Emmis Radio Pro Forma Q4 Revenues Slip
April 18, 2006 at 6:26 AM (PT)
EMMIS fourth fiscal quarter net revenue rose 4% to $84.5 million, and radio net revenues also rose 4% to $63 million but pro forma radio revenues fell 2% to $63.275 million. The result was a widened net loss from 4 cents to $1.01/share (99 cents of which were attributed to a pre-tax impairment loss, a pre-tax loss on debt extinguishment, corporate bonus and severance payments for employees of the TV stations EMMIS sold, and an increase in interest expense.
The company expects pro forma radio net revenues for fiscal first quarter to be down mid-single digits.
EMMIS has also announced that it will have to restate earnings for second and third fiscal quarters due to a misinterpretation of accounting principles regarding balance sheet classification of reedeemable preferred stock, although the company says that the restatement will not affect anything other than stockholders' equity and mezzanine.