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
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.