EMMIS Q2 Net Revs Rise 11% year-To-Year
September 29, 2005 at 5:04 PM (PT)
EMMIS second fiscal quarter overall net revenue rose 11% year-to-year to $107.9 million, excluding television operations, which have been classified as "discontinued operations" while in the process of being sold. Earnings per share fell from 23 to 15 cents, blamed on higher interest expense from the Dutch Auction stock repurchase in JUNE. Operating income rose $25.2-$25.8 million, and station operating income rose $39.1-$42 million. Radio revenues rose 11% (pro forma 4%) to $87.1 million.
The company expects radio net revenues to rise 5-6% for third fiscal quarter.
EMMIS also announced the sale of four more television stations, CBS affiliate KOIN-TV/PORTLAND, FOX affiliate KHON-TV/HONOLULU (and its satellite stations on MAUI and in HILO), NBC affiliate KSNT-TV/TOPEKA, and NBC affiliate KSNW-TV/WICHITA, to BLACKSTONE GROUP and SJL BROADCAST GROUP for $259 million. The sale leaves EMMIS with the top prize of its TV group, WB affiliate WKCF (TV)/ORLANDO, as well as the other half of its HONOLULU duopoly CBS affiliate KGMB-TV and its satellites and FOX affiliate WVUE (TV)/NEW ORLEANS, all of which are for sale.