Emmis Communications saw a drop of 16.4 percent in its broadcast cash flow in the third quarter, and a drop of 4.5 percent in net revenue, compared to the same period a year earlier. Net revenue was $137.1 million.
After-tax cash flow dropped 34.9 percent.
CEO Jeff Smulyan blamed the impact of Sept. 11 and the general weakness in the advertising environment, but said “I remain optimistic given that we continue to outperform our radio markets.”
The company expects to save $14 million in cash over the coming year thanks to a 10 percent wage cut it announced in November.
Emmis Revenue, Cash Flow Down in Q3
Emmis Revenue, Cash Flow Down in Q3
