Financial Information For Guarantors

9 Months Ended

Sep. 30, 2011

Financial Information For Guarantors [Abstract]

Financial Information For Guarantors

17. Financial Information for Guarantors

At September 30, 2011, the Company had $66.8 million aggregate principal amount of Senior Notes outstanding. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured, senior basis by the current and future material domestic subsidiaries of the Company.

Presented below are unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2011 and 2010, and unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2011 and 2010. Also presented are the unaudited condensed consolidated balance sheets as of September 30, 2011 and December 31, 2010. The unaudited condensed consolidated information is presented for the Company with its investments in consolidated subsidiaries accounted for under the equity method, the 100%-owned guarantor subsidiaries, eliminations, and the Company on a consolidated basis. The Company (issuer) information consists primarily of corporate oversight and administrative personnel and related activities, as well as certain investments.

Financial Information for Guarantors

Condensed Consolidated Statement of Operations

For the three months ended September 30, 2011

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
Revenue	$	—		$	39,700		$	—		$	39,700
Operating expenses
Direct operating costs		144			17,552			8			17,704
Selling, general and administrative expenses		3,839			8,811			(8	)		12,642
Amortization of program rights		—			2,449			—			2,449
Depreciation and amortization		273			2,424			—			2,697
Plaza fire reimbursements, net		—			(40	)		—			(40	)
Total operating expenses		4,256			31,196			—			35,452
Income (loss) from continuing operations		(4,256	)		8,504			—			4,248
Loss on extinguishment of senior notes, net		(298	)		—			—			(298	)
Other income, net		59			(25	)		—			34
Equity in income of consolidated subsidiaries		5,263			—			(5,263	)		—
Interest expense		(1,560	)		(12	)		—			(1,572	)
Income (loss) from continuing operations before income taxes		(792	)		8,467			(5,263	)		2,412
Provision (benefit) for income taxes		(2,236	)		3,129			—			893
Income (loss) from continuing operations, net of income taxes		1,444			5,338			(5,263	)		1,519
Loss from discontinued operations, net of income taxes		—			(75	)		—			(75	)
Net income (loss)	$	1,444		$	5,263		$	(5,263	)	$	1,444

Financial Information for Guarantors

Condensed Consolidated Statement of Operations

For the nine months ended September 30, 2011

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
Revenue	$	—		$	117,602		$	—		$	117,602
Operating expenses
Direct operating costs		417			52,158			20			52,595
Selling, general and administrative expenses		13,238			27,591			(20	)		40,809
Amortization of program rights		—			8,324			—			8,324
Depreciation and amortization		823			7,204			—			8,027
Gain on sale of real estate, net		(4,089	)		—			—			(4,089	)
Plaza fire reimbursements, net		—			(223	)		—			(223	)
Total operating expenses		10,389			95,054			—			105,443
Income (loss) from continuing operations		(10,389	)		22,548			—			12,159
Loss on extinguishment of senior notes, net		(1,356	)		—			—			(1,356	)
Other income, net		196			18			—			214
Equity in income of consolidated subsidiaries		14,143			—			(14,143	)		—
Interest expense		(5,658	)		(39	)		—			(5,697	)
Income (loss) from continuing operations before income taxes		(3,064	)		22,527			(14,143	)		5,320
Provision (benefit) for income taxes		(6,397	)		8,375			—			1,978
Income (loss) from continuing operations, net of income taxes		3,333			14,152			(14,143	)		3,342
Loss from discontinued operations, net of income taxes		—			(9	)		—			(9	)
Net income (loss)	$	3,333		$	14,143		$	(14,143	)	$	3,333

Financial Information for Guarantors

Condensed Consolidated Statement of Operations

For the three months ended September 30, 2010

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
Revenue	$	—		$	41,831		$	—		$	41,831
Operating expenses
Direct operating costs		115			17,274			52			17,441
Selling, general and administrative expenses		4,967			8,805			(52	)		13,720
Amortization of program rights		—			2,953			—			2,953
Depreciation and amortization		393			3,132			—			3,525
Plaza fire reimbursements, net		—			(2,919	)		—			(2,919	)
Gain on asset exchange, net		—			(275	)		—			(275	)
Total operating expenses		5,475			28,970			—			34,445
Income (loss) from continuing operations		(5,475	)		12,861			—			7,386
Other income, net		37			(6	)		—			31
Equity in income of consolidated subsidiaries		8,342			—			(8,342	)		—
Interest expense		(2,353	)		(15	)		—			(2,368	)
Income (loss) from continuing operations before income taxes		551			12,840			(8,342	)		5,049
Provision (benefit) for income taxes		(2,769	)		4,554			—			1,785
Income (loss) from continuing operations, net of income taxes		3,320			8,286			(8,342	)		3,264
Income from discontinued operations, net of income taxes		—			56			—			56
Net income (loss)	$	3,320		$	8,342		$	(8,342	)	$	3,320

