Emmis Announces First Quarter Earnings
Radio Net Revenues Up Slightly as Reported; Up 5% excluding Los Angeles
INDIANAPOLIS, July 7, 2016 /PRNewswire/ — Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its first fiscal quarter ending May 31, 2016.
Emmis’ radio net revenues for the first fiscal quarter were up fractionally, from $42.6 million to $42.7 million. Excluding the company’s radio station in Los Angeles, which is being negatively affected by a recent format competitor, Emmis’ radio net revenues would have been up 5% in the quarter. Per Miller Kaplan reporting, radio revenues in Emmis’ markets were up 3% in the quarter with and without Los Angeles.
For the first fiscal quarter, operating income was up 13%, from $7.6 million to $8.6 million, primarily due to cost reductions the company implemented in January 2016.
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