Emmis Reports Q4 Radio Net Revs Up 20%
May 7, 2015 at 4:00 AM (PT)
EMMIS COMMUNICATIONS has released its fourth fiscal quarter and full-year financials for the period ending FEBRUARY 28th, 2015.
For the full year, radio revenues were $176.3 million, compared to $145.3 million in
EMMIS' radio net revenues for the fourth fiscal quarter were $38.8 million, up from $32.3 million from the prior year, an increase of 20%. On a pro forma basis, EMMIS' revenues reported to MILLER KAPLAN in the markets where EMMIS competes (excluding barter and syndication revenue) were up 0.8% in markets down 2.5%.
the prior year, an increase of 21%. On a pro forma basis, EMMIS' revenues reported to MILLER KAPLAN in the markets where EMMIS competes (excluding barter and syndication revenue) were up 1.6% in markets down 3.7%.
The company noted, "FEBRUARY marked the 15th consecutive month in which EMMIS outperformed the markets in which it competes. Every measured EMMIS market outperformed for full year fiscal 2015. EMMIS stations in NEW YORK, LOS ANGELES and AUSTIN all outperformed their markets in the fourth fiscal quarter."
"Despite weakened markets and a challenged industry, EMMIS once again outperformed. The radio industry needs a catalyst for growth, and we are convinced we have it with NEXTRADIO, the EMMIS-developed free smartphone app that marries over-the-air local FM broadcasts with visual and interactive features," said Pres./CEO JEFF SMULYAN.
The radio industry's consumer awareness campaign for NEXTRADIO has had remarkable results, further validating the promotional power of radio.
"Consumers exposed to NEXTRADIO overwhelmingly love it," SMULYAN said. "Average Time Spent Listing per session on NEXTRADIO is nearly double traditional listening, all major radio companies are supporting the effort, and we are adding 350,000 activations each month. The momentum is tremendous."
Station operating income during the quarter was $6.7 million, compared to $6.9 million for the same quarter of the prior year. For the full year, SOI was $53.4 million, compared to $48.3 million in the prior year.
During the fourth fiscal quarter, EMMIS recorded noncash impairment losses totaling $74.6 million ($6.7 million of which is reflected in other (expense), income, net) and recorded a full valuation allowance against its deferred tax assets. These noncash impairment charges and the valuation allowance have no impact on EMMIS' cash flows, debt compliance, or ongoing operations.