Emmis Radio Swings to Fiscal First Quarter Profit
|RADIO ONLINE | Friday, July 13, 2018 | 6:13pm CT||
Emmis Communications reported first fiscal quarter radio net revenues were $26.4 million, down from $38.7 million in the prior year. Pro forma for all radio station sales, Q1 radio revenues were down 4% in markets that were down 6%. The company posted net earnings of $23.4 million ($1.75 per diluted share) as compared to a net loss of $267,000 (2 cents) in the year-ago period. On April 30, the company closed on the sale of its St. Louis stations and used the net proceeds to repay credit facility debt, resulting in $20 million of net credit facility debt outstanding.
"Emmis has made tremendous strides in paying down our debt and giving ourselves the financial flexibility to pursue new areas of growth," said Chairman/CEO Jeff Smulyan. "We see opportunities both inside and outside of traditional media as we look to transform the company in the coming months and years."
Emmis recently signed Smulyan to a new contract to continue his role with the company through February, 2022.