SEATTLE, WA - (MARKETWIRE) - May 3, 2012 - Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the first quarter ended March 31, 2012.

Fisher's consolidated revenue was $33.9 million, down 10% from the first quarter of 2011. Excluding Fisher Plaza revenues from the first quarter of 2011, Fisher's consolidated revenue was essentially flat compared to the first quarter of 2011. A 9% increase in Developing Media revenue and an 8% increase in retransmission revenue helped TV net revenue performance.

Broadcast revenue declined primarily due to lower national advertising spending in certain categories, including pharmaceutical, financial services and tourism, as well as the non-renewal of a long running radio joint sales agreement. This was offset by increases in retail and automotive categories. While political revenue was higher than the prior year, the Company did not receive meaningful dollars in the first quarter as is typical in Fisher markets during even-numbered years.

The Company reported a net loss of $1.9 million, or $0.21 per share, in the first quarter, compared to a net loss of $1.7 million, or $0.20 per share, in the first quarter of 2011.

Broadcast cash flow increased 25% to $6.2 million, which reflects the Company's continued focus on expense management.

Direct operating, selling, general and administrative and programming expenses for the first quarter of 2012 decreased 5%, or $1.7 million, from the first quarter of 2011, primarily due to savings related to the non-renewal of a radio joint sales agreement, a reduction in bad debt expense and program amortization expenses. Last year's first quarter also included expenses related to the Company's 2011 proxy contest and savings related to the Company's revised vacation policy.

In connection with the sale of Fisher Plaza in the fourth quarter of 2011, the Company leased-back its existing space in Fisher Plaza for its Seattle operations and corporate headquarters. Accordingly, the Company incurred rent expense of $1.3 million during the quarter.

EBITDA was $0.2 million in the first quarter of 2012, a decrease of $2.5 million from the same period in 2011. Adjusted EBITDA (excluding Plaza rent expense in 2012 and Plaza EBITDA in 2011) was $1.5 million in the first quarter of 2012, an increase of $1.0 million from the same period in 2011. First quarter 2012 EBITDA included $1.3 million of Fisher Plaza rent expense and last year's first quarter EBITDA included $2.2 million of Plaza EBITDA.

Commenting on the Company's financial performance, Fisher President and Chief Executive Officer Colleen B. Brown stated, "Through the strength of our broadcast stations and innovative digital platforms, Fisher is able to expand its demographic reach and deliver its valuable news, information and content to multiple screens. We believe Fisher remains well positioned for strong station performance and audience share growth. These are the fundamentals that differentiate Fisher from its competitors and will continue to make the Company a leader in redefining the future of local media.

"Our first quarter results reflect a soft national marketplace. Despite this, our stations continued to outperform the market in both audience share and revenue growth during the quarter, which are especially important as political spending begins its expected acceleration as we get closer to the fall elections.  We believe the quality of our programming, the popularity of our award winning journalism teams and the growth of our developing media program provides Fisher a solid foundation to deliver long-term growth."

(All financial comparisons are made to the first quarter of 2011 unless otherwise noted.)

• Net TV revenue stayed flat at $29.1 million.
• Retransmission consent revenue increased 8% to $3.6 million.
• Advertising increased in key categories, including Automotive, Professional Services and Retail, which grew 4%, 2%, and 11%, respectively.
• Political revenue (net) increased 490% to $519,000.
• TV cash flow increased $0.6 million to $5.3 million; TV cash flow margin was 18.1%, up from 16.0%.
• Developing Media revenue grew 9% to $1.3 million. Total Developing Media revenue, including multiplatform internet related revenue (which is reported in TV core net advertising revenue) was 6% of TV net revenue for both the first quarter of 2012 and 2011.
• Developing Media page views were up 19% and unique visitors were up 38% in March 2012 compared to March 2011.
• Fisher stations were recently recognized for their quality journalism with 80 Emmy nominations, six Golden Mic Awards, two Associated Press Mark Twain Awards and six Edward R. Murrow Awards, including for Overall Excellence and Best Newscast for KOMO Newsradio.

• Radio net revenue decreased 3% to $4.7 million.
• Radio cash flow grew $611,000 to $872,000 and Radio cash flow margin improved to 18.4% from 5.4%.

• Cash, short-term and long term-investments were $90.3 million at quarter-end, compared to $176.5 million at the end of 2011. Cash used in operating activities of $19.8 million consists of $1.9 million of cash generated from operations offset by $21.7 million in estimated 2011 tax payments, net of refunds received. During the quarter, the Company used its strong cash position to redeem its remaining outstanding senior notes, making the Company debt-free. In addition, Fisher invested $4.4 million in capital expenditures related to digital equipment. All of the Company's short-term and long-term investments are in U.S. Treasuries.

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 1-866-783-2139; confirmation code 33064920. 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 33988672.

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, Broadcast cash flow 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 cash flow are calculated as television and radio segment income (loss) from operations plus amortization of broadcast rights, non-cash charges, Internet and trade expenses minus payments for broadcast rights and non-convergence Internet revenue. Broadcast cash flow is calculated by adding the Television and radio cash flow.

EBITDA is calculated as income (loss) from operations plus amortization of broadcast rights; depreciation and amortization; stock-based compensation; loss on disposal of property, plant and equipment, net; proxy related costs; and non-cash charges minus payments for broadcast rights; gain on sale of real estate, net; Plaza fire reimbursements, net; and amortization of non-cash benefit resulting from a change in national advertising representation firm.

Adjusted EBITDA excludes Fisher Plaza rent expense and Plaza EBITDA. Plaza EBITDA is calculated as Plaza segment income (loss) from operations.

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.

Fisher Communications, Inc. is a Seattle-based communications Company that owns and operates 13 full power television stations, 7 low power television stations, and 3 owned radio stations and one managed radio station in the Western United States. The Company also owns and operates Fisher Interactive Network, its online division (including over 120 online sites) and Fisher Pathways, a satellite and fiber transmission provider.  For more information about Fisher Communications, Inc., go to www.fsci.com.

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, future political advertising spending, 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, the competitiveness of political races and voter initiatives, 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, 2011, which we have filed with the Securities and Exchange Commission.

Contacts:

Sard Verbinnen & Co

Paul Kranhold or Ron Low

(415) 618-8750

Robin Weinberg

(212) 687-8080