Emmis Fiscal Q1 Revenues Drop
July 10, 2006 at 6:21 AM (PT)
EMMIS files its fiscal first quarter Form 10-Q at the SEC, and it shows total revenues off from $92.381 million to $89.787 million, pushing net income down from $10.378 million to $8.654 million (rising from 14 to 17 cents/share due to fewer chares outstanding). Radio revenue dropped from $72.279 million to $68,794 million, blamed on poor performance at the company's radio clusters in NEW YORK (due to market ad revenue softness) and LOS ANGELES (due to competition).
The company also disclosed that it is suing CBS RADIO for hiring away CFO WALTER BERGER, claiming breach of BERGER's contract with EMMIS over three years before its expiration. EMMIS, which filed the suit in federal court in INDIANAPOLIS on JUNE 13, is also suing BERGER and demanding repayment of some compensation paid to him under the contract.