Emmis Reports Net Revs Up 11% In Q4; Smulyan Calls NextRadio 'The Transformative Event For Our Industry'

Q4 Up

EMMIS COMMUNICATIONS has reported results for its fourth fiscal quarter and full-year ending FEBRUARY 28th, 2014.

EMMIS' radio net revenues for the fourth fiscal quarter were up 11%, from $29.1 million to $32.4 million.  Excluding Sports WEPN/NEW YORK, which is being programmed by ESPN pursuant to an LMA, radio net revenues were up 12%.  These results outperformed EMMIS' local radio markets in which revenue growth improved 4% during the quarter.

For the full year, radio net revenues were $145.4 million, compared to $138.6 million in the prior year, an increase of 5%.  These results also outperformed EMMIS' local radio markets in which revenue growth improved 3% for the year.

Publishing net revenues were up 3% in the fourth fiscal quarter and 4% for the full year.

"Fiscal 2014 marked the fourth consecutive year we have outperformed our local radio markets and the radio industry as a whole.  Our strong operating performance is the result of sound strategy and its execution by a phenomenal workforce that makes me so proud.  We are very excited about the addition of WBLS and WLIB in NEW YORK and the momentum behind NEXTRADIO as we head into fiscal 2015," said Pres./CEO JEFF SMULYAN.

For the fourth fiscal quarter, operating income was $0.7 million, compared to a loss of $0.4 million for the same quarter of the prior year.  EMMIS' station operating income for the fourth fiscal quarter was $6.9 million, compared to $7.1 million for the same quarter of the prior year.  The decrease in station operating income in the fourth fiscal quarter was due in part to recognition of incentive compensation expense based on full-year operating results that were achieved based on strong fourth quarter results, as well as several non-recurring items, including $0.7 million in severance associated with the integration of WBLS and WLIB/NEW YORK.

NextRadio

On a financial conference call this morning, SMULYAN praised the continued success of NEXTRADIO, calling it, "the transformative event for our industry."

He added, "research shows listeners love the interactivity provided by NEXTRADIO."

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