Emmis Reports A 2.8% Rise In Q4 Revenues
May 8, 2013 at 4:08 AM (PT)
EMMIS COMMUNICATIONS has released financial results for its fourth fiscal quarter and full-year ending FEBRUARY 28, 2013.
The company noted, "Pro forma for station divestitures, EMMIS' radio net revenues (consisting solely of our domestic stations) for the fourth fiscal quarter were up 3%. Revenues reported to MILLER KAPLAN in the markets where EMMIS competes, excluding barter revenue, grew 2.8% during the quarter. EMMIS pro forma radio revenues reported on the same basis grew 4.2%, exclusive of revenue associated with 98.7FM in NEW YORK, which is being programmed by ESPN pursuant to an LMA. On a reported basis, net radio revenues for the quarter were up 2%."
For the full year, pro forma radio revenues were $128.0 million, compared to $123.9 million in the prior year, an increase of 3%. Market revenues for the full year reported to MILLER KAPLAN in markets where EMMIS competes, excluding barter revenues, grew 0.7% and EMMIS pro forma radio revenues reported on the same basis were up 3.4% during the same period.
"EMMIS is known for operational excellence, and I'm pleased to say this year was no different," said Pres./CEO JEFF SMULYAN. "For the second year in a row we have significantly outperformed our radio markets and the radio industry. Emmis finished the year as one of the least-levered and most financially sound radio operators in the country."
Station operating income during the quarter, pro forma for station divestitures, was $7.1 million, compared to $4.0 million for the same quarter of the prior year.