Emmis Loss Narrows, Revenues Rise
October 18, 2010 at 4:08 AM (PT)
EMMIS COMMUNICATIONS overall revenue rose 4% to $66.8 million, resulting in a narrowing of net loss from $135.6 million to $2.3 million ($3.67 per share to 6 cents per share), with 2009's figure including a writedown of the value of the company's radio licenses.
For the radio division, EMMIS reported that gross revenue improved 4.2% to $51.7 million, but trailed MILLER KAPLAN's measurement of 4.8% growth in the markets overall.
Revenue at Top 40/Rhythmic KPWR (POWER 106)/LOS ANGELES and Rock WLUP/CHICAGO trailed their markets, with NEW YORK, ST. LOUIS, INDIANAPOLIS, and AUSTIN beating the market average. (The company also owns stations in TERRE HAUTE, not measured by MILLER KAPLAN)