Emmis Fiscal Q2 Revs Up Slightly, Radio Flat

RADIO ONLINE | Thursday, October 8, 2015

Emmis Communications reported net revenue for its second fiscal quarter grew to $62.4 million from $61.8 million last year, mainly due to its smaller publishing arm. Emmis' radio net revenues for were flat at $47.6 million. Per Miller Kaplan reporting, which excludes barter revenues and syndication revenues, Emmis' Q2 radio revenues were down 0.5% compared to local radio market revenues down 1.9%. The company's New York cluster performed much better in Q2, up 4.3% in a market down 3.4%.

Emmis grew station operating income (SOI) for the second fiscal quarter to $15.3 million as compared to $15.2 million. Operating income (OI) was $9.8 million as compared to $12.5 million. The company posted net earnings of 4.3 million (9 cents per diluted share) as compared with $2.7 million (6 cents) in the year-ago period.

"Despite our outperformance, the markets where we operate remain challenged. While we are outperforming in a difficult marketplace, the radio industry is clearly in need of a catalyst -- and we think we have it with NextRadio," said CEO Jeff Smulyan. "The addition of AT&T and T-Mobile during the quarter continues the momentum for NextRadio, the Emmis-led industry initiative to make FM broadcast radio available on smartphones and tablets."