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Emmis: A ‘Remarkable’ Quarter

Emmis: A 'Remarkable' Quarter

Emmis Communications Corp. said broadcast cash flow was up 36% and net revenue was up 12% in the third fiscal quarter, compared to the same period last year.
BCF was $67.8 million, net revenue was $155.5 million.
“This really was a remarkable period for our company,” stated Jeff Smulyan, chairman and CEO. “We have continued to dramatically de-lever our balance sheet, and our New York radio performance has seen a tremendous rebound. Our television group has performed spectacularly.”
The company said the numbers “significantly” exceeded its previous guidance and Wall Street estimates.
Domestic radio net revenue was up 7% on a pro forma basis.