Emmis Q1 Revenues Fall, But There's A Qualifier
July 12, 2012 at 4:12 AM (PT)
EMMIS COMMUNICATIONS fiscal first-quarter net radio revenues fell from $45.370 million to $40.376 million, with total company revenues off 11% from $61.146 million to $16.411 million. The company's net loss widened from $693,000 to $2.873 million, although, not including discontinued operations, net loss attributable to common shareholders widened a penny to 13 cents/diluted share.
The company blamed the drop in revenue on the loss of revenue with the LMA in JULY 2011 and sale in SEPTEMBER 2011 of three stations in CHICAGO and NEW YORK to MERLIN MEDIA, which have yet to be reclassified as "discontinued operations"; without the MERLIN stations, revenue would have increased over $700,000 (1.8%).