<PAGE>

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington D.C. 20549

                                   FORM 10-Q

[X]       Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
          Exchange Act of 1934

          For the quarterly period ended March 31, 2000
[_]       Transition Report Under Section 13 or 15(d) of the Exchange Act


          For the transition period from _______________ to __________________


                        Commission File Number 0-22439


                             FISHER COMPANIES INC.
            (Exact Name of Registrant as Specified in Its Charter)


                  WASHINGTON                                    91-0222175
       -------------------------------------            ------------------------
           (State or Other Jurisdiction of                  (I.R.S. Employer
           Incorporation or Organization)                Identification Number)

                             1525 One Union Square
                             600 University Street
                        Seattle, Washington 98101-3185
              (Address of Principal Executive Offices) (Zip Code)

                                (206) 624-2752
             (Registrant's Telephone Number, Including Area Code)

         Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                        Yes    X          No ________
                            -------

         Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:

         Common Stock, $1.25 par value, outstanding as of March 31, 2000:
8,551,195
<PAGE>

                                    PART I

                             FINANCIAL INFORMATION

Item 1.  Financial Statements

     The following Consolidated Financial Statements are presented for the
Registrant, Fisher Companies Inc. and wholly owned subsidiaries.

1.   Consolidated Statement of Income:
     Three months ended March 31, 2000 and 1999.

2.   Consolidated Balance Sheet:
     March 31, 2000 and December 31, 1999.

3.   Consolidated Statement of Cash Flows:
     Three months ended March 31, 2000 and 1999.

4.   Consolidated Statement of Comprehensive Income:
     Three months ended March 31, 2000 and 1999.

5.   Notes to Consolidated Financial Statements.

                                       2
<PAGE>

ITEM 1 - FINANCIAL STATEMENTS

                    FISHER COMPANIES INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENT OF INCOME
                                  (Unaudited)

<TABLE>
<CAPTION>
Three Months Ended March 31                                                           2000          1999
---------------------------------------------------------------------------------------------------------
(in thousands, except per share amounts)
<S>                                                                               <C>           <C>
Sales and other revenue
    Broadcasting                                                                  $ 44,833      $ 28,122
    Milling                                                                         27,193        26,999
    Real estate                                                                      3,147         3,179
    Corporate and other, primarily dividend income                                   1,168         1,098
---------------------------------------------------------------------------------------------------------

                                                                                    76,341        59,398
---------------------------------------------------------------------------------------------------------
Costs and expenses
    Cost of products and services sold                                              44,588        39,720
    Selling expenses                                                                 6,486         4,964
    General, administrative and other expenses                                      15,975        10,872
---------------------------------------------------------------------------------------------------------

                                                                                    67,049        55,556
---------------------------------------------------------------------------------------------------------
Income from operations
    Broadcasting                                                                     9,862         3,790
    Milling                                                                         (1,341)         (590)
    Real estate                                                                      1,128         1,033
    Corporate and other                                                               (357)         (391)
---------------------------------------------------------------------------------------------------------

                                                                                     9,292         3,842
Interest expense                                                                     5,945         1,049
---------------------------------------------------------------------------------------------------------

Income before provision for income taxes                                             3,347         2,793
Provision for federal and state income taxes                                         1,149           803
---------------------------------------------------------------------------------------------------------
Net income                                                                        $  2,198      $  1,990
---------------------------------------------------------------------------------------------------------

Net income per share                                                              $   0.26      $   0.23

Net income per share assuming dilution                                            $   0.26      $   0.23

Weighted average shares outstanding                                                  8,551         8,542

Weighted average shares outstanding assuming dilution                                8,574         8,573

Dividends declared per share                                                      $   0.26      $   0.26
</TABLE>

