Emmis Reports 'Challenging' 1Q 2015

Emmis Communications Corporation today announced results for its first fiscal quarter ending May 31, 2015.

Emmis' radio net revenues for the first fiscal quarter were down 5.3%, from $45.0 million to $42.6 million. Per Miller Kaplan reporting, which excludes barter revenues and syndication revenues,

• Emmis' stations were down 6.0% compared to local radio market revenues down 4.9% during the fiscal quarter.  
• Publishing net revenues were up 5.8% in the first fiscal quarter, driven by strong growth at Los Angeles, Texas Monthly and Atlanta.

For the first fiscal quarter, operating income was $7.6 million, compared to $6.6 million for the same quarter of the prior year.  Emmis' station operating income for the first fiscal quarter was $13.6 million, compared to $13.3 million for the same quarter of the prior year.

Jeff Smulyan

"While this was a challenging quarter, we are encouraged by what we see looking forward," said Jeff Smulyan, President & CEO of Emmis.  "Our Q2 radio revenues are pacing up low single digits, we had a record-setting Summer Jam concert in New York, and ratings are bouncing back in Los Angeles after some expected turbulence.

"The Emmis (EMMS)-created, industry-led initiative to make FM broadcast radio available on smartphones and tablets, NextRadio®, has incredible momentum," Smulyan continued. "The announcement last week that NextRadio is now available for download in the Amazon App Store is the first in what we hope will be a series of positive announcements.  I couldn't be more thrilled with the way our industry has come together to support NextRadio.

"Last Friday's decision by the Seventh Circuit Court of Appeals in our preferred stock case was particularly gratifying," added Smulyan. "We always knew that we had complied with Indiana's unique corporate law, and were very pleased that the court agreed."