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Fisher Communications Q4 Profit Surges On Sale Of Fisher Plaza

3/1/2012 12:20 PM ET

Fisher Communications, Inc. (FSCI: Quote) Thursday reported fourth-quarter net income of $33.1 million or $3.71 per share, compared to $8.3 million or $0.93 per share last year.

The company sold Fisher Plaza in Seattle, Washington, for gross proceeds of $160 million and recorded a pre-tax gain of $40.5 million in the quarter.

Adjusted net income, excluding the after tax impact on the sale of Fisher Plaza, was $6.4 million or $0.72 per share. There was no adjustments in the prior-year quarter.

Revenue for the quarter declined 19 percent to $46.4 million from $57.2 million last year. Net TV revenues increased 9 percent while radio net revenues declined 18 percent from last year.

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by RTT Staff Writer

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