Financial Information for Guarantors

Condensed Consolidated Statement of Operations

For the nine months ended September 30, 2010

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
Revenue	$	—		$	117,227		$	—		$	117,227
Operating expenses
Direct operating costs		332			51,344			158			51,834
Selling, general and administrative expenses		11,007			30,491			(158	)		41,340
Amortization of program rights		—			8,886			—			8,886
Depreciation and amortization		1,174			9,669			—			10,843
Plaza fire reimbursements, net		—			(3,319	)		—			(3,319	)
Gain on asset exchange, net		—			(2,057	)		—			(2,057	)
Total operating expenses		12,513			95,014			—			107,527
Income (loss) from continuing operations		(12,513	)		22,213			—			9,700
Loss on extinguishment of senior notes, net		(72	)		—			—			(72	)
Other income, net		233			(39	)		—			194
Equity in income of consolidated subsidiaries		14,389			—			(14,389	)		—
Interest expense		(7,581	)		(49	)		—			(7,630	)
Income (loss) from continuing operations before income taxes		(5,544	)		22,125			(14,389	)		2,192
Provision (benefit) for income taxes		(7,013	)		7,815			—			802
Income (loss) from continuing operations, net of income taxes		1,469			14,310			(14,389	)		1,390
Income from discontinued operations, net of income taxes		—			79			—			79
Net income (loss)	$	1,469		$	14,389		$	(14,389	)	$	1,469

Financial Information for Guarantors

Condensed Consolidated Balance Sheet

As of September 30, 2011

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries		Eliminations			Fisher Communications, Inc. and Subsidiaries
ASSETS
Current Assets
Cash and cash equivalents	$	26,790		$	496	$	—		$	27,286
Receivables, net		—			28,992		—			28,992
Due from affiliates		(78,170	)		78,170		—			—
Income taxes receivable		—			92		—			92
Deferred income taxes		468			1,181		—			1,649
Prepaid expenses and other		708			1,364		—			2,072
Television broadcast rights		—			9,325		—			9,325
Current assets held for sale		—			23		—			23
Total current assets		(50,204	)		119,643		—			69,439
Investment in consolidated subsidiaries		275,956			—		(275,956	)		—
Cash surrender value of life insurance and annuity contracts		17,077			—		—			17,077
Goodwill, net		—			13,293		—			13,293
Intangible assets, net		—			40,366		—			40,366
Other assets		2,223			4,216		—			6,439
Assets held for sale		—			611		—			611
Property, plant and equipment, net		2,295			137,824		—			140,119
Total Assets	$	247,347		$	315,953	$	(275,956	)	$	287,344
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	199		$	2,487	$	—		$	2,686
Accrued payroll and related benefits		1,084			3,951		—			5,035
Interest payable		240			—		—			240
Television broadcast rights payable		—			8,970		—			8,970
Income taxes payable		(7,169	)		8,419		—			1,250
Current portion of accrued retirement benefits		1,117			—		—			1,117
Other current liabilities		820			6,419		—			7,239
Liabilities of business held for sale		—			28		—			28
Total current liabilities		(3,709	)		30,274		—			26,565
Long-term debt		66,834			—		—			66,834
Accrued retirement benefits		18,956			—		—			18,956
Deferred income taxes		(4,095	)		4,543		—			448
Other liabilities		(227	)		5,180		—			4,953
Total liabilities		77,759			39,997		—			117,756
Stockholders' Equity
Common stock		11,037			1,131		(1,131	)		11,037
Capital in excess of par		14,195			164,233		(164,233	)		14,195
Accumulated other comprehensive income (loss), net of income taxes:
Accumulated loss		(2,147	)		—		—			(2,147	)
Prior service cost		(71	)		—		—			(71	)
Retained earnings		146,574			110,592		(110,592	)		146,574
Total Stockholders' Equity		169,588			275,956		(275,956	)		169,588
Total Liabilities and Stockholders' Equity	$	247,347		$	315,953	$	(275,956	)	$	287,344

