FISHER COMMUNICATIONS INC

CIK:0001034669|SEC Filings

Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2013

Stock Repurchase Program and Other Comprehensive Loss [Abstract]

14. Other Comprehensive Income (Loss)

The schedules below detail the components and amounts reclassified from other comprehensive income (loss) for the three and six months ended June 30, 2013 (in thousands):

Changes in Accumulated Other Comprehensive Income (loss) by Component (a)


	For the three months ended June 30, 2013
	Accumulated Loss			Prior Service Cost			Unrealized Gains on Available for Sale Securities			Total
Beginning balance	$	(4,659	)	$	(15	)	$	—		$	(4,674	)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income		42			10			—			52

Net current-period other comprehensive income (loss) (b)		42			10			—			52

Ending balance	$	(4,617	)	$	(5	)	$	—		$	(4,622	)


	For the six months ended June 30, 2013
	Accumulated Loss			Prior Service Cost			Unrealized Gains on Available for Sale Securities			Total
Beginning balance	$	(4,702	)	$	(24	)	$	8		$	(4,718	)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income		85			19			(8	)		96

Net current-period other comprehensive income (loss) (b)		85			19			(8	)		96

Ending balance	$	(4,617	)	$	(5	)	$	—		$	(4,622	)

(a)	All amounts are net-of-tax. Amounts in parantheses indicate debits.

(b)	See separate table below for details about these reclassifications.

For the six months ended June 30, 2013


Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income (Loss) is Presented
Accumulated loss
Amortization of actuarial loss	$	135		Selling, general and administrative expense
		(50	)	Benefit for income taxes

	$	85		Net of tax

Amortization of supplemental retirement program items
Prior service cost	$	30		Selling, general and administrative expense
		(11	)	Benefit for income taxes

	$	19		Net of tax

Unrealized gains and losses on available for sale securities
	$	(13	)	Other income/(expense)
		5		Provision for income taxes

	$	(8	)	Net of tax

Total reclassifications for the period	$	96		Net of tax

(c)	Amounts in parentheses indicate debits to profit/loss.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating activities
Net income (loss)	$ (331,000)	$ 2,418,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	3,632,000	3,505,000
Deferred income taxes, net	56,000	37,000
Loss on extinguishment of senior notes, net		594,000
Loss in operations of equity investees	107,000	74,000
Loss on disposal of property, plant and equipment	93,000	20,000
Loss (gain) on sale of real estate, net		(164,000)
Amortization of deferred financing fees	26,000	19,000
Amortization of deferred gain on sale of Fisher Plaza	(379,000)	(379,000)
Amortization of debt security investment premium		85,000
Amortization of non-cash contract termination fee	(487,000)	(731,000)
Amortization of broadcast rights	4,842,000	4,893,000
Payments for broadcast rights	(4,881,000)	(5,027,000)
Stock-based compensation	1,424,000	826,000
Change in operating assets and liabilities, net
Receivables	(3,400,000)	920,000
Prepaid expenses and other	1,696,000	961,000
Cash surrender value of life insurance and annuity contracts	276,000	(398,000)
Other assets	(218,000)	96,000
Accounts payable, accrued payroll and related benefits and other current liabilities	2,324,000	(2,423,000)
Interest payable		(1,556,000)
Income taxes receivable and payable	(3,118,000)	(20,075,000)
Accrued retirement benefits	(88,000)	(11,000)
Other liabilities	448,000	546,000
Net cash provided by (used in) operating activities	2,022,000	(15,770,000)
Investing activities
Investment in equity investee	(45,000)	(32,000)
Purchase of held to maturity debt security investments		(82,733,000)
Purchase of investment in South Sound Broadcasting		(750,000)
Purchase of option to acquire a radio station		(615,000)
Purchase of television stations	(8,398,000)
Purchase of property, plant and equipment	(2,598,000)	(5,731,000)
Proceeds from sale of available for sale debt security investments held as restricted cash	3,499,000
Proceeds from sale of held to maturity debt security investments		7,628,000
Proceeds from maturity of held to maturity debt security investments		25,000,000
Proceeds from sale of real estate		825,000
Net cash used in investing activities	(7,542,000)	(56,408,000)
Financing activities
Proceeds from long-term debt	1,700,000
Repurchase of senior notes		(61,834,000)
Repurchase of common stock		(86,000)
Shares settled upon vesting of stock rights	(852,000)	(433,000)
Payments on capital lease obligations	(104,000)	(96,000)
Proceeds from exercise of stock options	210,000	25,000
Cash dividends paid	(2,693,000)
Net cash used in financing activities	(1,739,000)	(62,424,000)
Net decrease in cash and cash equivalents	(7,259,000)	(134,602,000)
Cash and cash equivalents, beginning of period	20,403,000	143,017,000
Cash and cash equivalents, end of period	$ 13,144,000	$ 8,415,000

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 13,144	$ 20,403
Receivables, net	31,718	28,243
Income taxes receivable	1,051	834
Deferred income taxes, net	1,062	1,062
Prepaid expenses and other	1,970	3,629
Broadcast rights	1,990	6,690
Total current assets	50,935	60,861
Restricted cash	125	3,624
Cash surrender value of life insurance and annuity contracts	17,824	18,100
Goodwill, net	13,702	13,293
Intangible assets, net	44,804	40,072
Other assets	5,393	5,208
Deferred income taxes, net	688	711
Property, plant and equipment, net	41,244	39,155
Total Assets	174,715	181,024
Current Liabilities
Accounts payable	1,315	1,496
Accrued payroll and related benefits	3,359	4,200
Broadcast rights payable	1,750	6,488
Income taxes payable	160	3,060
Current portion of accrued retirement benefits	1,368	1,368
Other current liabilities	10,582	7,260
Total current liabilities	18,534	23,872
Long-term Debt	1,700
Deferred income	7,742	8,338
Accrued retirement benefits	22,381	22,574
Other liabilities	3,369	3,105
Total liabilities	53,726	57,889
Commitments and Contingencies (Note 7)
Stockholders' Equity
Common stock, shares authorized 12,000,000, $1.25 par value; 8,873,059 and 8,782,174 issued and outstanding at June 30, 2013 and December 31, 2012, respectively	11,091	10,978
Capital in excess of par	15,112	14,444
Accumulated other comprehensive income (loss), net of income taxes:
Accumulated loss	(4,617)	(4,702)
Prior service cost	(5)	(24)
Unrealized gain on available for sale securities		8
Retained earnings	99,408	102,431
Total Stockholders' Equity	120,989	123,135
Total Liabilities and Stockholders' Equity	$ 174,715	$ 181,024