Emmis Communications reports its financial results for the company's fiscal third quarter, which ended November 30, 2012. Pro forma for station divestitures, Emmis' domestic radio net revenues for the third fiscal quarter were up 5%. On a reported basis, total radio net revenues were up 1% and total net revenues were down slightly. On the reported basis, total radio net revenues increased to $37.2 million from $36.7 million in the year-ago period. Total net revenues are reported at $53.4 million as compared with $53.5 million. "I couldn't be more pleased with the company's outstanding operating performance," says Emmis Chairman and CEO Jeff Smulyan. "Emmis radio station's revenue growth continues to outpace its markets. While our markets were up one percent this quarter, Emmis stations saw an increase of five percent." Smulyan adds, "With the refinancing of our entire capital structure that was completed after our quarter-end, we have dramatically reduced our interest expense and increased our ability to generate free cash flow going forward, completing the transformation of Emmis." Station operating income during the quarter was $13.8 million, compared to $10 million for the same quarter a year earlier. Diluted net income per common share from continuing operations was $0.02, compared to $1.26 for the same quarter of the prior year. The decline is attributed primarily to the gain on the sale of stations WKQX-FM/Chicago, WLUP-FM/Chicago and WRXP-FM/New York to Merlin Media, coupled with related tax benefits recognized in the prior year.
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