Emmis Communications Corporation today
announced results for its third fiscal quarter ending November 30,
2013.
Emmis' radio net revenues for the third
fiscal quarter were up 0.4%, and its publishing net revenues were up
9.8%. On a consolidated basis, total revenues for the quarter were
$52.6 million, compared to $50.9 million in the same quarter of the
prior year, an increase of 3.4%.
Diluted net income per common share
from continuing operations for the quarter was $0.09, compared to
$0.02 for the same quarter of the prior year.
For the third fiscal quarter, operating
income was $8.7 million, compared to $8.2 million in the same quarter
of the prior year. Emmis' station operating income for the third
fiscal quarter was $13.6 million, compared to $13.4 million in the
same quarter of the prior year.
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| Jeff Smulyan |
"The government shutdown in
October, coupled with nonrecurring political revenues from the prior
year, caused significant headwinds for us and the radio industry.
However, Emmis' ability to grow revenues despite these challenges is
a testament to the talent, ingenuity and hustle of the Emmis team,"
said Jeff Smulyan, President & CEO of Emmis.
"Our radio
revenues are rebounding in our fourth fiscal quarter as these
challenges have abated and our publishing division continues to post
impressive revenue gains. NextRadio, the Emmis-led industry
initiative to make FM broadcast radio available on mobile phones via
a pre-loaded app, continues to gain momentum and recently exceeded
100,000 activations. I'm excited about the progress we are making and
the momentum we have heading into calendar 2014."
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