Emmis Communications Reports Solid Second-Quarter Pro Forma Revenue Growth
October 11, 2012 at 3:43 AM (PT)
EMMIS COMMUNICATIONS has released results for its second fiscal quarter ending AUGUST 31st, 2012.
While the Company's reported results are negatively impacted by station divestitures over the past 12 months, on a pro forma basis, net revenue for the second fiscal quarter increased 1%, from $54.4 million to $55.0 million. Pro forma radio net revenues increased 2%, from $41.4 million to $42.0 million. This growth in radio revenues outpaced market revenue growth in the quarter, which was less than 1%.
"EMMIS has continued its strong operating performance, with our revenue growth exceeding the revenue growth of our markets in every month this calendar year," said Chairman/CEO JEFF SMULYAN. "Ratings remain very strong. In the month of SEPTEMBER, our two most-listened-to stations, HOT97 in NEW YORK and POWER 106 in LOS ANGELES, were #1 in their target 18-34 demographic."
"We are actively pursuing a refinancing of our entire capital structure that will dramatically reduce our interest expense and increase our free cash flow going forward," SMULYAN concluded.
Station operating income during the period was $13.8 million, compared to $10.7 million for the same quarter of the prior year. Diluted net income per common share from continuing operations was ($0.08), compared to ($0.15) for the same quarter of the prior year.