                                       3
<PAGE>

                    FISHER COMPANIES INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
                                                                                       March 31         December 31
                                                                                           2000                1999
----------------------------------------------------------------------------------------------------------------------
(in thousands, except share and per share amounts)                                  (Unaudited)
<S>                                                                                 <C>                 <C>
ASSETS
Current Assets
    Cash and short-term cash investments                                            $     3,515         $     3,609
    Receivables                                                                          49,327              59,026
    Inventories                                                                          11,390              13,755
    Prepaid income taxes                                                                  1,338               1,276
    Prepaid expenses                                                                      6,304               5,948
    Television and radio broadcast rights                                                 6,722              10,456
----------------------------------------------------------------------------------------------------------------------
        Total current assets                                                             78,596              94,070
----------------------------------------------------------------------------------------------------------------------
Marketable Securities, at market value                                                   83,527              79,442
----------------------------------------------------------------------------------------------------------------------
Other Assets
    Cash value of life insurance and retirement deposits                                 11,869              11,637
    Television and radio broadcast rights                                                 1,016               1,076
    Intangible assets, net of amortization                                              243,124             244,367
    Investments in equity investees                                                       3,009               3,003
    Other                                                                                 8,846               9,290
----------------------------------------------------------------------------------------------------------------------
                                                                                        267,864             269,373
----------------------------------------------------------------------------------------------------------------------
Property, Plant and Equipment, net                                                      248,586             235,627
----------------------------------------------------------------------------------------------------------------------
                                                                                    $   678,573         $   678,512
----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
    Notes payable                                                                   $    29,808         $    22,622
    Trade accounts payable                                                               10,910              13,040
    Accrued payroll and related benefits                                                  8,601               9,483
    Television and radio broadcast rights payable                                         7,001              10,205
    Dividends payable                                                                     2,223               2,223
    Other current liabilities                                                             2,959               2,538
----------------------------------------------------------------------------------------------------------------------
        Total current liabilities                                                        61,502              60,111
----------------------------------------------------------------------------------------------------------------------
Long-term Debt, net of current maturities                                               308,346             315,552
----------------------------------------------------------------------------------------------------------------------
Other Liabilities
    Accrued retirement benefits                                                          14,257              14,028
    Deferred income taxes                                                                46,359              44,008
    Television and radio broadcast rights payable, long-term portion                        570                 795
    Other liabilities                                                                     2,834               2,043
----------------------------------------------------------------------------------------------------------------------
                                                                                         64,020              60,874
----------------------------------------------------------------------------------------------------------------------
Stockholders' Equity
    Common stock, shares authorized 12,000,000, $1.25 par value; issued
      8,551,195 in 2000 and 8,550,690 in 1999                                            10,689              10,688
    Capital in excess of par                                                              2,226               2,168
    Deferred compensation                                                                  (492)               (534)
    Accumulated other comprehensive income - unrealized gain on marketable
      securities, net of deferred income taxes of $28,826 in 2000 and $27,396 in
      1999                                                                               53,533              50,878
    Retained earnings                                                                   178,749             178,775
----------------------------------------------------------------------------------------------------------------------
                                                                                        244,705             241,975
----------------------------------------------------------------------------------------------------------------------
                                                                                    $   678,573         $   678,512
----------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to consolidated financial statements.

                                       4
<PAGE>

                    FISHER COMPANIES INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENT OF CASH FLOWS
                                  (Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31                                                                          2000            1999
----------------------------------------------------------------------------------------------------------------------------
(in thousands)
<S>                                                                                             <C>              <C>
Cash flows from operating activities
    Net income                                                                                  $   2,198        $  1,990
    Adjustments to reconcile net income to net cash provided by
      operating activities
        Depreciation and amortization                                                               5,532           3,389
        Increase in noncurrent deferred income taxes                                                  921              94
        Tax benefit from exercise of stock options                                                      4
        Amortization of deferred compensation                                                          78              91
        Net (gain) loss in equity investees                                                            (6)            385
        Gain on sale and disposition of property, plant and equipment                                 (47)
    Change in operating assets and liabilities
      Receivables                                                                                  10,218           5,861
      Inventories                                                                                   2,510           1,475
      Prepaid income taxes                                                                            (62)
      Prepaid expenses                                                                               (363)            665
      Cash value of life insurance and retirement deposits                                           (232)           (252)
      Other assets                                                                                    444            (589)
      Income taxes payable                                                                                            348
      Trade accounts payable, accrued payroll and related
        benefits and other current liabilities                                                     (3,280)         (2,626)
      Accrued retirement benefits                                                                     229            (318)
      Other liabilities                                                                               791              99
    Amortization of television and radio broadcast rights                                           4,079           3,347
    Payments for television and radio broadcast rights                                             (3,714)         (2,880)
----------------------------------------------------------------------------------------------------------------------------
           Net cash provided by operating activities                                               19,300          11,079
----------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities
    Proceeds from sale of property, plant and equipment                                               302
    Investments in equity investees                                                                                (1,182)
    Purchase of property, plant and equipment                                                     (17,471)         (5,599)
----------------------------------------------------------------------------------------------------------------------------
           Net cash used in investing activities                                                  (17,169)         (6,781)
----------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities
    Net borrowings (payments) under notes payable                                                   4,345          (4,750)
    Borrowings under borrowing agreements                                                                           3,000
    Payments on borrowing agreements and mortgage loans                                            (4,365)           (339)
    Proceeds from exercise of stock options                                                            19
    Cash dividends paid                                                                            (2,224)         (2,251)
----------------------------------------------------------------------------------------------------------------------------
           Net cash used in financing activities                                                   (2,225)         (4,340)
----------------------------------------------------------------------------------------------------------------------------
Net decrease in cash and short-term cash investments                                                  (94)            (42)
Cash and short-term cash investments, beginning of period                                           3,609           3,968
----------------------------------------------------------------------------------------------------------------------------
Cash and short-term cash investments, end of period                                             $   3,515        $  3,926
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Certain 1999 balances have been reclassified to conform to 2000 classifications.
See accompanying notes to consolidated financial statements.

