Emmis Revenues Fall In Fiscal Fourth Quarter

Fiscal Q4 Down

EMMIS COMMUNICATIONS CORP. fourth fiscal quarter (ended FEBRUARY 28th) radio net revenues fell 22% to $22.2 million (off 4% on a pro forma basis for the sale of stations in LOS ANGELES and ST. LOUIS). 

CEO/Chairman JEFF SMULYAN said, “While the fourth quarter didn’t finish as strongly as we would have liked, we are seeing significant strength as we commence the new fiscal year.  EMMIS’ first fiscal quarter is pacing up 5%, and ticket and sponsorship sales for (Top 40/Rhythmic WQHT) HOT 97 (NEW YORK)’s SUMMER JAM, EMMIS’ largest event, which occurs in JUNE, are pacing well ahead of last year. Our renewed focus on digital is bearing immediate fruit, with Q1 digital revenues pacing up 50%. Ratings remain strong across all our brands and I’m confident that our ratings success will allow us to sustain this growth. “With the scaling down of NEXTRADIO that occurred last year, coupled with the company’s recent refinancing, EMMIS has one of the best balance sheets in the radio industry, which has been enhanced by our strong operational start to this fiscal year.”

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