Emmis Reports 3Q Radio Revenue Surges 29 Percent

Emmis Communications Corporation today announced results for its third fiscal quarter ending November 30, 2014.

Emmis' radio net revenues for the third fiscal quarter were up 29%, from $34.8 million to $44.9 million. This includes reported revenue from New York's WBLS 107.5 FM and WLIB 1190 AM, which Emmis began operating pursuant to a Local Marketing Agreement on March 1, 2014. On a pro forma basis, assuming results for WBLS and WLIB were included in the same quarter of the prior year and consistent with Miller Kaplan reporting, which excludes barter revenues and syndication revenues, Emmis' radio net revenues would have been up 6%.  This compares favorably to Emmis' local radio market revenues, which were down 1.6% during the fiscal quarter on the same basis.

Consistent with Miller Kaplan reporting, which excludes barter revenues and syndication revenues, Emmis' pro forma radio net revenues are pacing up mid-single digits for its fourth fiscal quarter.

For the third fiscal quarter, operating income was $13.1 million, compared to $8.7 million for the same quarter of the prior year.  Emmis' station operating income for the third fiscal quarter was $18.1 million, compared to $14.1 million for the same quarter of the prior year.

Jeff Smulyan

"It is a credit to our employees that Emmis' stations again dramatically outperformed our markets, marking the 12th consecutive month of share gains. Power 106 in LA was up 18% in a flat market, and our New York cluster was up for the quarter and is now significantly outperforming the NY market," Jeff Smulyan, President & CEO of Emmis said.  "With an improving labor market and lower energy prices helping to put more money into the consumer's hands, we are excited about the economic backdrop as we head into 2015."

"NextRadio, the Emmis-led industry initiative to make FM broadcast radio available on smartphones and tablets, launched a new version in October with LiveGuide" that has been extremely well received by consumers," Smulyan added. "NextRadio is pre-loaded in 33 smartphone models, with more coming in 2015, and we've had more than 1.4 million activations. All major radio companies support the effort, and our integrated auto platform, with our strategic partner, iBiquity, is being unveiled at CES in Las Vegas this week. I couldn't be more pleased with the effort and the momentum we have coming into the new year."