Seattle-based Fisher battled FrontFour Capital to a draw, with each side winning two board seats in the recent election. Now it counts up the costs, which CEO Colleen Brown says were $1.6 million for the first two quarters.
Looking just at radio, revenues were down 5% to $5.7 million, but cash flow increased $654,000 to $1.7 million. Perhaps more importantly for the analysts, cash flow margin for Fisher Radio improved from 16.7% to 29.1%. Fisher wound down its expensive Joint Sales Agreement with classical KING-FM (98.1), and says that produced $300,000 in savings. KING-FM recently converted from commercial to non-commercial operating status. Fisher's radio business is now almost completely confined to the Seattle market, now that it has a deal to sell its remaining Fisher Regional stations in Great Falls, Montana. The Seattle stations are hot AC KPLZ (101.5); oldies KVI (570); and all-news KOMO (1000), which operates FM simulcast KOMO-FM at 97.7. Check the Q2 results from Fisher here. Fisher trades as "FSCI", and the stock chart is here.