Emmis Revs Down 20%, Radio Division Off Just 18%
May 14, 2009 at 4:59 AM (PT)
EMMIS COMMUNICATIONS CORPORATION has announced results for its fourth fiscal quarter and full year ended FEBRUARY 28th, 2009.
"Across our properties, we see signs that the operating environment is slowly improving," EMMIS Chairman/CEO JEFF SMULYAN said. "These improvements coupled with recent actions to LMA KMVN-FM in LOS ANGELES and repurchase and retire $78.5 million of our bank debt for $44.7 million position EMMIS well for the inevitable rebound in our radio and publishing operations."
For the fourth fiscal quarter, net revenue was $68.5 million, compared to $85.4 million for the same quarter of the prior year.
Diluted net income (loss) per common share from continuing operations was ($4.29), compared to ($0.52) for the same quarter of the prior year. The loss in the fourth quarter of the fiscal year ended February 28, 2009 is principally due to a non-cash impairment charge of $163.2 million, a valuation allowance for deferred tax assets of $29.4 million and lower net revenues.
For Q4, pro forma radio net revenues decreased 18% and publishing net revenues decreased 26%. Domestic radio net revenues for the fourth quarter decreased 21% compared to the same period of the prior year.