Click here to close now.




















Welcome!

Microsoft Cloud Authors: Eric Aarrestad, Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White

News Feed Item

Emmis Pro Forma Domestic Radio Revenues up 5% in Third Quarter

Emmis' stations continue to outperform radio peers

INDIANAPOLIS, Jan. 10, 2013 /PRNewswire/ -- Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its third fiscal quarter ending 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.

"I couldn't be more pleased with the company's outstanding operating performance," Jeff Smulyan, Emmis Chairman & CEO, said. "Emmis radio station's revenue growth continues to outpace its markets.  While our markets were up 1 percent this quarter, Emmis stations saw an increase of 5 percent."

"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," Smulyan concluded.

Station operating income during the period was $13.8 million, compared to $10.0 million for the same quarter of the prior year.  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 due primarily to the gain on the sale of stations WKQX-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WRXP-FM (101.9 MHz, New York, NY) to Merlin Media coupled with related tax benefits recognized in the prior year.

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.

The following table reconciles reported results to pro forma results (dollars in thousands):



Three Months ended November 30,


%


Nine Months ended November 30,


%


2012


2011


Change


2012


2011


Change













Radio:












Reported net revenues

$            37,238


$            36,718


1%


$              118,085


$              126,292


-6%













Less:  Net revenues from Merlin
stations and WRKS (98.7FM)

(2,577)


(2,822)




(8,040)


(18,367)















Pro forma net revenues

$            34,661


$            33,896


2%


$              110,045


$              107,925


2%













Total Company:












Reported net revenues

$            53,414


$            53,568


0%


$              161,318


$              169,714


-5%













Less:  Net revenues from Merlin stations and WRKS (98.7FM)

(2,577)


(2,822)




(8,040)


(18,367)















Pro forma net revenues

$            50,837


$            50,746


0%


$              153,278


$              151,347


1%

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®

About Emmis Communications   
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 9th largest publicly traded radio portfolio in the United States based on total listeners. Emmis operates 19 FM and three AM radio stations in New York, Los Angeles, St. Louis, Austin, Indianapolis and Terre Haute, IN.

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:

  • general economic and business conditions;
  • fluctuations in the demand for advertising and demand for different types of advertising media;
  • our ability to service our outstanding debt;
  • increased competition in our markets and the broadcasting industry;
  • our ability to attract and secure programming, on-air talent, writers and photographers;
  • inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
  • increases in the costs of programming, including on-air talent;
  • inability to grow through suitable acquisitions or to consummate dispositions;
  • changes in audience measurement systems
  • new or changing regulations of the Federal Communications Commission or other governmental agencies;
  • competition from new or different technologies;
  • war, terrorist acts or political instability; and
  • other factors mentioned in documents filed by the Company with the Securities and Exchange Commission.

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, dollars in thousands, except per share data)














Three months ended November 30,


Nine months ended November 30,










2012


2011


2012


2011

OPERATING DATA:








  Net revenues:








    Radio

$                     37,238


$                    36,718


$                   118,085


$                 126,292

    Publishing

16,176


16,850


43,233


43,422

      Total net revenues

53,414


53,568


161,318


169,714

  Station operating expenses excluding








   depreciation and amortization expense:








    Radio

25,639


28,878


82,760


95,249

    Publishing

14,335


14,748


42,377


42,131

      Total station operating expenses excluding








          depreciation and amortization expense

39,974


43,626


125,137


137,380

  Corporate expenses excluding depreciation 








       and amortization expense

3,717


4,972


12,850


15,276

  Depreciation and amortization

1,416


1,410


4,201


4,871

  Impairment loss

-


-


10,971


-

  (Gain) loss on sale of assets

(221)


-


(10,227)


792









  Operating income 

8,528


3,560


18,386


11,395

  Interest expense

(5,754)


(4,341)


(19,198)


(16,194)

  Loss on debt extinguishment 

(56)


(525)


(1,141)


(2,003)

  Gain on sale of controlling interest in Merlin Media LLC

-


31,805


-


31,805

  Other (expense) income, net

236


(394)


211


(52)









  Income (loss) before income taxes and








   discontinued operations

2,954


30,105


(1,742)


24,951

  Provision (benefit) for income taxes

1,112


(28,702)


(4,447)


(29,332)









  Income from continuing operations

1,842


58,807


2,705


54,283

  Gain (loss) from discontinued operations, net of tax

3,794


(105)


40,266


(896)









  Consolidated net income

5,636


58,702


42,971


53,387

  Net income attributable to noncontrolling interests

1,036


1,069


3,515


3,813









  Net income attributable to the Company

4,600


57,633


39,456


49,574

  Gain on extinguishment of preferred stock

-


55,835


-


55,835

  Preferred stock dividends

-


(2,603)


(1,806)


(7,689)

  Net income attributable to common shareholders

$                       4,600


$                 110,865


$                     37,650


$                    97,720

















  Amounts attributable to common shareholders for basic earnings per share:







    Continuing operations

806


110,962


(2,616)


98,559

    Discontinued operations

3,794


(97)


40,266


(839)

      Net income attributable to common shareholders

4,600


110,865


37,650


97,720










  Amounts attributable to common shareholders for diluted earnings per share:







    Continuing operations

806


57,730


(2,616)


50,413

    Discontinued operations

3,794


(97)


40,266


(839)

      Net income attributable to common shareholders

4,600


57,633


37,650


49,574









  Basic net income (loss) per common share:








    Continuing operations

$                          0.02


$                        2.90


$                        (0.07)


$                        2.58

    Discontinued operations

0.10


-


1.04


(0.02)

      Net income attributable to common shareholders

$                          0.12


$                        2.90


$                          0.97


$                        2.56









  Diluted net income (loss) per common share:








    Continuing operations

$                          0.02


$                        1.26


$                        (0.07)


$                        1.10

    Discontinued operations

0.08


 

-


1.04


(0.02)

      Net income attributable to common shareholders

$                          0.10


$                        1.26


$                          0.97


$                        1.08









  Weighted average shares outstanding:








      Basic

38,976


38,219


38,871


38,210

      Diluted

45,728


45,647


38,871


45,950

















OTHER DATA:








  Station operating income (See below)

13,771


9,987


36,959


32,505

  Cash paid for taxes, net of refunds

617


354


1,348


1,277

  Cash paid for interest

2,461


8,765


17,838


20,742

  Capital expenditures

1,425


810


2,393


2,875









 Noncash compensation by segment:








           Radio

$                           195


$                           37


$                           485


$                         149

           Publishing

136


8


293


22

           Corporate

1,039


217


1,546


604

                  Total

$                       1,370


$                         262


$                       2,324


$                         775









COMPUTATION OF STATION OPERATING INCOME:








  Operating income 

$                       8,528


$                      3,560


$                     18,386


$                    11,395

  Plus:  Depreciation and amortization

1,416


1,410


4,201


4,871

  Plus:  Corporate expenses

3,717


4,972


12,850


15,276

  Plus:  Station noncash compensation

331


45


778


171

  Plus:  Impairment loss

-


-


10,971


-

  Less:  Gain (loss) on disposal of assets

(221)


-


(10,227)


792

  Station operating income

$                     13,771


$                      9,987


$                     36,959


$                    32,505

















SELECTED BALANCE SHEET INFORMATION:

November 30, 2012


February 29, 2012













Total Cash and Cash Equivalents

$                     11,175


$                      5,619





Credit Agreement Debt

$                     40,503


$                  203,843





Senior Unsecured Notes

$                     40,029


$                    33,860





98.7FM Nonrecourse Debt

$                     80,028


$                              -





SOURCE Emmis Communications Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.