Emmis Revenues Fall In Q2
October 14, 2011 at 4:04 AM (PT)
EMMIS COMMUNICATIONS CORP. net revenues fell for fiscal second quarter from $66.7 million to $64.6 million, with net loss widening from $2.3 million to $8.6 million. Radio revenues were affected by replacing revenues from the three stations in CHICAGO and NEW YORK sold to MERLIN MEDIA, from which the company recorded a $200,000 monthly LMA fee, but no revenues after JULY 15th.
Gross radio revenues for the rest of EMMIS' stations rose 3.8%, outpacing the markets in LOS ANGELES, INDIANAPOLIS and AUSTIN and trailing the markets in NEW YORK and ST. LOUIS.
Chairman JEFF SMULYAN said on the post-release conference call that the MERLIN MEDIA sale, which closed on SEPTEMBER 1st, is generating $120 million to help pay down debt. SMULYAN said that he "couldn't be more pleased" with the company's progress in "solv(ing) its major structural problems" and noted that advertising sales excluding the MERLIN stations are up and outpacing their markets.