Emmis Q3 Revenues Fall
January 9, 2009 at 5:11 AM (PT)
EMMIS COMMUNICATIONS CORP. fiscal third-quarter net revenues fell 6% year-to-year to $85.14 million, with radio off 4% to $62.28 million. Diluted net loss per share from continuing operations fell from 21 cents to $3.45, including a $3.45 per share impairment charge; without the charge, net income per share from continuing operations would have increased 50% to 6 cents. Net income fell from a gain of $104,000 to a loss of $123.411 million.
"While the economy in the UNITED STATES and abroad continues to struggle, at EMMIS we are working diligently to take the necessary steps to successfully navigate through these difficult times," said Chairman.CEO JEFF SMULYAN. "Despite crises at other media companies, EMMIS continues to generate cash flow that is greater than two times its annual interest costs and had $63.6 million of cash on hand at the end of the third quarter. I am confident that we are well-positioned for this downturn, and will remain focused on managing our expenses and balance sheet while delivering the best product to our advertisers, listeners and readers."