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Emmis Fiscal Q3 Radio Net Revenues Down Slightly
RADIO ONLINE | Thursday, January 5, 2017 |
Emmis Communications reported net revenues for the third fiscal quarter ending November 30 fell to $56.2 million from $59.6 million a year earlier. Radio net revenues were down slightly, from $42.6 million to $42.5 million. Per Miller Kaplan reporting, which excludes barter and syndication revenues, Emmis radio revenues were down 1.8% in markets up 2.5%. Operating income rose to $23.8 million from $11.6 million due to a gain on the sale of Texas Monthly. quarter.
On August 18, the company announced that it was exploring strategic alternatives for its publishing division, excluding Indianapolis Monthly magazine. Emmis also announced it was exploring strategic alternatives for its Terre Haute radio stations and WLIB-AM/New York. Emmis expects to close on the sale of its Terre Haute outlets at the end of January, and is working to close additional asset sales before the end of its fiscal year in February.
"Emmis Radio is not accustomed to underperforming its markets," said Chiarman/CEO Jeff Smulyan. "I was disappointed in our performance, but remain hopeful that recent ratings gains in Los Angeles and Austin, coupled with continued stellar performance in St. Louis, will lead to better performance in fiscal 2018."
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