Emmis Reports Down Quarter, But Profitable Year
May 10, 2012 at 2:29 PM (PT)
EMMIS COMMUNICATIONS reported Q4 revenue of $50.9 million, down 11.5% from Q4 2011, the INDIANAPOLIS BUSINESS JOURNAL reported. Overall radio revenue for the quarter fell 14.8% while publishing revenue dipped 3.3% Although EMMIS lost $18.2 million in Q4, it also reported a $79.5 million profit for the fiscal year, largely due to the repurchase of company preferred stock and a $26.9 million operating profit primarily from the sale of its portion of MERLIN MEDIA to a private equity firm for $120 million.
"This company has really weathered what we think is the worst -- we know is the worst -- downturn in media," EMMIS CEO JEFF SMULYAN said. "I couldn't be prouder of what our people have done to get us through this."