Exhibit 99.1
MEDIA RELEASE

Fisher Communications’ Fourth Quarter and Full-Year 2011 Financial Results Driven by Strong
Performance of Company’s Core Broadcast Stations and Growing Momentum of Digital Portfolio

SEATTLE, WA – (MARKETWIRE) – March 1, 2012 – Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the fourth quarter and the fiscal year ended December 31, 2011.

The Company’s results were highlighted by growth in net television revenue, excluding political revenue, of 9% during the fourth quarter and 8% for the full year, compared to the same periods in 2010. This performance was primarily due to the successful implementation of the Company’s strategic plan, which has enabled Fisher to capture a larger share of the local advertising spend. In particular, Fisher benefitted from the significant increases in the automotive and professional services categories, as advertisers increasingly rely on broadcasters who can help them best reach their targeted audiences.

Commenting on the Company’s financial performance, Fisher President and Chief Executive Officer Colleen B. Brown stated, “We are very pleased with how our core broadcasting business and digital portfolio performed in 2011, especially the strong results we delivered in the fourth quarter. The momentum we have built – combined with the successful execution of our strategy – has enabled us to consistently take valuable ratings and revenue share in our markets.”

“In 2012, we remain focused on executing our multiplatform approach, which is creating long-term value for our audiences, shareholders and business partners. By leveraging the significant reach and popularity of our TV and radio stations with innovative digital media platforms that deliver personalized content and marketing solutions, we are enabling consumers to receive news and information across multiple screens, driving deeper levels of community engagement and providing targeted ways for businesses to reach their customers. These are fundamental to our ability to capture a larger share of the entire media market advertising spend.”

Fourth Quarter Results

For the fourth quarter, Fisher’s total consolidated revenue, which includes Fisher Plaza revenues, was $46.4 million, down 19% from the fourth quarter of 2010. The 9% increase in TV core advertising, as well as a 44% gain in internet revenue and a 14% gain in retransmission revenue, helped offset some of the expected decrease in political revenue in an off-cycle election year.

As previously reported, in the fourth quarter, the Company completed the sale of Fisher Plaza in Seattle, Washington, for gross proceeds of $160 million and recorded a pre-tax gain of $40.5 million ($26.7 million after-tax or $3.00 per share). In connection with the sale, the Company leased-back its existing space in Fisher Plaza for its Seattle operations and corporate headquarters.

The Company reported net income of $33.1 million, or $3.71 per share, in the fourth quarter, compared to net income of $8.3 million, or $0.93 per share, in the fourth quarter of 2010. Excluding the after-tax gain from the sale of Fisher Plaza, net income would have been $6.4 million, or $0.72 per share. Please refer to “Definitions and Disclosures Regarding Non-GAAP Financial Information” below for an explanation of non-GAAP financial measures used in this press release.

Direct operating costs and selling, general and administrative expenses for the fourth quarter of 2011 decreased 8%, or $2.7 million, from the fourth quarter of 2010, primarily due to a reduction in compensation and related costs, savings related to the non-renewal of a long-running radio joint sales agreement and reduction in political advertising sales commissions. Program amortization costs decreased 17%, or $0.5 million.

EBITDA was $11.9 million in the fourth quarter of 2011, a decrease of $7.5 million, or 39%, from the same period in 2010. This reflected the decline in political revenue.

Fiscal 2011 Results

For the full fiscal year, the Company reported consolidated revenue of $164.0 million, a 6% decrease from 2010, due to the expected decline in political revenue. Fisher’s 2011 revenues, excluding political revenue, increased 8% over the same period last year. In addition to the 7% growth in TV core advertising, internet revenue rose 59% and retransmission revenue increased 10%.

Direct operating costs and selling, general and administrative expenses for the full-year 2011 decreased 2%, or $2.5 million, from the full-year of 2010, primarily due to a reduction in compensation and related costs, including a credit resulting from the Company’s revised employee vacation policy and savings related to the non-renewal of a long-running radio joint sales agreement. These cost savings were partially offset by expenses incurred in connection with the proxy contest related to the Company’s 2011 Annual Meeting of Shareholders, an increase in the Developing Media division costs and the resumption of the Company’s matching contributions to the 401(k) plan for employees. Program amortization costs decreased 9%, or $1.1 million.

EBITDA was $29.2 million in 2011, a decrease of $5.3 million, or 15%, compared to fiscal 2010.

The Company reported 2011 net income of $36.4 million, or $4.09 per share, compared to net income of $9.7 million, or $1.10 per share, in 2010. Excluding the after-tax gain from the sale of Fisher Plaza, net income for the full year 2011 would have been $9.7 million, or $1.09 per share.

The 2011 net income included a number of non-recurring pre-tax items, such as the $40.5 million gain on sale of Fisher Plaza, $4.1 million gain on sale of non-essential real estate, $1.6 million of proxy contest costs and $1.5 million in debt extinguishment costs. Non-recurring pre-tax items in 2010 net income included the $3.4 million gain from net insurance reimbursements received from the Company’s Fisher Plaza electrical fire insurance claim and a $2.1 million gain on an exchange of broadcast equipment.

Financial Highlights for the Fourth Quarter of 2011

(All comparisons are made to the fourth quarter of 2010 unless otherwise noted.)

Television:

Radio:

Plaza:

Financial Highlights for Full-Year 2011

(All comparisons are made to full-year 2010 unless otherwise noted.)

Television:

Radio:

Plaza:

Balance Sheet and Liquidity:

Fourth Quarter Conference Call

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 1-866-800-8649; confirmation code 29793796. 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 68343274.

Definitions and Disclosures Regarding Non-GAAP Financial Information

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, net income, excluding the after tax impact on sale of Fisher Plaza, net 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 segment income (loss) from operations plus amortization of program rights, non-cash charges, Internet and trade expenses minus gain on asset exchange, net, payments for broadcast rights, and non-convergence Internet revenue.

Net income, excluding the after tax impact on sale of Fisher Plaza, net is calculated as net income less the gain on sale of Fisher Plaza, net, adjusted by the estimated tax impact of the gain by applying the annual effective tax rate.

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

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.

About Fisher Communications, Inc.

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.

Forward-Looking Statements

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, 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, 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, 2010, which we have filed with the Securities and Exchange Commission, and in our Annual Report on Form 10-K for the year ended December 31, 2011, which we expect to file with the SEC in March 2012.

Contacts:
Sard Verbinnen & Co
Paul Kranhold or Ron Low
(415) 618-8750
Robin Weinberg
(212) 687-8080

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1

Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

2

Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

3

Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flow
(Unaudited)

4

Fisher Communications, Inc. and Subsidiaries
GAAP to Non-GAAP Reconciliations
(Unaudited, in thousands)

The following table provides a reconciliation of income from continuing operations (GAAP) to EBITDA (non-GAAP) in each of the periods presented:

5

The following table provides a reconciliation of television segment income from continuing operations (GAAP) to television broadcast cash flow (non-GAAP) in each of the periods presented:

The following table provides a reconciliation of radio segment income from continuing operations (GAAP) to radio broadcast cash flow (non-GAAP) in each of the periods presented:

6

The following table provides a reconciliation of Plaza segment income from continuing operations (GAAP) to Plaza EBITDA (non-GAAP) in each of the periods presented:

The following table provides television segment net revenue comparisons in each of the periods presented:

The following table provides radio segment net revenue comparisons in each of the periods presented:

7

The following table provides a reconciliation of net income (GAAP) to adjusted net income, excluding the after tax impact on sale of Fisher Plaza, net (non-GAAP) in each of the periods presented:

8