Emmis ‘Pleased’ With Earnings Report

Emmis Communications Corporation today announced results for its third fiscal quarter ending November 30, 2012.

Pro forma for station divestitures, Emmis' domestic radio net revenues for the third fiscal quarter were up 5 percent. On a reported basis, total radio net revenues were up 1 percent and total net revenues were down slightly.

"I couldn't be more pleased with the company's outstanding operating performance," Jeff Smulyan, Emmis Chairman & CEO, said. "Emmis radio station's revenue growth continues to outpace its markets. While our markets were up 1 percent this quarter, Emmis stations saw an increase of 5 percent."

"With the refinancing of our entire capital structure that was completed after our quarter-end, we have dramatically reduced our interest expense and increased our ability to generate free cash flow going forward, completing the transformation of Emmis," Smulyan concluded.

Station operating income during the period was $13.8 million, compared to $10.0 million for the same quarter of the prior year. Diluted net income per common share from continuing operations was $0.02, compared to $1.26 for the same quarter of the prior year. 

The decline is due primarily to the gain on the sale of stations WKQX-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WRXP-FM (101.9 MHz, New York, NY) to Merlin Media coupled with related tax benefits recognized in the prior year.