                                       5
<PAGE>

                    FISHER COMPANIES INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                  (Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31                                                                         2000             1999
----------------------------------------------------------------------------------------------------------------------------

(In thousands)
<S>                                                                                             <C>              <C>
Net income                                                                                      $  2,198         $  1,990
Other comprehensive income - unrealized gain (loss) on marketable
    securities, net of deferred income taxes of $1,430 in 2000
    and $(2,519) in 1999                                                                           2,655           (4,677)
----------------------------------------------------------------------------------------------------------------------------
Comprehensive income                                                                            $  4,853        $  (2,687)
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to consolidated financial statements.

                                       6
<PAGE>

                             FISHER COMPANIES INC.
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   The unaudited financial information furnished herein, in the opinion of
     management, reflects all adjustments which are necessary to state fairly
     the consolidated financial position, results of operations, and cash flows
     of Fisher Companies Inc. (the "Company") as of and for the periods
     indicated. The Company presumes that users of the interim financial
     information herein have read or have access to the Company's audited
     consolidated financial statements and that the adequacy of additional
     disclosure needed for a fair presentation, except in regard to material
     contingencies or recent subsequent events, may be determined in that
     context. Accordingly, footnote and other disclosures which would
     substantially duplicate the disclosures contained in Form 10-K for the year
     ended December 31, 1999 filed on March 25, 2000 by the Company have been
     omitted. The financial information herein is not necessarily representative
     of a full year's operations.

2.   Inventories are summarized as follows (in thousands):

                                                      March 31    December 31
                                                          2000           1999
                                                      --------    -----------

     Finished products                                $  5,939    $     6,079
     Raw materials                                       5,323          7,552
     Spare parts and supplies                              128            124
                                                      --------    -----------
                                                      $ 11,390    $    13,755
                                                      --------    -----------


3.   In June 1998, Statement of Financial Accounting Standards No. 133,
     Accounting for Derivative Instruments and Hedging Activities (FAS 133), was
     issued. This pronouncement standardizes the accounting for derivative
     instruments by requiring that an entity recognize those items as assets or
     liabilities in the financial statements and measure them at fair value. FAS
     133 is required to be adopted by the Company for the year ending December
     31, 2001. The Company is currently reviewing the requirements of FAS 133
     and assessing its impact on the Company's financial statements.

     In December 1999, the Securities and Exchange Commission issued Staff
     Accounting Bulletin No. 101, Revenue Recognition in Financial Statements
     (SAB 101) which must be adopted by the Company by June 30, 2000. SAB 101
     provides additional guidance on revenue recognition as well as criteria for
     when revenue is generally realized and earned. The Company is currently
     reviewing the requirements of SAB 101 and assessing its impact on the
     Company's financial statements.

4.   Acquisitions:

     On July 1, 1999 the Company and its broadcasting subsidiary completed the
     acquisition of ten network-affiliated television stations and 50% of the
     outstanding stock of a corporation that owns one television station. The
     acquired properties are in seven markets located in California, the Pacific
     Northwest, and Georgia. Total consideration was $216.7 million, which
     included $7.6 million of working capital. Funding for the transaction was
     from an eight-year senior credit facility in the amount of $230 million.

     Also on July 1, the Company and its milling subsidiary purchased from Koch
     Agriculture Company its 50% interest in the limited liability company (LLC)
     which owns and operates flour milling facilities in Blackfoot, Idaho. The
     $19 million purchase price was funded from bank lines of credit. Prior to
     July 1, the milling subsidiary used the equity method to account for its
     50% interest in the LLC. Subsequent to the acquisition the LLC became a
     wholly-owned subsidiary and operating results are fully consolidated in the
     milling segment.