Financial Information for Guarantors

Condensed Consolidated Balance Sheet

As of December 31, 2010

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
ASSETS
Current Assets
Cash and cash equivalents	$	27,563		$	25,382		$	—		$	52,945
Receivables, net		—			30,755			—			30,755
Due from affiliate		(43,724	)		43,724			—			—
Income taxes receivable		16,938			(15,585	)		—			1,353
Deferred income taxes		467			1,182			—			1,649
Prepaid expenses and other		1,543			1,320			—			2,863
Cash surrender value of annuity contracts		2,397			—			—			2,397
Television broadcast rights		—			7,855			—			7,855
Current assets held for sale		—			52			—			52
Total current assets		5,184			94,685			—			99,869
Investment in consolidated subsidiaries		262,372			—			(262,372	)		—
Cash surrender value of life insurance and annuity contracts		16,499			—			—			16,499
Goodwill, net		—			13,293			—			13,293
Intangible assets, net		—			40,543			—			40,543
Other assets		2,874			4,502			—			7,376
Assets held for sale		—			485			—			485
Property, plant and equipment, net		2,265			140,562			—			142,827
Total Assets	$	289,194		$	294,070		$	(262,372	)	$	320,892
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	96		$	3,921		$	—		$	4,017
Payroll and related benefits		3,182			4,714			—			7,896
Interest payable		2,552			—			—			2,552
Television broadcast rights payable		—			7,849			—			7,849
Current portion of accrued retirement benefits		1,117			—			—			1,117
Other current liabilities		889			3,499			—			4,388
Liabilities of business held for sale		—			27			—			27
Total current liabilities		7,836			20,010			—			27,846
Long-term debt		101,440			—			—			101,440
Accrued retirement benefits		18,982			—			—			18,982
Deferred income taxes, net		(4,126	)		4,543			—			417
Other liabilities		(164	)		7,145			—			6,981
Total liabilities		123,968			31,698			—			155,666
Stockholders' Equity
Common stock		10,988			1,131			(1,131	)		10,988
Capital in excess of par		13,273			164,233			(164,233	)		13,273
Accumulated other comprehensive income (loss), net of income taxes:
Accumulated loss		(2,176	)		—			—			(2,176	)
Prior service cost		(100	)		—			—			(100	)
Retained earnings		143,241			97,008			(97,008	)		143,241
Total Stockholders' Equity		165,226			262,372			(262,372	)		165,226
Total Liabilities and Stockholders' Equity	$	289,194		$	294,070		$	(262,372	)	$	320,892

Financial Information for Guarantors

Condensed Consolidated Statement of Cash Flows

For the nine months ended September 30, 2011

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
Net cash provided by operating activities	$	5,445		$	4,898		$	—		$	10,343
Investing activities
Redemption of capital		25,138			—			(25,138	)		—
Proceeds from the sale of radio station		—			48			—			48
Contribution to equity investee		—			(88	)		—			(88	)
Purchase of radio stations		—			(113	)		—			(113	)
Purchases of property, plant and equipment		(711	)		(4,359	)		—			(5,070	)
Proceeds from the sale of real estate		4,164			—			—			4,164
Net cash provided by (used in) investing activities		28,591			(4,512	)		(25,138	)		(1,059	)
Financing activities
Redemption of capital		—			(25,138	)		25,138			—
Repurchase of senior notes		(34,606	)		—			—			(34,606	)
Shares settled upon vesting of stock rights		(278	)		—			—			(278	)
Payments on capital lease obligations		—			(134	)		—			(134	)
Proceeds from exercise of stock options		75			—			—			75
Net cash used in financing activities		(34,809	)		(25,272	)		25,138			(34,943	)
Net decrease in cash and cash equivalents		(773	)		(24,886	)		—			(25,659	)
Cash and cash equivalents, beginning of period		27,563			25,382			—			52,945
Cash and cash equivalents, end of period	$	26,790		$	496		$	—		$	27,286

Financial Information for Guarantors

Condensed Consolidated Statement of Cash Flows

For the nine months ended September 30, 2010

(Unaudited)

(In thousands)	Fisher Communications, Inc.			100% Owned Guarantor Subsidiaries			Eliminations			Fisher Communications, Inc. and Subsidiaries
Net cash provided by operating activities	$	13,990		$	8,424		$	—		$	22,414
Investing activities
Redemption of capital		10,000			—			(10,000	)		—
Contribution to equity investee		—			(23	)		—			(23	)
Net cash in consolidation of equity investee		—			75			—			75
Purchases of property, plant and equipment		(1,041	)		(7,813	)		—			(8,854	)
Net cash provided by (used in) investing activities		8,959			(7,761	)		(10,000	)		(8,802	)
Financing activities
Redemption of capital		—			(10,000	)		10,000			—
Repurchase of senior notes		(17,160	)		—			—			(17,160	)
Shares settled upon vesting of stock rights		(104	)		—			—			(104	)
Payments on capital lease obligations		—			(124	)		—			(124	)
Net cash used in financing activities		(17,264	)		(10,124	)		10,000			(17,388	)
Net increase (decrease) in cash and cash equivalents		5,685			(9,461	)		—			(3,776	)
Cash and cash equivalents, beginning of period		8,840			35,142			—			43,982
Cash and cash equivalents, end of period	$	14,525		$	25,681		$	—		$	40,206