NYC Acquisitions Boost Emmis Radio Revenues For First Quarter 2014
July 9, 2014 at 4:41 AM (PT)
EMMIS COMMUNICATIONS CORP. first fiscal quarter 2014 radio net revenues were up 22% to $45 million, including revenue from newly-acquired Urban AC WBLS and Gospel WLIB-A/NEW YORK, which EMMIS took over under an LMA on MARCH 1st. Taking the numbers on a pro forma basis, revenues would have been flat. The company said that based on MILLER KAPLAN reporting (excluding barter and syndication revenues), EMMIS stations were up 1.6%, compared to local revenues overall being down 5.5%. Publishing net revenues rose 7%.
Operating income dropped from $7 million to $6.6 million; Station operating income rose slightly from $13.1 million to $13.4 million.
Pres./CEO JEFF SMULYAN said, "While our markets continue to be tested, our stations and employees have risen to the challenge and continue to outperform our markets. We continue to believe NEXTRADIO, the EMMIS-led industry initiative to make FM broadcast radio available on smartphones and tablets, is a game-changer for the radio industry and will reignite growth. We have spent the last year building out the NEXTRADIO ecosystem, and now we are entering a critical phase to build consumer awareness. I'm proud of our team for its continuing focus on innovation and operational excellence."