Radio Revs Up At Emmis
July 16, 2010 at 5:22 AM (PT)
EMMIS COMMUNICATIONS has filed its quarterly report with the SEC, reporting radio revenues up, but publishing down. This is the first financial disclosure since EMMIS officially signed a "definitive merger agreement" aimed at taking the company private, as initially announced on APRIL 26th (NET NEWS 5/25). The buyout will be offered by EMMIS Chairman/CEO JEFF SMULYAN's JS ACQUISITION, LLC with financing by an affiliate of ALDEN GLOBAL CAPITAL.
Net revenues for radio were up 1.9% to $44.4 million, including EMMIS' foreign radio operations as well as domestic. Publishing net revenues were down 1.7% to $16 million. Total net revenues for the company were up 0.9% to $60.3 million.
"Radio net revenues increased in the three-month period ended MAY 31, 2010 as compared to the same period of the prior year principally due to the continued improvement in the general pace of business. We typically monitor the performance of our domestic stations against the aggregate performance of the markets in which we operate based on reports for the periods prepared by MILLER KAPLAN. MILLER KAPLAN reports are generally prepared on a gross revenues basis and exclude revenues from barter arrangements. MILLER KAPLAN reported gross revenues for our domestic radio markets increased 5.7% for the three-month period ended MAY 31, 2010 as compared to the same period of the prior year. Our gross revenues as reported to MILLER KAPLAN fell short of the performance of the markets in which we operate, posting an increase of 3.1% compared to the prior year. Our gross revenues grew more than the market average in three markets (NEW YORK, INDIANAPOLIS and AUSTIN) and trailed the market average in three markets (LOS ANGELES, CHICAGO and ST. LOUIS). Revenue declines at KPWR in LOS ANGELES and in our CHICAGO radio cluster caused us to fall short of the performance of the markets in which we operate. MILLER KAPLAN does not report gross revenue market data for our TERRE HAUTE market. For the three-month period ended MAY 31, 2010 as compared to the same period of the prior year, our average rate per minute for our domestic radio stations was unchanged and our inventory utilization was up 2%," wrote EMMIS.