Emmis Reports 2Q Net Revenue Increases 3.5 Percent

Emmis Communications Corporation today announced results for its second fiscal quarter ending August 31, 2013.

Emmis' radio net revenues for the second fiscal quarter were up 3.5%, while the markets in which Emmis operates were up 3.3% during the quarter. Publishing net revenues were up 5.7% for the quarter. On a consolidated basis, total revenues for the quarter were $55.0 million, compared to $52.9 million in the same quarter of the prior year.

Diluted net income per common share from continuing operations for the quarter was $0.05, compared to a diluted net loss per common share from continuing operations of ($0.02) for the same quarter of the prior year.

Jeff Smulyan

For the second fiscal quarter, operating income decreased to $5.7 million from $7.6 million for the same quarter of the prior year due to higher noncash compensation expense, principally due to Emmis' 2012 Retention Trust, and higher legal costs related to the company's Hungarian ICSID claim. Emmis' station operating income for the second fiscal quarter was flat compared to the same quarter of the prior year at $13.2 million.

"It was an eventful quarter at Emmis as we heralded the successful launch of NextRadio and continued to outperform our radio markets," said Jeff Smulyan, President & CEO of Emmis. "Our ability to innovate on behalf of the radio industry, coupled with our focus on delivering successful near-term results, are a testament to the impact our high performing Emmis team can deliver."

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