Emmis FY 2010 Revenues Up, Loss Narrows
May 11, 2011 at 4:29 AM (PT)
EMMIS COMMUNICATIONS reported some financial information to the SEC in a 10-K filing TUESDAY (5/10), telling the agency that its overall revenue for fiscal year 2010 (ended FEBRUARY 28th, 2011) increased 3.6% to $251.314 million, including radio revenue up 4.3% to $185.206 million and publishing up 1.7% to $1.108 million. Radio's performance was attributed to "general economic growth in our domestic radio markets as the economy recovers from the recent recession."
The report notes that the company's domestic radio stations "significantly outperformed in our middle markets (ST. LOUIS, INDIANAPOLIS and AUSTIN), which offset weakness at our LOS ANGELES and CHICAGO radio stations." The average minute rate for the domestic stations rose 4.5% and number of minutes sold increased 1.2%.
The growth helped narrow the company's net loss from $131.7 million to $25.2 million ($3.56 to 67 cents/share). The filing warned, however, that the company has "a significant amount of indebtedness. At FEBRUARY 28th, 2011, our total indebtedness was $331.0 million, and our shareholders’ deficit was $189.7 million."