Emmis Fiscal Q3 Radio Revs Down 15.6%, Earnings Up

Emmis Communications
Emmis Communications

Emmis Communications reported radio net revenues for the third fiscal quarter ending November 30 were $28.7 million, down from $34 million in the prior year. Total revenues declined from $35.3 million to $30.3 million. Operating income fell to $2.9 million from $3.9 million. Station operating expenses decreased from $27.9 million to $23.9 million. The company posted net earnings of $712,000 (5 cents per diluted share) as compared to a loss of $279,000 (2 cents) in the year-ago period.

The company said that sales of KPWR Los Angeles in August, 2017 and four radio outlets in St. Louis in April, 2018 render the company's results not comparable year-over-year. Pro forma for all radio station sales and Emmis' third quarter radio revenues (as reported to Miller Kaplan, which excludes barter and certain other revenues) were up 5% in markets that were up 2%.

"With this quarter's strong performance, Emmis is n ow outperforming its markets through the first nine months of this fiscal year -- quite an achievement," said Emmis Chairman and CEO Jeff Smulyan. "Political revenues certainly helped, but we also saw growth in our core advertising categories, all of which contributed to Emmis having its strongest quarter in four years. New York and Indianapolis both outperformed their markets and continue to produce strong ratings, which should help sustain Emmis' revenue growth."

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