Emmis Q1 Revenues, Net Loss Grow
May 12, 2008 at 4:52 AM (PT)
EMMIS COMMUNICATIONS first-quarter revenues rose 9% (pro forma 7%) to $85.8 million, with pro forma domestic radio showing a 3% jump and radio (including international) up 8% to $62.14 million. The company's net loss available to common shareholders widened, however, from $12.9 to $18 million (35 to 51 cents/share).
"Our EMMIS team delivered great results during our fiscal fourth quarter under very difficult operating conditions," EMMIS Chair./CEO JEFF SMULYAN said. "Each of our businesses showed remarkable progress. Pro forma net revenues were up 3% in domestic radio, 4% in publishing, 9% at our discontinued operation WVUE-TV in NEW ORLEANS, and an astounding 31% in international radio. The people of EMMIS continue to demonstrate the spirit and commitment to lead the next leg of media growth. Through innovative efforts to architect media's digital future, such as our leadership in forming the BROADCASTERS TRAFFIC CONSORTIUM or the launch of a standalone EMMIS INTERACTIVE to serve other media clients, EMMIS is continually investing in new ways to reinvent media. These initiatives demonstrate that EMMIS not only delivered great results this quarter but stands poised to grow in the quarters and years to come."