Euro Revenues Soften Tough Q2 For Emmis

Q2 Down

EMMIS COMMUNICATIONS has reported financial results for its second fiscal quarter ended AUGUST 31st, 2008.

"Our team at EMMIS continues to deliver during these challenging times for the U.S. economy," EMMIS Chairman/CEO JEFF SMULYAN said. "We delivered 2% growth in operating income during the first six months of the fiscal year based in no small part on the explosive growth in our International operations. During the second quarter, net revenue at our radio operations in SLOVAKIA, HUNGARY, BULGARIA and BELGIUM grew an amazing 38%. This type of performance, coupled with responsible actions to manage our expenses and balance sheet, position EMMIS well to benefit from the U.S. economy's inevitable recovery."

For the second fiscal quarter, net revenue was $94.2 million, compared to $95.7 million for the same quarter of the prior year. Diluted net income per common share from continuing operations was $0.02, compared to $0.04 for the same quarter of the prior year.

For the second quarter, pro forma radio net revenues decreased 1.7% and pro forma publishing net revenues decreased 6.6%. Domestic radio net revenues for the second quarter decreased 8.4% compared to the same period of the prior year.

For the second quarter, operating income was flat at $17.1 million compared to the same quarter of the prior year, while EMMIS' station operating income was down slightly to $26.4 million, compared to $26.5 million for the same quarter of the prior year.

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