Fisher Communications Announces 2013 Share Repurchase Program
(Marketwire Via Acquire Media NewsEdge) SEATTLE, WA -- (Marketwire) -- 12/17/12 --
Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today announced that its Board of Directors has approved a share repurchase program that authorizes the Company to utilize up to $15 million to purchase shares of its common stock during 2013. The repurchases will be made periodically, at the Company's discretion, on the open market at prevailing market prices or in negotiated transactions off the market.
"We are pleased that our continued financial strength enables us to return capital to our shareholders. The Board's approval of a share repurchase program for 2013, coupled with the over $92 million that we returned to Fisher shareholders in 2012 in the form of cash dividends and share repurchases, demonstrates this ongoing commitment," stated Ms. Brown. "As we look ahead, we will continue to evaluate additional opportunities that we believe will deliver value to our investors."
The new repurchase program is effective January 1, 2013 through December 31, 2013, subject to periodic evaluation by the Board of Directors. Fisher plans to conduct the program and retire the repurchased shares in a method that minimizes the likelihood that the ownership interest of any shareholder will increase through accretion to more than 30% of the Company's outstanding common stock as a direct result of the repurchases. This is intended to ensure that all Fisher shareholders continue to have a voice in major Company decisions consistent with Fisher's corporate charter and Washington law. Based on current publicly available information, Fisher's largest shareholder owns approximately 29% of the Company's outstanding shares.
To-date, pursuant to its 2012 Share Repurchase Program, which expires on December 31, 2012, the Company has repurchased 100,852 shares of its common stock for an approximate aggregate amount of $2.5 million.
About Fisher Communications, Inc.
Fisher Communications, Inc. is a Seattle-based communications company that owns and operates 13 full power television stations, seven low power television stations, three 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, the Company's execution of its share repurchase program, 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, 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.
Laura Foster/Traci Tsuchiguchi
Source: Fisher Communications, Inc.
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