Emmis Q2 Revenues, Income Slip
October 5, 2007 at 5:45 AM (PT)
EMMIS COMMUNICATIONS second fiscal quarter revenue fell 3.5% to $96.399 million and radio revenue slipped 6% to $74.416 million, blamed on declines at the company's NEW YORK and LOS ANGELES stations. International radio net revenues rose 14.7%. Diluted net income per common share from continuing operations dropped 50% to 3 cents.
"We're pleased that our radio ratings have generally improved, and we anticipate better sales performance from our new national-sales rep KATZ MEDIA GROUP," said Chairman and CEO JEFF SMULYAN. "That said, expected weakness in our radio division persisted. Our results were in line with our guidance for the quarter, and we continue to face a challenging market environment."
On a pro forma basis, the company expects fiscal third quarter radio net revenues to decrease in the mid-single-digit range and international radio revenues and expenses to continue to grow at a faster rate than domestic radio operations.