STOCK QUOTES     More market data...

Fisher Communications files additional financial statements

By Alwyn Scott
Seattle Times business reporter

E-mail this article Print this article Search archive Most read articles Most e-mailed articles

Instead, the amendments stated that in the past, the Seattle broadcaster's financial controls did not catch accounting problems — and that now they do.

Welcome to the world of Sarbanes-Oxley arcania.

Fisher had previously disclosed that these issues were on its radar screen. But yesterday it made six separate filings with the Securities and Exchange Commission to comply with new rules enacted after the accounting scandals involving Enron and WorldCom.

In the filings, one for each quarter or year involved, Fisher said its top executives think "the company's disclosure controls and procedures were not effective as of the end of the (period) covered by this report, since material weakness in the control structure of the company existed during that quarter."

William Krippaehne, Fisher's chief executive, said the deficiencies have been addressed.

Among the changes, Fisher:

• Started using a new checklist in preparing its earning reports.

• Brought in more accounting skill by hiring more accounting staff members.

• Engaged a consultant to advise it on Sarbanes-Oxley rules.

• Changed chief financial officers. In June, Robert Bateman succeeded David Hillard as CFO.
 
Krippaehne said that doesn't mean Hillard lacked skills. Rather, it reflected standards that changed as a result of the new Sarbanes-Oxley rules.

"The level of scrutiny by the SEC and independent auditors has changed and the level of precision and expectation has had to change along with it," Krippaehne said.

The accounting problems arose in a wide range of areas: pensions, cash flow, accounting adjustments, property sales and deferred financing costs.

Fisher had already amended its financial results for 2002 and 2003 in earlier filings, so yesterday's filings didn't affect its financials.

"The numbers have already been reported to the investing public," Krippaehne said.

But the company said it is hiring accounting staff members and refining its procedures.

Alwyn Scott 206-464-3329 or ascott@seattletimes.com