     The above transactions are accounted for under the purchase method.
     Accordingly, the Company has recorded identifiable assets and liabilities
     of the acquired properties at their fair market value. The excess of the
     purchase price over the fair market value of the assets acquired has been
     allocated to goodwill. The results of operations

                                       7
<PAGE>

     of the acquired properties are included in the financial statements from
     the date of acquisition. Unaudited pro forma results as if the acquired
     properties had been included in the financial results during the three
     months ended March 31, 1999 are as follows:

                                                        Three months
                                                           ended
                                                          March 31
                                                            1999
     (in thousands, except per share amounts)

     Sales and other revenue
        Broadcasting                                   $        42,797
        Milling                                                 26,999
        Real Estate                                              3,179
        Corporate and other                                      1,098
                                                       ---------------
                                                       $        74,073
                                                       ---------------


     Net income                                        $          (955)

     Net income per share                                       ($0.11)

     Net income per share assuming dilution                     ($0.11)


5.   Borrowing and swap agreements:

     In June 1999 the Company entered into an eight-year senior secured credit
     facility (senior credit facility) with a group of banks in the amount of
     $230,000,000 to finance the acquisition of television stations described in
     Note 4 above and for general corporate purposes. The senior credit facility
     is secured by a first priority perfected security interest in the
     broadcasting subsidiary's capital stock that is owned by the Company. The
     senior credit facility also places limitations on various aspects of the
     Company's operations (including the payment of dividends) and requires
     compliance with certain financial ratios. In addition to an amortization
     schedule which requires repayment of all borrowings under the senior credit
     facility by June 2007, the amount available under the senior credit
     facility reduces each year beginning in 2002. Amounts borrowed under the
     senior credit facility bear interest at variable rates based on the
     Company's ratio of funded debt to operating cash flow. At March 31, 2000,
     $225,000,000 was outstanding under the senior credit facility at a blended
     interest rate of 8.54%.

     In August 1999 the Company entered into an interest rate swap contract
     fixing the interest rate at 6.52%, plus a margin based on the Company's
     ratio of funded debt to operating cash flow, on $90 million floating rate
     debt outstanding under the senior credit facility. The notional amount of
     the swap reduces as payments are made on principal outstanding under the
     senior credit facility until termination of the contract on December 30,
     2004.

                                       8
<PAGE>

6.   Income per share is computed as follows:

                                                        Three months ended
                                                             March 31
                                                        2000           1999

     Weighted average common shares
        outstanding during the period:                8,550,764      8,542,384
     Dilutive effect of:
        Restricted stock rights                          12,757         16,117
        Stock options                                    10,091         14,481
                                                     ----------     ----------
           Weighted average shares
           outstanding assuming dilution              8,573,612      8,572,982
                                                     ==========     ==========

     Net income                                      $2,198,000     $1,990,000

     Net income per common share                     $     0.26     $     0.23

     Net income per common share
        assuming dilution                            $     0.26     $     0.23

7.   Subsequent event:

     On May 8, 2000, the Company's broadcasting subsidiary entered into an
     agreement to sell its wholly owned membership interest in a limited
     liability company, which owns and operates KJEO-TV in Fresno, CA, for $60
     million plus working capital. The sale, which is subject to approval of
     disclosure schedules and to regulatory approvals, is expected to be
     completed by the end of third quarter 2000. Net proceeds will be used to
     reduce the senior credit facility.

                                       9
<PAGE>

ITEM 2  -  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND
           RESULTS OF OPERATIONS

This discussion is intended to provide an analysis of significant trends and
material changes in the Company's financial position and operating results
during the three month period ended March 31, 2000 compared with the similar
period in 1999.

On July 1, 1999, the Company and its broadcasting subsidiary completed the
acquisition of ten network-affiliated television stations and 50% of the
outstanding stock of a corporation that owns one television station. The
acquired properties are  in seven markets located in California, the Pacific
Northwest, and Georgia (the "Fisher Television Regional Group"). Total
consideration was $216.7 million, which included $7.6 million of working capital
(primarily accounts receivable and prepaid expenses, less accounts payable and
other current liabilities). Funding for the transaction was from a senior credit
facility in the amount of $230 million.

On July 1, 1999, the Company and the milling subsidiary purchased the remaining
50% interest in the limited liability company (LLC) which owns and operates
flour milling facilities in Blackfoot, Idaho. The $19 million purchase price was
funded from bank lines of credit. Prior to July 1, the milling subsidiary used
the equity method to account for its 50% interest in the LLC. Subsequent to the
acquisition the LLC became a wholly-owned subsidiary, and operating results of
the Blackfoot facility are fully consolidated in the milling segment.

Each of these transactions had an effect on the comparative results of
operations in terms of revenue, costs and expenses, and operating income
referred to in the following analysis.

