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
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...