Radio Revenue Off, Income Up For Emmis In First Fiscal Quarter 2015
July 9, 2015 at 4:00 AM (PT)
EMMIS COMMUNICATIONS first-fiscal-quarter radio net revenues fell 5.3% year-to-year to $42.6 million, off 6% as compared to overall MILLER KAPLAN reporting of local revenues off 4.9%. Publishing net revenues rose 5.8%, paced by growth at LOS ANGELES, TEXAS MONTHLY, and ATLANTA magazines.
Total net revenues fell from $59.7 million to $58.5 million. Operating income rose from $6.6 million to $7.6 million, and station operating income was up from $13.3 million to $13.6 million. Net income attributable to the company rise from $956,000 to $1,525,000 (2 to 4 cents/basic share, 2 to 3 cents/diluted share).
"While this was a challenging quarter, we are encouraged by what we see looking forward," said Pres./CEO JEFF SMULYAN. "Our Q2 radio revenues are pacing up low single digits, we had a record-setting SUMMER JAM concert in NEW YORK, and ratings are bouncing back in LOS ANGELES after some expected turbulence.
"The EMMIS-created, industry-led initiative to make FM broadcast radio available on smartphones and tablets, NEXTRADIO, has incredible momentum," SMULYAN added. "The announcement last week that NEXTRADIO is now available for download in the AMAZON App Store is the first in what we hope will be a series of positive announcements. I couldn't be more thrilled with the way our industry has come together to support NEXTRADIO.
"Last FRIDAY's decision by the Seventh Circuit Court of Appeals in our preferred stock case was particularly gratifying," added SMULYAN. "We always knew that we had complied with INDIANA's unique corporate law, and were very pleased that the court agreed."