Smulyan Happy With Emmis Q1
July 10, 2008 at 5:15 AM (PT)
EMMIS COMMUNICATIONS has announced results for its first fiscal quarter ended MAY 31st, 2008. Radio net revenues decreased 1%, while publishing net revenues were up 2%. Operating income improved to $12.6 million, compared to $12.1 million for the same quarter of the prior year.
"I'm proud of the results our EMMIS team was able to deliver during the first quarter," Chairman/CEO JEFF SMULYAN said, "5% growth in operating income during such a challenging period for American media is a testament to the talent and professionalism of our team. I'm particularly thrilled with the performance of some of our newer initiatives, including the 14% growth during the quarter in our International revenues, the launch of the BROADCASTER TRAFFIC CONSORTIUM, and the growing roster of new customers at EMMIS INTERACTIVE."
For the first fiscal quarter, net revenue was $86.8 million, compared to $87.3 million for the same quarter of the prior year. Diluted net loss per common share from continuing operations improved to ($0.05), compared to ($0.07) for the same quarter of the prior year.