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SOURCE Emmis Communications Corporation
Emmis' radio stations continue to gain market share in first fiscal quarter
INDIANAPOLIS, July 12, 2018 /PRNewswire/ -- Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its first fiscal quarter ending May 31, 2018.
Emmis' radio net revenues for the first fiscal quarter were $26.4 million, down from $38.7 million in the prior year. Pro forma for all radio station sales, Emmis' first quarter radio revenues as reported to Miller Kaplan, which excludes barter revenues and syndication revenues, were down 4% in markets that were down 6%.
On April 30, the company finalized the sale of its St. Louis radio stations and used the net proceeds to repay credit facility debt, resulting in approximately $20 million of net credit facility debt outstanding.
"Emmis has made tremendous strides in paying down our debt and giving ourselves the financial flexibility to pursue new areas of growth," Jeff Smulyan, CEO & Chairman of the Board of Emmis said. "We see opportunities both inside and outside of traditional media as we look to transform the company in the coming months and years."
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 email@example.com. A digital playback of the call will be available until Thursday, July 19 by dialing 1-402-220-5339.
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.
About Emmis Communications
Emmis Communications Corporation (Nasdaq: EMMS) owns 11 FM and 3 AM radio stations in New York, Austin (Emmis has a 50.1% controlling interest in Emmis' 6 radio stations located there) and Indianapolis. Emmis developed and licenses TagStation®, developed NextRadio®, a smartphone application that marries over-the-air FM radio broadcasts with visual and interactive features on smartphones, and developed the DialReport®, a data attribution platform for the radio industry. Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions across multiple industries.
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 May 31,
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
Gain on sale of assets, net of disposition costs
Loss on debt extinguishment
Other income, net
Income before income taxes
Provision (benefit) for income taxes
Consolidated net income
Net income attributable to noncontrolling interests
Net income (loss) attributable to the Company
Basic net income (loss) per common share
Diluted net income (loss) 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 (LOSS):
Plus: Depreciation and amortization
Plus: Corporate expenses
Plus: Station noncash compensation
Plus/(less): Loss/(gain) on sale of assets, net of disposition costs
Station operating income (loss)
SELECTED BALANCE SHEET INFORMATION:
May 31, 2018
February 28, 2018
Total Cash and Cash Equivalents
Credit Agreement Debt
98.7FM Nonrecourse Debt
Other Nonrecourse Debt
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