Emmis Posts Q3 Profit, But Revenues Slip
January 12, 2012 at 9:24 AM (PT)
EMMIS COMMUNICATIONS reported a profit of $110.9 million in Q3, largely due to the sale of radio stations and the repurchase of company preferred stock. THE INDIANAPOLIS BUSINESS JOURNAL reports EMMIS "said profit for the fiscal third quarter ended NOVEMBER 30th was $2.49 per diluted share compared with a loss of 4 cents per diluted share, or $1.7 million, for the same period in 2010."
EMMIS made a profit of $31.8 million on the sale of its portion of MERLIN MEDIA LLC to private equity firm GTCR for $120 million.
IBJ notes, "While the sale was profitable, the loss of MERLIN's big-market radio stations dragged down revenue. Quarterly revenue fell 11% from the year before, to $39.8 million."