Emmis Q3 Net Revenues Up 3.4%, Radio 'Rebounding'
January 9, 2014 at 4:00 AM (PT)
EMMIS COMMUNICATIONS CORP. has released results for its third fiscal quarter ending NOVEMBER 30th, 2013.
EMMIS' radio net revenues for the third fiscal quarter were up 0.4%, and its publishing net revenues were up 9.8%. On a consolidated basis, total revenues for the quarter were $52.6 million, compared to $50.9 million in the same quarter of the prior year, an increase of 3.4%.
Diluted net income per common share from continuing operations for the quarter was $0.09, compared to $0.02 for the same quarter of the prior year.
For the third fiscal quarter, operating income was $8.7 million, compared to $8.2 million in the same quarter of the prior year. EMMIS' station operating income for the third fiscal quarter was $13.6 million, compared to $13.4 million in the same quarter of the prior year.
"The government shutdown in OCTOBER, coupled with nonrecurring political revenues from the prior year, caused significant headwinds for us and the radio industry. However, EMMIS' ability to grow revenues despite these challenges is a testament to the talent, ingenuity and hustle of the EMMIS team," said Pres./CEO JEFF SMULYAN. "Our radio revenues are rebounding in our fourth fiscal quarter as these challenges have abated and our publishing division continues to post impressive revenue gains. NEXTRADIO, the EMMIS-led industry initiative to make FM broadcast radio available on mobile phones via a pre-loaded app, continues to gain momentum and recently exceeded 100,000 activations. I'm excited about the progress we are making and the momentum we have heading into calendar 2014."