Consolidated Results of Operations

Consolidated net income for the three months ended March 31, 2000 increased
10.5% compared with the three months ended March 31, 1999, from $1,990,000 to
$2,198,000. Several factors which are a direct result of the acquisitions
described above impacted first quarter 2000 pre-tax income, including interest
expense of approximately $5,100,000 and amortization of intangible assets of
approximately $1,200,000 relating to the acquisition of the Fisher Television
Regional Group, interest expense of approximately $340,000 relating to the
acquisition of the remaining 50% interest in the Blackfoot facility, and
additional operating expense incurred as a result of owning 100% of the
Blackfoot facility.

Sales and other revenue
--------------------------------------------------------------------------------

Three months ended March 31                      2000      % Change     1999

                                              $76,341,000    28.5%   $59,398,000

If the newly acquired television stations were excluded from first quarter 2000
results, consolidated sales and other revenue would represent an 11.5% increase
over the first quarter of 1999. Increases in sales and other revenue during the
three months ended March 31, 2000, compared with the similar period of 1999,
were 59.4% for broadcasting operations (23.5% excluding the newly acquired
television stations), 0.7% for milling operations, -1.0% for real estate
operations, and 6.4% for the corporate segment. The increase in corporate
segment revenue is principally attributable to an increase in dividends from
marketable securities.

Cost of products and services sold
--------------------------------------------------------------------------------

Three months ended March 31                      2000      % Change     1999

                                              $44,588,000    12.3%   $39,720,000
 Percentage of revenue                           58.4%                   66.9%

The increase in cost of products and services sold in 2000 is primarily
attributable to increased costs to acquire and produce broadcast programming at
the newly acquired television stations.  A nominal increase in the cost of
products and services sold at the milling segment was partially offset by lower
costs to operate and maintain real estate properties.

Selling expenses
--------------------------------------------------------------------------------

Three months ended March 31                      2000      % Change     1999

                                              $ 6,486,000    30.7%   $ 4,964,000
 Percentage of revenue                            8.5%                    8.4%

                                       10
<PAGE>

Selling expenses increased as a result of increased commissions and related
expenses resulting from increased broadcasting revenue, including selling
expenses at the newly acquired television stations.

General and administrative expenses
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $15,975,000    46.9%    $10,872,000
 Percentage of revenue                          20.9%                  18.3%

General and administrative expenses increased at each business segment, with
approximately $3,100,000 attributable to the newly acquired television stations,
including amortization of intangible assets.  Each business segment also
incurred increased costs related to personnel and employee benefits, and other
administrative expenses.

Interest expense
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $ 5,945,000   466.7%    $ 1,049,000

Interest expense includes interest on borrowed funds, loan fees, and net
payments under a swap agreement. The increase in 2000 interest expense compared
with 1999 is primarily attributable to funds borrowed to finance the acquisition
of television stations and the acquisition of the remaining 50% interest in the
Blackfoot flour mill. Interest incurred on funds borrowed to finance
construction of Fisher Plaza and other significant capital projects is
capitalized as part of the cost of the related project.

Provision for federal and state income taxes
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $ 1,149,000    43.4%    $   803,000
 Effective tax rate                             34.4%                   28.7%

The provision for federal and state income taxes varies directly with pre-tax
income. The effective tax rate is less than the statutory rate for both periods
primarily due to a deduction for dividends received, offset by the impact of
state income taxes, net of the federal income tax benefit.

Other comprehensive income
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $ 2,655,000   156.6%    $(4,677,000)

Other comprehensive income represents the change in the fair market value of the
Company's marketable securities, net of deferred income taxes, measured from the
end of the preceding year through the end of the respective quarter ended March
31. A significant portion of the marketable securities consists of 3,002,376
shares of SAFECO Corporation. The per share market price of SAFECO Corporation
common stock was $25.56 at March 31, 2000, $24.88 at December 31, 1999, $40.44
at March 31, 1999, and $42.94 at December 31, 1998. Unrealized gains and losses
are a separate component of stockholders' equity.

Broadcasting Operations

Sales and other revenue
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $44,833,000    59.4%    $28,122,000

Revenue from the newly acquired television stations totaled $10,100,000 in 2000.
Excluding the newly acquired stations, first quarter 2000 sales and other
revenue from broadcasting operations would represent a 23.5% increase over first
quarter 1999. Revenue from KOMO Television in Seattle increased approximately
$4,500,000 during the three months ended March 31, 2000. Increases in all
advertising categories were partially offset by a decline in network
compensation. Revenue from KATU Television in Portland increased approximately
$400,000. Increases in local and political advertising were partially offset by
declines in national advertising sales and network compensation. Revenue from
radio operations increased approximately $1,500,000, including $1,100,000 from
the

                                       11
<PAGE>

Company's Seattle radio stations (KOMO AM, KVI AM and KPLZ-FM), $236,000 from
Portland radio operations (KWJJ-FM and KOTK), and $150,000 from the 21 small
market stations in Montana and Eastern Washington.

