Emmis Revenues Slip For Q4
May 11, 2007 at 5:46 AM (PT)
EMMIS COMMUNICATIONS reported a drop in revenues for fourth fiscal quarter ending FEBRUARY 28, blaming declines at the company's NEW YORK and LOS ANGELES radio clusters for the slippage. Revenue fell 4.6% (pro forma off 6%) to $78.6 million, while diluted net loss per common share narrowed from $1.01 to 23 cents, although the previous year's figure includes impairment losses and other one-time charges related to the sale of the company's TV stations that affect the comparability of the numbers.
"Weakness in our two key radio operations, NEW YORK and LOS ANGELES, presented us difficulties throughout the year, and the fourth quarter was no exception," says Chairman/CEO JEFF SMULYAN. "Unfortunately, we will continue to face difficulties in these markets in the foreseeable future. However, I'm confident that the best people in the business, coupled with EMMIS' 25 years of innovation and excellence, will lead us to better days."
The company expects radio net revenues for fiscal first quarter to decrease in the mid- to high-single-digit percentage range.