Emmis' radio net revenues for the first fiscal quarter were $26.4 million, down from $38.7 million in the prior year. Pro forma for all radio station sales, Emmis' first quarter radio revenues as reported to Miller Kaplan, which excludes barter revenues and syndication revenues, were down 4% in markets that were down 6%.
On April 30, the company finalized the sale of its St. Louis radio stations and used the net proceeds to repay credit facility debt, resulting in approximately $20 million of net credit facility debt outstanding.
"Emmis has made tremendous strides in paying down our debt and giving ourselves the financial flexibility to pursue new areas of growth," Jeff Smulyan, CEO & Chairman of the Board of Emmis said. "We see opportunities both inside and outside of traditional media as we look to transform the company in the coming months and years."
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