Emmis' radio net revenues for the third fiscal quarter were $34.0 million, compared to $42.5 million in the prior year. Due to the sale of the company's Terre Haute radio stations in January 2017, KPWR-FM in Los Angeles in August 2017, and magazine sales last fiscal year, reported results are not comparable year-over year. Emmis pro forma radio revenues per Miller Kaplan (which excludes barter and syndication revenues), were down 4% in markets that were down 2%. Excluding political advertising, Emmis pro forma radio revenues in the third quarter would have been down 3%.
"Overall it was a disappointing quarter, but I am encouraged going forward by the ratings trends at our radio stations. This fiscal year, our radio stations have been growing their ratings vis-à-vis our competitors, which should manifest itself in better revenue performance in Q4 and into the next fiscal year," said Jeff Smulyan, CEO & Chairman of the Board of Emmis.
"Another bright spot is the continuing progress of NextRadio, the Emmis-developed app embraced by the radio industry that provides a unique, measurable platform for radio content," Smulyan added.
"This week at the Consumer Electronics Show in Las Vegas, NextRadio announced a first-to-market connected car solution: JVCKENWOOD has adopted NextRadio's technology to provide an enhanced local FM radio listening experience. Samsung, the largest Android handset maker in the world, is the latest device OEM to continue its support for NextRadio by unlocking the FM chip in upcoming smartphone models in the U.S. and Canada. In addition, NextRadio recently had a significant win when a major prepaid wireless carrier in the United States agreed to begin preloading NextRadio on its devices starting in early 2018. These are terrific wins and sustain our momentum."
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