of 2010

(All comparisons are made to the fourth quarter of 2009 unless otherwise noted.)

Television:

--  TV net revenue increased 61% to $46.8 million.
--  Core advertising revenue (local and national) (net) increased 9% to
    $25.0 million and Political revenue (net) increased by $14.0 million,
    to $15.2 million.
--  Retransmission consent revenue increased $569,000 to $3.0 million.
--  Automotive and Retail advertising increased 13% and 15%, respectively,
    while Professional Services increased 3%.
--  TV cash flow increased $15.3 million to $20.4 million; TV cash flow
    margin was 43.6%, up from 17.7%.
--  Internet revenue (net) more than doubled to $1.1 million, or 2.4% of
    TV revenue.

Radio:

--  Radio net revenue increased 17% to $7.1 million.
--  Radio cash flow grew $339,000 to $1.4 million and cash flow margin was
    19.7%, up from 17.4%.

Plaza:

--  Fisher Plaza revenue grew $233,000, or 7%.
--  Fisher Plaza EBITDA (which excludes net fire-related expenses or
    reimbursements) decreased 8.3% to $1.8 million due to one-time
    equipment removal costs.

Financial Highlights for Full-Year 2010

(All comparisons are made to full-year 2009 unless otherwise noted.)

Television:

--  TV net revenue increased 40% to $136.4 million.
--  Core advertising revenue (local and national) (net) increased 16% to
    $90.2 million and Political revenue (net) increased $20.2 million to
    $22.1 million.
--  Retransmission consent revenue increased $4.1 million to $12.5 million.
--  Automotive, Retail, and Professional Services advertising increased
    47%, 18%, and 13%, respectively.
--  TV cash flow increased $27.5 million to $37.6 million; TV cash flow
    margin was 27.6%, up from 10.4%.
--  Internet revenue (net) increased 105% to $3.5 million, or 2.6% of TV
    revenue.

Radio:

--  Radio net revenue increased 11% to $25.3 million.
--  Radio cash flow increased $755,000 to $4.9 million; Radio cash flow
    margin improved 1.2% to 19.2%.

Plaza:

--  Fisher Plaza revenue grew $661,000, or 5%.
--  Fisher Plaza EBITDA (which excludes net fire-related expenses or
    reimbursements) declined 1% to $8.0 million due to one-time equipment
    removal costs.

Balance Sheet:

--  Cash and short-term investments were $52.9 million at year-end,
    compared to $44.0 million at the end of 2009.  The increase reflected
    $40.0 million of cash generated from operations (which included a
    $10.0 million tax refund and $5.1 million of insurance proceeds
    received for reimbursement of the 2009 Plaza fire), offset by the
    Company's repurchase of $20.6 million in principal amount of its senior
    notes and $10.0 million in capital expenditures.

--  Total debt outstanding decreased from $122.1 million at the end of 2009
    to $101.4 million at December 31, 2010 as a result of the Company's
    repurchase of $20.6 million in principal amount of its senior notes
    during 2010.  This resulted in a reduction of $1.7 million of interest
    expense in 2010. Additionally, in January 2011, the Company repurchased
    an additional $2.6 million in principal amount of its senior notes
    further reducing total debt outstanding to $98.8 million.  As a result
    of improved operating results and our debt reduction strategy, our
    debt-to-operating cash flow ratio decreased significantly from 14.7x
    to 2.9x as of December 31, 2010.

Key Operating and Strategic Highlights

--  Fisher television stations ranked either #1 or #2 in the key Adult
    25-54 demographic in prime and early evening news in 6 of its 7 markets
    in the November 2010 ratings period.

--  The Company's aggregate TV/radio non-political market share in markets
    that provide market figures improved 40 basis points from fourth
    quarter 2009 to fourth quarter 2010.

--  At the end of 2010, Fisher Plaza occupancy was 96% compared to 97% in
    2009, due to space consolidation at the Company. 

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 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, 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 120 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," "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, 2009, 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, 2010, which we expect to file with the SEC on March 8, 2011.


