Emmis Q2 Earnings Skyrocket Over KPWR/L.A. Sale
| RADIO ONLINE | Thursday, October 12, 2017 |
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Emmis Communications reported radio net revenues for its second fiscal quarter ending August 31, fell to $41.8 million from $46 million in 2016. Total net revenues were $42.8 million as compared to $58.7 million. Due to the sale of its Terre Haute radio cluster in January, 2017 and KPWR-FM/Los Angeles in August, 2017, the company said reported results are not comparable year-over year. Pro forma for these station divestitures, radio revenues for fiscal Q2 would have been up 2%. Emmis posted net earnings of $69.9 million ($5.69 per share) as compared to $335,000 (3 cents) in the year-ago period.
The sale of KPWR closed on August 1. Net proceeds of $73.6 million were used to reduce credit facility term loans outstanding by nearly one-half. The balance of term loans outstanding as of quarter-end was $74.4 million.
"There were bright spots this quarter, especially in New York, as our second quarter results were buoyed by record-setting ticket sales for Hot 97's marquee event, Summer Jam, and Hot 97 has been the #1 rated station in the 18-34 demo for each of the last three months," said Chairman/CEO Jeff Smulyan. "Rapid progress continues on multiple fronts with NextRadio. Streaming versions for Android and Apple devices launched in July, making the NextRadio app available on every smartphone."
