Emmis Radio Net Revs Rise 6% In Q1; Jeff Smulyan Updates Mobile Phone FM Chip Progress
Says Industry Support For NextRadio 'Nearly Unanimous'
June 28, 2013 at 6:19 AM (PT)
EMMIS COMMUNICATIONS has released financial results for Q1, ending MAY 31st, 2013.
EMMIS' radio net revenues for the first fiscal quarter were up 6%, from $34.9 million to $36.9 million. Excluding Sports WEPN-F (ESPN NEW YORK 98.7FM)/NEW YORK, which is being programmed by ESPN pursuant to an LMA, radio revenues were up 7%. These results outperformed EMMIS' local radio markets in which revenue growth improved 5% during the quarter.
For the first fiscal quarter, operating income increased 536% to $7.0 million, compared to $1.1 million for the same quarter of the prior year. EMMIS' station operating income for the first fiscal quarter was up 55% to $12.9 million, compared to $8.3 million for the same quarter of the prior year.
Diluted net income per common share from continuing operations for the quarter was $0.08, compared to a diluted net loss per common share from continuing operations of $0.07 for the same quarter of the prior year.
"Results like these are the reason that EMMIS is known as one of the best operators of radio stations in the country," Pres./CEO JEFF SMULYAN said. "In addition to our improving financial performance, our stations and magazines received a number of awards in our first fiscal quarter for community service and content excellence. I'm so proud of our EMMIS team for its consistent track record of creativity, innovation and operating excellence."
How Close Is FM In Smartphones?
EMMIS Chairman/CEO JEFF SMULYAN and CFO/COO PATRICK WALSH hosted a Q1 financial call this morning, with SMULYAN immediately touching upon the mobile phone FM Chip which he has touting.
Said SMULYAN, "I could not be more excited with the outpouring of support among broadcasters." He added that support has been "nearly unanimous, with just one broadcaster in a Top 75 market not supporting" the venture.
While SMULYAN wouldn't be specific about the launch date, he did say an announcement was "coming soon," and boasted "when we launch -- if the industry can be united -- it will change things forever."
SMULYAN noted the cell phone FM chip has "the potential to be in 300 million cell phones."