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



(in thousands,  Three months ended           Twelve months ended
 except per-share  December 31,        %         December 31,        %
 amounts)         2010      2009    Change      2010      2009    Change
                --------  --------  -------   --------  --------  -------
Revenue         $ 57,566  $ 38,641       49%  $175,926  $133,664       32%
                --------  --------  -------   --------  --------  -------
Operating
 expenses
  Direct
   operating
   costs          18,861    17,163       10%    70,929    65,111        9%
  Selling,
   general and
   administra-
   tive expenses  16,548    14,316       16%    58,624    51,170       15%
  Amortization
   of program
   rights          2,991     2,972        1%    11,877    10,056       18%
  Depreciation
   and
   amortization    3,564     3,540        1%    14,448    13,713        5%
  Plaza fire
   expenses
   (reimburse-
   ments), net       (44)   (1,294)      97%    (3,363)    2,657     (227%)
  Gain on asset
   exchange, net       3    (2,569)     100%    (2,054)   (2,569)      20%
                --------  --------  -------   --------  --------  -------
  Total
   operating
   expenses       41,923    34,128       23%   150,461   140,138        7%
                --------  --------  -------   --------  --------  -------
Income (loss)
 from
 operations       15,643     4,513      247%    25,465    (6,474)     493%
Gain (loss) on
 extinguishment
 of senior
 notes, net          (88)        -                (160)    2,965
Other income, net     23        67                 217     1,288
Interest
 expense          (2,324)   (2,760)             (9,954)  (11,677)
                --------  --------            --------  --------
Income (loss)
 before income
 taxes            13,254     1,820              15,568   (13,898)
Provision
 (benefit) for
 income taxes      4,977       741               5,822    (4,568)
                --------  --------            --------  --------
Net income
 (loss)         $  8,277  $  1,079            $  9,746  $ (9,330)
                ========  ========            ========  ========


Net income
 (loss) per
 share
 basic          $   0.94  $   0.12            $   1.11  $  (1.06)
                ========  ========            ========  ========

Net income
 (loss) per
 share
 assuming
 dilution       $   0.93  $   0.12            $   1.10  $  (1.06)
                ========  ========            ========  ========

Weighted
 average shares
 outstanding       8,801     8,781               8,796     8,776
                ========  ========            ========  ========
Weighted
 average shares
 outstanding
 assuming
 dilution          8,861     8,820               8,843     8,776
                ========  ========            ========  ========



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


                                               December 31,   December 31,
(in thousands)                                     2010           2009
                                               -------------  -------------
ASSETS
Current Assets
  Cash and cash equivalents                    $      52,945  $      43,982
  Receivables, net                                    30,807         28,070
  Income taxes receivable                              1,353         11,746
  Deferred income taxes, net                           1,649          3,813
  Prepaid expenses and other                           2,863          4,460
  Cash surrender value of
   annuity contracts                                   2,397          2,626
  Television broadcast rights                          7,855          7,919
                                               -------------  -------------
    Total current assets                              99,869        102,616
Cash surrender value of life insurance and
 annuity contracts                                    16,499         15,711
Goodwill, net                                         13,293         13,293
Intangible assets, net                                40,543         40,779
Deferred financing fees and other                      7,376          7,590
Deferred income taxes, net                                 -          2,297
Property, plant and equipment, net                   143,312        148,824
                                               -------------  -------------
Total Assets                                   $     320,892  $     331,110
                                               =============  =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Accounts payable                             $       4,044  $       3,148
  Accrued payroll and related benefits                 7,896          4,445
  Interest payable                                     2,552          3,158
  Television broadcast rights payable                  7,849          7,987
  Current portion of accrued retirement
   benefits                                            1,117          1,100
  Other current liabilities                            4,388          6,251
                                               -------------  -------------
    Total current liabilities                         27,846         26,089
Long-term debt                                       101,440        122,050
Accrued retirement benefits                           18,982         18,023
Deferred income taxes, net                               417              -
Other liabilities                                      6,981          9,476
                                               -------------  -------------
Total Stockholders' Equity                           165,226        155,472
                                               -------------  -------------
Total Liabilities and Stockholders' Equity     $     320,892  $     331,110
                                               =============  =============



