Emmis Reports 4Q Radio Revenue Is Up 11 Percent

Emmis Communications Corporation today announced results for its fourth fiscal quarter and full-year ending February 28, 2014.

Emmis' radio net revenues for the fourth fiscal quarter were up 11%, from $29.1 million to $32.4 million.

Excluding 98.7 FM in New York, which is being programmed by ESPN pursuant to an LMA, radio net revenues were up 12%.  These results outperformed Emmis' local radio markets in which revenue growth improved 4% during the quarter.

For the full year, radio net revenues were $145.4 million, compared to $138.6 million in the prior year, an increase of 5%.  These results also outperformed Emmis' local radio markets in which revenue growth improved 3% for the year.

Jeff Smulyan

"Fiscal 2014 marked the fourth consecutive year we have outperformed our local radio markets and the radio industry as a whole.  Our strong operating performance is the result of sound strategy and its execution by a phenomenal workforce that makes me so proud.  We are very excited about the addition of WBLS and WLIB in New York and the momentum behind NextRadio as we head into fiscal 2015," Jeff Smulyan, President & CEO of Emmis said.

For the fourth fiscal quarter, operating income was $0.7 million, compared to a loss of $0.4 million for the same quarter of the prior year.  Emmis' station operating income for the fourth fiscal quarter was $6.9 million, compared to $7.1 million for the same quarter of the prior year.  The decrease in station operating income in the fourth fiscal quarter was due in part to recognition of incentive compensation expense based on full-year operating results that were achieved based on strong fourth quarter results, as well as several non-recurring items, including $0.7 million in severance associated with the integration of WBLS and WLIB.

For the full year, operating income was $22.2 million, compared to $16.5 million in the prior year.  Emmis' station operating income in fiscal 2014 was $48.4 million, compared to $42.9 million in fiscal 2013.