Emmis Reports Strong Earnings For Fiscal Year

Emmis Communications Corporation today announced results for its fourth fiscal quarter and full-year ending February 28, 2015.

• Radio net revenues for the fourth fiscal quarter were $38.8 million, up from $32.3 million from the prior year, an increase of 20%. On a pro forma basis, Emmis' revenues reported to Miller Kaplan in the markets where Emmis competes (excluding barter and syndication revenue) were up 0.8% in markets down 2.5%.   
• For the full year, radio revenues were $176.3 million, compared to $145.3 million in the prior year, an increase of 21%.  On a pro forma basis, Emmis' revenues reported to Miller Kaplan in the markets where Emmis competes (excluding barter and syndication revenue) were up 1.6% in markets down 3.7%.

February marked the 15th consecutive month in which Emmis outperformed the markets in which it competes.  Every measured Emmis market outperformed for full year fiscal 2015. Emmis stations in New York, Los Angeles and Austin all outperformed their markets in the fourth fiscal quarter.

Jeff Smulyan

"Despite weakened markets and a challenged industry, Emmis once again outperformed.  The radio industry needs a catalyst for growth, and we are convinced we have it with NextRadio, the Emmis-developed free smartphone app that marries over-the-air local FM broadcasts with visual and interactive features," Jeff Smulyan, President & CEO of Emmis said.

The radio industry's consumer awareness campaign for NextRadio has had remarkable results, further validating the promotional power of radio.

"Consumers exposed to NextRadio overwhelmingly love it," Smulyan said. "Average Time Spent Listing (ATSL) per session on NextRadio is nearly double traditional listening, all major radio companies are supporting the effort, and we are adding 350,000 activations each month. The momentum is tremendous."

Station operating income (SOI) during the quarter was $6.7 million, compared to $6.9 million for the same quarter of the prior year. For the full year, SOI was $53.4 million, compared to $48.3 million in the prior year.