Home Login RADIO ONLINE RSS Facebook
Advertisement

Emmis Q1 Revenues Down, Loss Swings to Profit


Emmis Communications posted fiscal first quarter (March-April-May) net revenues of $62.4 million down 27% from $85.4 million. The company's radio unit fell to $46.1 million from $63.5 million in 2008. Operating income (OI) swung to a loss of $5.99 million to $13.8 million and station operating income (SOI) declined to 8 million from $71.2 million. Emmis posted net earnings of $7.5 million (20 cents per share) as compared to a loss of $1.05 million.

"While I believe we have seen the bottom of this downturn, what no one can say is how long it will take to climb out of the trough. Therefore, we continue to do what's necessary to survive and prepare for better times," said President/CEO Jeff Smulyan. "The good news is that our strategy is working. By focusing on debt reduction, maintaining compliance with our banking agreements and reducing expenses, Emmis is protecting itself from the financial failure that threatens so many others these days."

Smulyan also noted, that during the quarter, Emmis had reduced it debt by nearly 20%, continued making interest payments, sold its unprofitable Belgium radio operations and made the difficult decisions to cut positions and reduce salaries.

"While I can't point to any big shifts in the outlook, I do see encouraging, incremental improvements in pacings and ratings in radio. One point I would like to make emphatically: While some of you have voiced concern over Emmis' being downgraded by rating agencies, or by talk of bankruptcies in our sectors, I can tell you this: We are putting ourselves in a position to survive," Smulyan concluded.

Advertisement

Latest Radio Stories

Eric White Named PD for Charlotte, Raleigh Rock Outlets
Eric White
Eric White
iHeartMedia has appointed Eric "E" White as Program Director for three of its Rock outlets in North Carolina: Alternative WEND (106.5 The End) and Classic Rock WRFX (99.7 The Fox) in Charlotte, and Classic Rock WRDU (106.1) in Raleigh. White steps into the role following the departure of Chris Crowley More

Civic Media Expands into Michigan's Upper Peninsula
Civic Media
Civic Media
Civic Media has announced a major expansion into Michigan's Upper Peninsula through an asset purchase agreement filed with the Federal Communications Commission (FCC) to acquire five radio stations from J&J Broadcasting, based in Iron River, WI. The acquisition will be completed More

WLS-AM Partners with FOX News Audio to Expand Programming
WLS-AM in Chicago
WLS-AM in Chicago
News/Talk 890 WLS-AM has announced a new partnership with FOX News Audio to bring a range of national news and talk content to Chicago radio audiences. The collaboration launched today and includes the addition of The Guy Benson Show, airing live weekdays from 2-5pm, along with hourly More
Advertisement

Veteran Radio Host Dave Randall to Retire After 40 Years
Dave Randall
Dave Randall
After more than 40 years behind the microphone, beloved Southern California radio personality Dave Randall has announced his retirement. Randall, currently heard weekdays on 95.1 KBBY and 103.3 KRUZ in Ventura, will sign off for the final time at the end of July, concluding a storied broadcast career that More

WZGV Charlotte Rebrands as InsideTheGame.bet
WZGV-AM in Charlotte
WZGV-AM in Charlotte
WZGV-AM, formerly known as "ESPN Charlotte 730 The Game," has officially rebranded as "InsideTheGame.bet," becoming the first station in the Charlotte market dedicated to sports betting content. The station's new identity launches in partnership with VSiN, The Sports Betting More

Ray Hopkins Elected to Board of Broadcasters Foundation
Ray Hopkins
Ray Hopkins
The Broadcasters Foundation of America has announced the election of Ray Hopkins, President of Paramount U.S. Distribution, to its Board of Directors. With more than three decades of experience in the media industry, Hopkins brings extensive leadership and distribution expertise to the Foundation's mission More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement