Emmis Q1 Revenues Fall
July 10, 2007 at 5:44 AM (PT)
EMMIS COMMUNICATIONS' fiscal first quarter net revenues fell 3% to $87.3 million, blamed mostly on declines in NEW YORK and LOS ANGELES. Net income from continuing operations remained at 7 cents/share. Radio division revenues fell 5.5% to $87.263 million, while international radio revenues rose 28% to $8.2 million.
"Our results were in line with guidance for the quarter," Chairman/CEO JEFF SMULYAN said. "As expected, weakness in our radio division persisted, and we will continue to face challenges as we look for the changes we've implemented in our largest markets to gain momentum."