Income from operations
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $ 9,862,000   160.2%    $ 3,790,000
 Percentage of revenue                          22.0%                  13.5%

Income from operations of the newly acquired television stations was
approximately $750,000 in first quarter 2000. Excluding the newly acquired
stations, the increase in income from operations for the first quarter compared
with the first quarter of 1999 is principally due to revenue growth at each
broadcasting station. Exclusive of the newly acquired stations, costs to acquire
and produce broadcast programming declined modestly; selling expenses increased
as a result of increased sales; and general and administrative expenses
increased due to increases in employee benefit costs, legal expenses and
provision for doubtful accounts.

Milling Operations

Sales and other revenue
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $27,193,000      .7%    $26,999,000

First quarter sales of the milling division declined 5.4% compared with first
quarter 1999 levels. During the first quarter of 2000 wheat prices continued to
move lower with the result that average flour prices were 9.0% lower than 1999
prices, as flour prices are largely dependent on the cost of wheat purchased to
produce flour. Volume of flour sold increased 17.3%.

Distribution division sales for the first quarter increased 4.4%, compared with
1999 levels. The increase is primarily due to increased revenue and unit volume
at the Southern California distribution center.

Income from operations
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $(1,341,000)  127.2%    $  (590,000)
 Percentage of revenue                          -4.9%                  -2.2%

Income from operations is determined by deducting operating expenses from gross
margin on sales. During the first three months of 2000 flour sales margins
continued to be under downward pressure as wheat markets remained soft. In
addition, the industry and Fisher continued to suffer reductions in revenue and
margins on millfeed, that portion of the wheat that does not yield flour and is
sold to the animal feed markets. Average monthly margins on millfeed sales
declined approximately $42,000 compared with first quarter 1999. These factors
resulted in a 59.9% decline in first quarter gross margin for the milling
division. Operating expenses for the quarter increased $330,000, or 68.9%, due
to a number of factors including expenses relating to personnel and marketing.
Also, costs associated with ownership of 100% of the Blackfoot mill affect
comparability with first quarter 1999. While production at Blackfoot is
increasing, operations remain below full capacity.

The distribution division had mixed results during the first quarter. Income
from operations of the Seattle and Portland distribution centers declined
$216,000 due to lower revenue and margins. Operating income from the Southern
California distribution center increased $221,000 as sales increased, and
margins improved due in part to reorganization of logistics and delivery
functions.

Real Estate Operations

Sales and other revenue
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $ 3,147,000    -1.0%    $ 3,179,000

First quarter real estate revenue decreased compared with 1999 due primarily to
loss of revenue from two properties sold under threat of condemnation in June,
1999. That decline was partially offset by rental rate adjustments

                                       12
<PAGE>

associated with lease renewal activity, contracted rent escalations, and a
cancellation fee collected from a vacating tenant. Average occupancy during the
three months ended March 31, 2000 and 1999 was 98.1% and 97.5%, respectively.

Income from operations
--------------------------------------------------------------------------------

Three months ended March 31                     2000     % Change      1999

                                            $ 1,128,000     9.2%    $ 1,033,000
 Percentage of revenue                          35.9%                  32.5%

The improvement in operating income is attributable to a reduction in operating
expenses and depreciation.

Liquidity and Capital Resources

     As of March 31, 2000, the Company had working capital of $17,094,000 and
cash and short-term cash investments totaling $3,515,000. The Company intends to
finance working capital, debt service, capital expenditures, and dividend
requirements primarily through operating activities. However, the Company will
consider using available lines of credit to fund acquisition activities and
significant real estate project development activities. In this regard, the
Company has a five-year unsecured revolving line of credit (revolving line of
credit) with two banks for a maximum amount of $100,000,000 to finance
construction of the Fisher Plaza Project and for general corporate purposes. The
revolving line of credit provides that borrowings under the line will bear
interest at variable rates. The revolving line of credit also places limitations
on the disposition or encumbrance of certain assets and requires the Company to
maintain certain financial ratios.

