Emmis Revenues Down, Net Income Up For Q2
October 10, 2006 at 6:22 AM (PT)
EMMIS COMMUNICATIONS second fiscal quarter 2006 revenue fell 4.6% to $99.9 million, blamed on weakness in LOS ANGELES and NEW YORK radio, and operating income fell from $27.6 to $22 million, but net income jumped from $8.43 million to $112.282 million (3 to 5 cents/share) with the proceeds from station sales. Radio revenues dropped 6% to $79.132 million, with publishing flat at $20.8 million.
"Similar to our competitors, we continue to face challenges in our largest radio markets. However, several recent actions suggest that the innovative team at EMMIS is leading a resurgence in these markets," Chairman/CEO JEFF SMULYAN said in a press release TUESDAY morning. "I'm particularly excited by the early response to our new morning show at Q101 in CHICAGO and the MOVIN 93.9 format in LOS ANGELES, as well as our rebound at POWER 106. We remain focused on our operations, particularly in our largest radio markets, and on delivering value to our shareholders."
EMMIS is also paying a $4./share dividend and will use an amended and restated credit facility to do so, and has launched a buyback offer for EMMIS OPERATING CO.'s outstanding 6 7/8% Senior Subordinated Notes due in 2012, the offer to expire OCTOBER 19.