Emmis Q4 Revs Fall 20%, OI Loss Widens on Charge

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In an 8K filing with the SEC, Emmis Communications revealed that total net revenues for its fiscal fourth quarter dropped 19.8% to $68.4 million from $85.4 million in the previous period. The company's domestic radio division fell 20.8% to $38.6 million from $48.3 million. Operating income (OI) swung to a loss of $166 million compared to a loss of $12.1 million.

Emmis recorded a Q4 restructuring charge of $4.2 million related to severance costs associated with headcount reductions. The company also recorded a $163.2 million non-cash impairment charge related to the company's broadcasting licenses and goodwill.

In the filing, Emmis said, "The advertising environment remains incredibly challenging, particularly for traditional media like radio broadcasting and publishing."

For the full fiscal year, Emmis' total net revenues declined 6.8% to $333.9 million from $358.1 million. Domestic radio revenues fell 9.8% to $202.9 million from $225 million.