Emmis Radio Revenues Flat In Second Quarter
October 8, 2015 at 4:04 AM (PT)
EMMIS COMMUNICATIONS CORP. second-quarter radio net revenues were flat at $47.6 million, and were off 0.5% for local revenue based on MILLER KAPLAN reporting (excluding barter and syndication revenues), ahead of the general local radio market, which was off 1.9%.
The NEW YORK cluster also outperformed its market, with a 4.3% increase compared to the market being off 3.4%. Publishing, behind TEXAS MONTHLY's strong performance, rose 3.4%. Operating income fell from $12.5 million to $9.8 million, attributed to a $2.5 million nonrecurring gain on contract settlement in the prior year.
"Despite our outperformance, the markets where we operate remain challenged. While we are outperforming in a difficult marketplace, the radio industry is clearly in need of a catalyst – and we think we have it with NEXTRADIO," CEO JEFF SMULYAN said. "The addition of AT&T and T-MOBILE during the quarter continues the momentum for NEXTRADIO, the EMMIS-led industry initiative to make FM broadcast radio available on smartphones and tablets. I'm most pleased by the broad industry support we have garnered for the effort, which we believe will revolutionize radio."