Emmis Fiscal Q4 Revenues Down 16%, Loss Swings to Black
| RADIO ONLINE | Thursday, May 10, 2018 |
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 Emmis Communications |
Emmis Communications reported fiscal fourth quarter radio net revenues fell 16% to $28.4 million from $34 million in 2017. Pro forma for the sale of its Los Angeles and Terre Haute radio outlets, Q4 radio revenues were down 1% in markets that declined 3%. Revenues grew in both its New York and St. Louis clusters. The company posted net earnings of $12.7 million (99 cents per diluted share) as compared to a net loss of $7.5 million (62 cents) in the year-ago period.
On April 30, the company finalized the sale of its St. Louis radio stations, and after applying the net proceeds, has less than $20 million of net credit facility debt outstanding.
"In the last 12 months, we have paid down over $120 million of senior debt, leaving us on firm financial footing and providing flexibility as opportunities present themselves," said Chairman/CEO Jeff Smulyan. "Ratings for our New York radio stations remain strong, and they are rebounding nicely in Indianapolis. The NextRadio team has done a tremendous job rolling out Dial Report, an industry-wide data attribution platform, and we believe it is uniquely positioned to meet the growing demand for robust analytics and insights into the behaviors of radio listeners."