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


                                                      Twelve months ended
                                                         December 31,
(in thousands)                                         2010        2009
                                                    ----------  ----------
Operating activities
  Net income (loss)                                 $    9,746  $   (9,330)
  Adjustments to reconcile net income (loss) to net
   cash provided by (used in) operating activities
      Depreciation and amortization                     14,448      13,713
      Deferred income taxes                              4,933       7,190
      Loss in operations of equity investees                86         133
      Loss on disposal of fixed assets destroyed in
       Plaza fire                                            -       1,482
      Loss on disposal of fixed assets, net                284         558
      Amortization of deferred financing fees              407         469
      Amortization of broadcast rights                  11,877      10,056
      Payments for broadcast rights                    (11,963)    (10,038)
      (Gain) loss on extinguishment of senior
       notes, net                                          160      (2,965)
      Gain on asset exchange, net                       (2,054)     (2,569)
      Amortization of short-term investment
       discount                                              -        (303)
      Amortization of non-cash contract termination
       fee                                              (1,461)     (1,461)
      Stock-based compensation                           1,342       1,015
      Other                                                  -         205
  Change in operating assets and liabilities, net
    Receivables                                         (2,964)     (2,026)
    Prepaid expenses and other current assets            2,023      (2,260)
    Cash surrender value of life insurance and
     annuity contracts                                    (962)       (912)
    Other assets                                           (48)        (19)
    Accounts payable, accrued payroll and related
     benefits and other current liabilities              4,170      (2,259)
    Interest payable                                      (606)       (615)
    Income taxes receivable and payable                 10,571      (8,983)
    Accrued retirement benefits                            365        (511)
    Other liabilities                                     (686)       (759)
                                                    ----------  ----------
        Net cash provided by (used in) operating
         activities                                     39,668     (10,189)
                                                    ----------  ----------
Investing activities
  Redemption of short-term investments                       -      60,000
  Investment in equity investee                            (48)          -
  Net cash in consolidation of equity investee              75           -
  Purchase of investment in DataSphere                       -      (1,500)
  Purchases of property, plant and equipment            (9,990)    (11,581)
                                                    ----------  ----------
        Net cash provided by (used in) investing
         activities                                     (9,963)     46,919
                                                    ----------  ----------
Financing activities
  Repurchase of senior notes                           (20,453)    (24,428)
  Shares settled upon vesting of stock rights             (168)          -
  Payments of capital lease obligations                   (121)       (155)
                                                    ----------  ----------
        Net cash used in financing activities          (20,742)    (24,583)
                                                    ----------  ----------
Net increase in cash and cash equivalents                8,963      12,147
Cash and cash equivalents, beginning of period          43,982      31,835
                                                    ----------  ----------
Cash and cash equivalents, end of period            $   52,945  $   43,982
                                                    ==========  ==========



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

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

                                 Three months ended   Twelve months ended
                                    December 31,          December 31,
                                --------------------  --------------------
                                  2010       2009       2010       2009
                                ---------  ---------  ---------  ---------

Income (loss) from operations
 (GAAP)                         $  15,643  $   4,513  $  25,465  $  (6,474)

  Add:
    Amortization of program
     rights                         2,991      2,972     11,877     10,056
    Depreciation and
     amortization                   3,564      3,540     14,448     13,713
    Stock-based compensation          384        247      1,342      1,015
    Loss on disposal of assets         69          -        284          -
    Loss on asset exchange, net         3          -          -          -
    Plaza fire expenses, net            -          -          -      2,657

  Subtract:
    Gain on asset exchange, net         -      2,569      2,054      2,569
    Plaza fire reimbursements,
     net                               44      1,294      3,363          -
    Payments for television
     broadcast rights               2,860      2,920     11,963     10,038
    Amortization of non-cash
     benefit resulting from
     change in national
     advertising representation
     firm                             365        365      1,461      1,461

                                ---------  ---------  ---------  ---------
EBITDA (Non-GAAP)               $  19,385  $   4,124  $  34,575  $   6,899
                                =========  =========  =========  =========
EBITDA as a percentage of
 Revenue                             33.7%      10.7%      19.7%       5.2%
                                =========  =========  =========  =========

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

                                 Three months ended   Twelve months ended
                                    December 31,          December 31,
                                --------------------  --------------------
                                  2010       2009       2010       2009
                                ---------  ---------  ---------  ---------

Television income (loss) from
 operations (GAAP)              $  17,102  $   3,773  $  26,581  $  (1,335)

  Add:
    Amortization of program
     rights                         2,991      2,972     11,877     10,056
    Depreciation and
     amortization                   2,158      2,339      9,136      8,862
    Corporate and internet
     expenses                       2,407      2,115      8,785      7,966
    Loss on disposal of assets         84        297        174        312
    Loss on exchange of assets,
     net                                3          -          -          -

  Subtract:
    Gain on exchange of assets,
     net                                -      2,569      2,054      2,569
    Payments for television
     broadcast rights               2,860      2,920     11,963     10,038
    Amortization of non-cash
     benefit resulting from
     change in national
     advertising representation
     firm                             365        365      1,461      1,461
    Non-convergence internet
     revenue                        1,123        507      3,496      1,705

