Emmis Q2 Radio Revenues Rise 3.5%
October 10, 2013 at 4:32 AM (PT)
EMMIS COMMUNICATIONS CORP. second-fiscal-quarter radio net revenues rose 3.5%, just slightly outpacing their markets (3.3%). Consolidated total revenues for the quarter rose from $52.9 million to $55.0 million.
Diluted net income per common share from continuing operations rose from a loss of 2 cents to a gain of 5 cents. Operating income fell from $7.6 million to $5.7 million, blamed on higher noncash compensation expense, mostly due to EMMIS' 2012 Retention Trust, and legal costs over the company's license battle in HUNGARY.
"It was an eventful quarter at EMMIS as we heralded the successful launch of NEXTRADIO and continued to outperform our radio markets," said Pres./CEO JEFF SMULYAN. "Our ability to innovate on behalf of the radio industry, coupled with our focus on delivering successful near-term results, are a testament to the impact our high performing EMMIS team can deliver."