Click here to close now.

Welcome!

News Feed Item

Emmis Third Quarter Net Revenues Up 3.4%

INDIANAPOLIS, Jan. 9, 2014 /PRNewswire/ -- Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its third fiscal quarter ending November 30, 2013.

Emmis' radio net revenues for the third fiscal quarter were up 0.4%, and its publishing net revenues were up 9.8%.  On a consolidated basis, total revenues for the quarter were $52.6 million, compared to $50.9 million in the same quarter of the prior year, an increase of 3.4%.  

Diluted net income per common share from continuing operations for the quarter was $0.09, compared to $0.02 for the same quarter of the prior year.

For the third fiscal quarter, operating income was $8.7 million, compared to $8.2 million in the same quarter of the prior year.  Emmis' station operating income for the third fiscal quarter was $13.6 million, compared to $13.4 million in the same quarter of the prior year.

"The government shutdown in October, coupled with nonrecurring political revenues from the prior year, caused significant headwinds for us and the radio industry.  However, Emmis' ability to grow revenues despite these challenges is a testament to the talent, ingenuity and hustle of the Emmis team," said Jeff Smulyan, President & CEO of Emmis. "Our radio revenues are rebounding in our fourth fiscal quarter as these challenges have abated and our publishing division continues to post impressive revenue gains.  NextRadio, the Emmis-led industry initiative to make FM broadcast radio available on mobile phones via a pre-loaded app, continues to gain momentum and recently exceeded 100,000 activations.  I'm excited about the progress we are making and the momentum we have heading into calendar 2014."

Emmis has included supplemental station operating expenses and certain other financial data on its website, www.emmis.com under the "Investors" tab.

Emmis generally evaluates the performance of its operating entities based on station operating income. Management believes that station operating income is useful to investors because it provides a meaningful comparison of operating performance between companies in the industry and serves as an indicator of the market value of a group of stations or publishing entities. Station operating income is generally recognized by the broadcast and publishing industries as a measure of performance and is used by analysts who report on the performance of broadcasting and publishing groups. Station operating income does not take into account Emmis' debt service requirements and other commitments, and, accordingly, station operating income is not necessarily indicative of amounts that may be available for dividends, reinvestment in Emmis' business or other discretionary uses.

Station operating income is not a measure of liquidity or of performance, in accordance with accounting principles generally accepted in the United States, and should be viewed as a supplement to, and not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Operating Income is the most directly comparable financial measure in accordance with accounting principles generally accepted in the United States. 

Moreover, station operating income is not a standardized measure and may be calculated in a number of ways. Emmis defines station operating income as revenues net of agency commissions and station operating expenses, excluding depreciation, amortization and non-cash compensation.  A reconciliation of station operating income to operating income is attached to this press release. 

The information in this news release is being widely disseminated in accordance with the Securities & Exchange Commission's Regulation FD.

There is an earnings call this morning with Emmis executives at 9 am Eastern.  To access the third-quarter earnings conference call, please dial in at 1-517-623-4891 at 9 am.  Please submit questions prior or during the call to [email protected].  A digital playback of the call will be available until 5 p.m. on Tuesday, Jan. 21 by dialing 1-402-220-3756.

Emmis Communications – Great Media, Great People, Great Service®
About Emmis Communications
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 10th largest publicly traded radio portfolio in the United States based on total listeners.  Emmis owns 18 FM and 3 AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis' radio stations located there), Indianapolis and Terre Haute, IN.  One of our FM radio stations in New York is operated pursuant to a Local Marketing Agreement ("LMA") whereby a third party provides the programming for the station and sells all advertising within that programming.

Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words "expect," "will" or "look" are intended to be, and are, by this Note, identified as "forward-looking statements," as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:

  • general economic and business conditions;
  • fluctuations in the demand for advertising and demand for different types of advertising media;
  • our ability to service our outstanding debt;
  • increased competition in our markets and the broadcasting industry;
  • our ability to attract and secure programming, on-air talent, writers and photographers;
  • inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
  • increases in the costs of programming, including on-air talent;
  • inability to grow through suitable acquisitions or to consummate dispositions;
  • changes in audience measurement systems
  • new or changing regulations of the Federal Communications Commission or other governmental agencies;
  • competition from new or different technologies;
  • war, terrorist acts or political instability; and
  • other factors mentioned in documents filed by the Company with the Securities and Exchange Commission.

Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES










CONDENSED CONSOLIDATED FINANCIAL DATA

(Unaudited, amounts in thousands, except per share data)


























Three months ended November 30,


Nine months ended November 30,












2013


2012


2013


2012

OPERATING DATA:









  Net revenues:









    Radio


$                     34,854


$                    34,710


$                   113,039


$                 109,550

    Publishing


17,767


16,176


45,135


43,233

      Total net revenues


52,621


50,886


158,174


152,783

  Station operating expenses excluding









   depreciation and amortization expense:









    Radio


23,517


23,064


74,428


75,372

    Publishing


15,031


14,335


43,770


42,377

      Total station operating expenses excluding 









          depreciation and amortization expense 


38,548


37,399


118,198


117,749

  Corporate expenses excluding depreciation 









       and amortization expense


3,653


3,717


13,123


12,850

  Hungary license litigation and related expenses


500


371


1,795


785

  Depreciation and amortization


1,218


1,218


3,607


3,512

  Impairment loss


-


-


-


10,971

  (Gain) loss on sale of assets


(9)


23


(10)


(9,983)










  Operating income


8,711


8,158


21,461


16,899

  Interest expense


(1,712)


(5,361)


(5,441)


(18,006)

  Loss on debt extinguishment 


(653)


(56)


(653)


(1,141)

  Other income, net


54


164


94


147










  Income (loss) before income taxes and









   discontinued operations


6,400


2,905


15,461


(2,101)

  Provision (benefit) for income taxes


732


976


911


(4,948)










  Income from continuing operations


5,668


1,929


14,550


2,847

  Income from discontinued operations, net of tax


-


3,707


-


40,124










  Consolidated net income


5,668


5,636


14,550


42,971

  Net income attributable to noncontrolling interests


1,395


1,036


4,230


3,515










  Net income attributable to the Company


4,273


4,600


10,320


39,456

  Gain on extinguishment of preferred stock


-


-


325


-

  Preferred stock dividends


-


-


-


(1,806)

  Net income attributable to common shareholders


$                       4,273


$                      4,600


$                     10,645


$                    37,650










  Amounts attributable to common shareholders for basic earnings per share:







    Continuing operations


4,273


893


10,645


(2,474)

    Discontinued operations


-


3,707


-


40,124

      Net income attributable to common shareholders


4,273


4,600


10,645


37,650










  Amounts attributable to common shareholders for diluted earnings per share:







    Continuing operations


4,273


893


10,320


(2,474)

    Discontinued operations


-


3,707


-


40,124

      Net income attributable to common shareholders


4,273


4,600


10,320


37,650










  Basic net income (loss) per common share:









    Continuing operations


$                          0.11


$                        0.02


$                          0.26


$                       (0.06)

    Discontinued operations


-


0.10


-


1.03

      Net income attributable to common shareholders


$                          0.11


$                        0.12


$                          0.26


$                        0.97










  Diluted net income (loss) per common share:









    Continuing operations


$                          0.09


$                        0.02


$                          0.23


$                       (0.06)

    Discontinued operations


-


0.08


-


1.03

      Net income attributable to common shareholders


$                          0.09


$                        0.10


$                          0.23


$                        0.97










  Weighted average shares outstanding:









      Basic


40,477


38,976


40,343


38,871

      Diluted


46,212


45,728


45,657


38,871



















OTHER DATA:









  Station operating income (See below)


13,577


13,447


39,651


35,027

  (Refund from) cash paid for income taxes, net


(211)


617


(1,015)


1,348

  Cash paid for interest


1,536


2,461


4,821


17,838

  Capital expenditures


420


1,195


2,277


2,151










 Noncash compensation by segment:









           Radio


$                              -


$                         195


$                           980


$                         485

           Publishing


4


136


490


293

           Corporate


467


1,039


2,083


1,546

                  Total


$                           471


$                      1,370


$                       3,553


$                      2,324










COMPUTATION OF STATION OPERATING INCOME:









  Operating income


$                       8,711


$                      8,158


$                     21,461


$                    16,899

  Plus:  Depreciation and amortization


1,218


1,218


3,607


3,512

  Plus:  Corporate expenses


3,653


3,717


13,123


12,850

  Plus:  Station noncash compensation


4


331


1,470


778

  Plus:  Impairment loss


-


-


-


10,971

  Less:  Gain on sale of assets


(9)


23


(10)


(9,983)

  Station operating income


$                     13,577


$                    13,447


$                     39,651


$                    35,027



















SELECTED BALANCE SHEET INFORMATION:


November 30, 2013


February 28, 2013














Total Cash and Cash Equivalents


$                       5,319


$                      8,735





Credit Agreement Debt


$                     59,000


$                    67,000





98.7FM Nonrecourse Debt


$                     76,003


$                    79,068





 

SOURCE Emmis Communications Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...