                                ---------  ---------  ---------  ---------
Television Cash Flow (Non-GAAP) $  20,397  $   5,135  $  37,579  $  10,088
                                =========  =========  =========  =========

Television Cash Flow as a
 percentage of Television
 Revenue                             43.6%      17.7%      27.6%      10.4%
                                =========  =========  =========  =========

Television Revenue              $  46,763  $  29,081  $ 136,397  $  97,201
                                =========  =========  =========  =========

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

                                    Three months ended  Twelve months ended
                                       December 31,        December 31,
                                    ------------------  ------------------
                                      2010      2009      2010      2009
                                    --------  --------  --------  --------

Radio income (loss) from
 operations (GAAP)                  $    865  $    745  $  3,228  $  2,377

  Add:
    Depreciation and amortization        346       201       932       791
    Corporate expenses and other         183       109       706       872
    Loss on disposal of assets             -         -         -        71

                                    --------  --------  --------  --------
Radio Cash Flow
 (Non-GAAP)                         $  1,394  $  1,055  $  4,866  $  4,111
                                    ========  ========  ========  ========

Radio Cash Flow as a
 percentage of Radio  Revenue           19.7%     17.4%     19.2%     18.0%
                                    ========  ========  ========  ========

Radio Revenue                       $  7,093  $  6,075  $ 25,283  $ 22,833
                                    ========  ========  ========  ========

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

                                    Three months ended  Twelve months ended
                                       December 31,         December 31,
                                    ------------------  ------------------
                                      2010      2009      2010      2009
                                    --------  --------  --------  --------

Plaza income (loss) from
 operations (GAAP)                  $  1,611  $  2,918  $  9,666  $  3,966

  Add:
    Depreciation                         778       751     3,210     3,019
    Loss on disposal of assets             -         -       106         -
    Plaza fire expenses, net               -         -         -     2,657

  Subtract:
    Gain on disposal of assets            19         -         -         -
    Plaza fire reimbursements, net        44     1,294     3,363         -
    Operating expense allocated to
     TV and Radio segments               549       437     1,584     1,515

                                    --------  --------  --------  --------
Plaza EBITDA (Non-GAAP)             $  1,777  $  1,938  $  8,035  $  8,127
                                    ========  ========  ========  ========

Plaza EBITDA as a percentage of
 Plaza Revenue                          47.5%     55.2%     55.8%     59.2%
                                    ========  ========  ========  ========

Plaza Revenue                       $  3,741  $  3,508  $ 14,400  $ 13,739
                                    ========  ========  ========  ========

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

                Three months ended            Twelve months ended
                   December 31,         %        December 31,         %
                ------------------- --------  ------------------- --------
                  2010      2009     Change     2010      2009     Change
                --------- --------- --------  --------- --------- --------
Core
 advertising
 (local and
 national)      $  25,007 $  23,012        9% $  90,227 $  77,945       16%
Political          15,208     1,164     1207%    22,109     1,945     1037%
Internet            1,123       507      121%     3,496     1,705      105%
Retransmission      2,959     2,390       24%    12,451     8,361       49%
Trade, barter
 and other          2,466     2,008       23%     8,114     7,245       12%
                --------- --------- --------  --------- --------- --------
TV net revenue  $  46,763 $  29,081       61% $ 136,397 $  97,201       40%
                ========= ========= ========  ========= ========= ========

Net television
 revenue,
 excluding
 political      $  31,555 $  27,917      13%  $ 114,288 $  95,256      20%

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

                Three months ended            Twelve months ended
                   December 31,         %        December 31,         %
                ------------------- --------  ------------------- -------
                  2010      2009     Change     2010      2009    Change
                --------- --------- --------  --------- --------- -------
Core
 advertising
 (local and
 national)      $   5,985 $   5,678        5% $  22,810 $  20,999       9%
Political             771        91      747%     1,155       291     297%
Trade, barter
 and other            337       306       10%     1,318     1,543     (15%)
                --------- --------- --------  --------- --------- -------
Radio
 net revenue    $   7,093 $   6,075       17% $  25,283 $  22,833      11%
                ========= ========= ========  ========= ========= =======

Net radio
 revenue,
 excluding
 political      $   6,322 $   5,984        6% $  24,128 $  22,542       7%

Contact Information

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