     In June 1999 the Company entered into an eight-year senior secured credit
facility (senior credit facility) with a group of banks in the amount of
$230,000,000 to finance the acquisition of Fisher Television Regional Group and
for general corporate purposes. In addition to an amortization schedule which
requires repayment of all borrowings under the senior credit facility by June
2007, the amount available under the senior credit facility reduces each year
beginning in 2002. Amounts borrowed under the senior credit facility bear
interest at variable rates based on the Company's ratio of funded debt to
operating cash flow. The senior credit facility is secured by a first priority
perfected security interest in the broadcasting subsidiary's capital stock that
is owned by the Company. The senior credit facility also places limitations on
various aspects of the Company's operations (including the payment of dividends)
and requires compliance with certain financial ratios.

     In August 1999 the Company entered into an interest rate swap contract
fixing the interest rate at 6.52%, plus a margin based on the Company's ratio of
funded debt to operating cash flow, on $90 million floating rate debt
outstanding under the senior credit facility. The notional amount of the swap
reduces as payments are made on principal outstanding under the senior credit
facility until termination of the contract on December 30, 2004.

     Net cash provided by operating activities during the three months ended
March 31, 2000 was $19,300,000. Net cash provided by operating activities
consists of the Company's net income, increased by non-cash expenses such as
depreciation and amortization, and adjusted by changes in operating assets and
liabilities. Net cash used in investing activities during the period was
$17,169,000; principally $17,178,000 for purchase of property, plant and
equipment used in operations (including the Fisher Plaza project). Net cash used
in financing activities was $2,225,000, including net borrowings under notes
payable totaling $4,345,000, payments totaling $4,365,000 on borrowing
agreements and mortgage loans, and cash dividends paid to stockholders totaling
$2,224,000 or $.26 per share.

     On May 8, 2000, the Company's broadcasting subsidiary entered into an
agreement to sell its wholly owned membership interest in a limited liability
company, which owns and operates KJEO-TV in Fresno, CA, for $60 million plus
working capital. The sale, which is subject to approval of disclosure schedules
and to regulatory approvals, is expected to be completed by the end of third
quarter 2000. Net proceeds will be used to reduce the senior credit facility.

     On March 8, 2000, the Board of Directors approved management's
recommendation to engage U.S. Bancorp Piper Jaffray Inc. to assist with the sale
of the milling businesses. Offers received from potential purchasers are subject
to acceptance of the Board of Directors. Net proceeds will be used to reduce the
senior credit facility.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

                                       13
<PAGE>

     The market risk in the Company's financial instruments represents the
potential loss arising from adverse changes in financial and commodity market
prices and rates. The Company is exposed to market risk in the areas of interest
rates, securities prices and grain prices. These exposures are directly related
to its normal funding and investing activities and to its use of agricultural
commodities in its operations.

Interest Rate Exposure

     The Company's strategy in managing exposure to interest rate changes is to
maintain a balance of fixed- and variable-rate instruments. See Note 5 to the
Company's 1999 consolidated financial statements for information regarding the
contractual interest rates of the Company's debt. The Company will also consider
entering into interest rate swap agreements at such times as it deems
appropriate. At March 31, 2000, the fair value of the Company's debt is
estimated to approximate the carrying amount. Market risk is estimated as the
potential change in fair value resulting from a hypothetical 10 percent change
in interest rates, and on the Company's fixed rate debt, amounts to $1,600,000
at March 31, 2000.

     The Company also has $287,062,000 in variable-rate debt outstanding at
March 31, 2000. A hypothetical 10 percent change in interest rates underlying
these borrowings would result in a $2,432,000 annual change in the Company's
pre-tax earnings and cash flows.

     In August 1999 the Company entered into an interest rate swap agreement
fixing the interest rate at 6.52%, plus a margin based on the Company's ratio of
funded debt to operating cash flow, on $90 million floating rate debt
outstanding under the senior credit facility. The notional amount of the swap
reduces as payments are made on principal outstanding under the senior credit
facility until termination of the contract on December 30, 2004. At March 31,
2000, the fair value of the swap agreement was $1,102,000. A hypothetical 10
percent change in interest rates would change the fair value of the Company's
swap agreement by approximately $1,450,000 at March 31, 2000.

Marketable Securities Exposure

     The fair value of the Company's investments in marketable securities at
March 31, 2000 was $83,527,000. Marketable securities consist of equity
securities traded on a national securities exchange or reported on the NASDAQ
securities market. A significant portion of the marketable securities consists
of 3,002,376 shares of SAFECO Corporation. As of March 31, 2000, these shares
represented 2.4% of the outstanding common stock of SAFECO Corporation. While
the Company has no intention to dispose of its investments in marketable
securities, it has classified its investments as available-for-sale under
applicable accounting standards. Mr. William W. Krippaehne, Jr., President, CEO,
and a Director of the Company, is a Director of SAFECO. A hypothetical 10
percent change in market prices underlying these securities would result in a
$8,353,000 change in the fair value of the marketable securities portfolio.
Although changes in securities prices would affect the fair value of the
marketable securities portfolio and cause unrealized gains or losses, such gains
or losses would not be realized unless the investments are sold.

