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
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. The DevOps approach is a way to increase business agility through collaboration, communication, and integration across different teams in the IT organization. In his session at DevOps Summit, Chris Van Tuin, Chief Technologist for the Western US at Red Hat, will discuss: The acceleration of application delivery for the business with DevOps
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, S...