Emmis Reports 1Q Net Revenues Up Six Percent

Emmis Communications Corporation has announced results for its first fiscal quarter ending May 31, 2013.

Emmis' radio net revenues for the first fiscal quarter were up 6%, from $34.9 million to $36.9 million. 

Excluding 98.7FM in New York, which is being programmed by ESPN pursuant to an LMA, radio revenues were up 7%.  These results outperformed Emmis' local radio markets in which revenue growth improved 5% during the quarter.

 

For the first fiscal quarter, operating income increased 536% to $7.0 million, compared to $1.1 million for the same quarter of the prior year.  Emmis' station operating income for the first fiscal quarter was up 55% to $12.9 million, compared to $8.3 million for the same quarter of the prior year.

"Results like these are the reason that Emmis is known as one of the best operators of radio stations in the country," Jeff Smulyan, President & CEO of Emmis said.  

"In addition to our improving financial performance, our stations and magazines received a number of awards in our first fiscal quarter for community service and content excellence.  I'm so proud of our Emmis team for its consistent track record of creativity, innovation and operating excellence."