Emmis Reports 3Q Earnings As 'Strong'

Emmis Communications Corporation today announced results for its third fiscal quarter ending November 30, 2018.

Jeff Smulyan

Emmis' radio net revenues for the third fiscal quarter were $28.7 million, down from $34.0 million in the prior year. Sales of radio stations (KPWR in LA in August 2017 and four radio stations in St. Louis on April 30, 2018) make Emmis' reported results not comparable year-over-year.

Pro forma for all radio station sales, Emmis' third quarter radio revenues, as reported to Miller Kaplan, which excludes barter and certain other revenues, were up 5% in markets that were up 2%.

"With this quarter's strong performance, Emmis is now outperforming its markets through the first nine months of this fiscal year– quite an achievement," said Emmis Chairman and CEO Jeff Smulyan.  "Political revenues certainly helped, but we also saw growth in our core advertising categories, all of which contributed to Emmis having its strongest quarter in four years.  New York and Indianapolis both outperformed their markets and continue to produce strong ratings, which should help sustain Emmis' revenue growth. That certainly appears to be the case in January and February, where both months are pacing up mid-to-high single digits."