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SOURCE Emmis Communications Corporation
INDIANAPOLIS, Jan. 11, 2018 /PRNewswire/ -- Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its third fiscal quarter ending November 30, 2017.
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."
A conference call regarding earnings will be hosted today at 9 a.m. Eastern today by dialing 1-517-623-4891. Questions may be submitted via email to firstname.lastname@example.org. A digital playback of the call will be available until Thursday, January 18 by dialing 1-203-369-0773.
Emmis has included supplemental pro forma net revenues, station operating expenses, and certain other financial data on its website, www.emmis.com under the "Investors" tab.
Emmis generally evaluates the performance of its operating entities based on station operating income. Management believes that station operating income is useful to investors because it provides a meaningful comparison of operating performance between companies in the industry and serves as an indicator of the market value of a group of stations or publishing entities. Station operating income is generally recognized by the broadcast and publishing industries as a measure of performance and is used by analysts who report on the performance of broadcasting and publishing groups. Station operating income does not take into account Emmis' debt service requirements and other commitments, and, accordingly, station operating income is not necessarily indicative of amounts that may be available for dividends, reinvestment in Emmis' business or other discretionary uses.
Station operating income is not a measure of liquidity or of performance, in accordance with accounting principles generally accepted in the United States, and should be viewed as a supplement to, and not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Operating income is the most directly comparable financial measure in accordance with accounting principles generally accepted in the United States.
Moreover, station operating income is not a standardized measure and may be calculated in a number of ways. Emmis defines station operating income as revenues net of agency commissions and station operating expenses, excluding depreciation, amortization and non-cash compensation. A reconciliation of station operating income to operating income is attached to this press release.
The information in this news release is being widely disseminated in accordance with the Securities & Exchange Commission's Regulation FD.
Emmis Communications – Great Media, Great People, Great Service®
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis owns 15 FM and 3 AM radio stations in New York, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis' radio stations located there) and Indianapolis. Emmis also developed and licenses TagStation®, a cloud-based software platform that allows a broadcaster to manage album art, metadata and enhanced advertising on its various broadcasts, and developed NextRadio®, a smartphone application that marries over-the-air FM radio broadcasts with visual and interactive features on smartphones.
Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words "expect," "will" or "look" are intended to be, and are, by this Note, identified as "forward-looking statements," as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:
Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited, amounts in thousands, except per share data)
Three months ended November 30,
Nine months ended November 30,
Total net revenues
Station operating expenses excluding
depreciation and amortization expense:
Total station operating expenses excluding
depreciation and amortization expense
Corporate expenses excluding depreciation
and amortization expense
Depreciation and amortization
Impairment loss on intangible assets
Loss (gain) on sale of assets, net of disposition costs
Loss on disposal of property and equipment
Loss on debt extinguishment
Other income, net
Income before income taxes
Provision for income taxes
Consolidated net income
Net income attributable to noncontrolling interests
Net (loss) income attributable to the Company
Basic net (loss) income per common share
Diluted net (loss) income per common share
Basic weighted average shares outstanding
Diluted weighted average shares outstanding
Station operating income (See below)
Cash paid for income taxes, net
Cash paid for interest
Noncash compensation by segment:
COMPUTATION OF STATION OPERATING INCOME:
Plus: Depreciation and amortization
Plus: Corporate expenses
Plus: Station noncash compensation
Plus: Impairment loss on intangible assets
Plus/Less: Loss/Gain on sale of assets, net of disposition costs
Plus: Loss on disposal of property and equipment
Station operating income
SELECTED BALANCE SHEET INFORMATION:
November 30, 2017
February 28, 2017
Total Cash and Cash Equivalents
Credit Agreement Debt
98.7FM Nonrecourse Debt
Other Nonrecourse Debt
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