Emmis: Q2 Net Revenues Rise $12 Million

Emmis Communications Corporation reported second quarter net revenues of $166.8 million for the period ending Aug. 31. That compares to $154.6 million for the same period a year ago.
“In radio, we outperformed our markets by 4%, while our television group had eight stations in eleven measured markets exceed their market revenue growth, said Emmis Chairman/CEO Jeff Smulyan. “We continue to gain audience share and lead our markets, which positions us for growth as the industry strengthens.”
On a pro forma basis, net revenue for the second fiscal quarter was $166.8 million, compared to $157.1 million for the same quarter of the prior year, an increase
of 6%. Diluted Earnings Per Share for the quarter was $.23 compared to diluted EPS of $.14 for the same quarter of the prior year.
For the second quarter, reported radio net revenues increased 8%, while pro forma radio net revenues increased 5%. Operating income was $41.9 million, compared to $37 million for the same quarter of the prior year.
International radio net revenues and station operating expenses for the quarter ended Aug. 31 were $4.8 million and $3.3 million, respectively.