Commodity Price Exposure

     The Company has exposure to adverse price fluctuations associated with its
grain and flour inventories, product gross margins, and certain anticipated
transactions in its milling operations. Commodities such as wheat are purchased
at market prices that are subject to volatility. As an element of its strategy
to manage the risk of market price fluctuations, the Company enters into various
exchange-traded futures contracts. The Company closely monitors and manages its
exposure to market risk on a daily basis in accordance with formal policies
established for this activity. These policies limit the level of exposure to be
hedged. All transactions involving derivative financial instruments are required
to have a direct relationship to the price risk associated with existing
inventories or future purchase and sales of its products.

     The Company enters into both forward purchase and sales commitments for
wheat flour. At the same time, the Company enters into generally matched
transactions using offsetting forward commitments and/or exchange-traded futures
contracts to hedge against price fluctuations in the market price of wheat.

     The Company determines the fair value of its exchange-traded contracts
based on the settlement prices for open contracts, which are established by the
exchange on which the instruments are traded. The margin accounts for

                                       14
<PAGE>

open commodity futures contracts, which reflect daily settlements as market
values change, represent the Company's basis in those contracts. As of March 31,
2000, the carrying value of the Company's investment in commodities futures
contracts and the total net deferred gains and losses on open contracts are
immaterial. At March 31, 2000, the actual open positions of these instruments
and the potential near-term losses in earnings, fair value, and/or cash flows
from changes in market rates or prices are not material.

YEAR 2000

     The Year 2000 or Y2K problem arose as many computer systems, software
programs, and other microprocessor-dependent devices were created using only two
digit dates, such that 2000 was represented as 00. It was widely feared these
systems would not recognize certain dates, including the year 2000, with the
result that processors and programs would fail to complete the processing of
information or revert back to the year 1900.

     The Company recognized the need to reduce the risks of potential related
systems failures, and established a Y2K Task Force to address these risks. The
Y2K Task Force coordinated the identification and testing of computer hardware,
software applications, and other equipment which utilized microprocessors or
date dependent functions, with a goal to ensure availability and integrity of
the information systems and the reliability of the operational systems and
manufacturing processes utilized by the Company and its subsidiaries. Problems
discovered were minor, and were remediated. Costs incurred in connection with
the Year 2000 problem were approximately $350,000.

     To date there has been no material adverse effect, nor does the Company
believe there will be any future material adverse effect, on the Company's
business, results of operations, or financial position as a result of the Year
2000 problem. However, there can be no assurance that failure to address the
Year 2000 problem by customers, vendors and others with whom the Company and its
subsidiaries do business will not have a material adverse effect on the Company
or its subsidiaries.

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

     The discussion above under "Year 2000" includes certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "PSLRA"). This statement is included for the express purpose of
availing the Company of the protections of the safe harbor provisions of the
PSLRA. Management's ability to predict results or the effect of future plans is
inherently uncertain, and is subject to factors that may cause actual results to
differ materially from those projected. Factors that could affect the actual
results include the possibility that remediation programs will not operate as
intended, the Company's failure to completely identify all software or hardware
applications requiring remediation, unexpected costs, and the uncertainty
associated with the impact of Year 2000 issues on the Company's customers,
vendors and others with whom it does business.

                                       15
<PAGE>

PART II
                               OTHER INFORMATION


Item 1.  Legal Proceedings

None

Item 2.  Changes in Securities and Use of Proceeds

None

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Submission of Matters to a Vote of Security Holders

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits:    Exhibit 27,  Financial Data Schedule

(b) Reports on Form 8-K:

          A report on Form 8-K was filed with the Commission on March 14, 2000
announcing that the Company's board of directors approved management's
recommendation to engage U. S. Bancorp Piper Jaffray Inc. as a financial advisor
to assist management with the sale of its flour milling and bakery products
distribution businesses.

                                       16
<PAGE>

                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             FISHER COMPANIES INC.
                                                (Registrant)


Dated  May 12, 2000           /s/ Warren J. Spector
       ------------           --------------------------------------------------
                                   Warren J. Spector
                                   Executive Vice President and Chief Operating
                                   Officer


Dated  May 12, 2000           /s/ David D. Hillard
       ------------           --------------------------------------------------
                                   David D. Hillard
                                   Senior Vice President and Chief Financial
                                   Officer

                                       17