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Quarterly profit, revenue slides at Emmis

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Emmis Communications Corp. reported a larger loss on lower revenue in its latest quarter, largely due to last year's sale of a group of radio stations and cheaper advertising rates.

The Indianapolis-based media company said Thursday morning that  it lost $5 million, or 13 cents per share, in the fiscal first quarter ended May 31 compared with $4.6 million, or 12 cents per share, in the year-ago period.

Revenue fell 7.1 percent, to $56.8 million.

Emmis attributed the revenue decline to the September 2011 sale of its portion of Merlin Media LLC to a private equity firm for $120 million. The stations are not considered discontinued operations because Emmis still retains a non-controlling equity ownership stake in them.

The two Chicago stations and one New York station involved in the Merlin sale accounted for $25.3 million in revenue in fiscal 2011, which ended Feb. 28, and a profit of $1.4 million, Emmis said.

Excluding the sale, radio revenue would have increased $700,000, or 1.8 percent, in the fiscal first quarter, Emmis said.

Total radio revenue for the quarter fell 11 percent, to $40.4 million, as the average rate per minute for advertising dipped 2.9 percent from the fiscal first quarter in 2011. Advertising minutes sold increased 4.9 percent.

Quarterly revenue from publishing operations increased 4 percent, to 16.4 million, mostly due to the strong performance of its Texas Monthly and Los Angeles Magazine publications, Emmis said.

Emmis owns 17 FM and two AM radio stations nationwide, and seven city and specialty magazines. Locally, it operates WFNI-AM 1070, WIBC-FM 93.1, WLHK-FM 97.1 and WYXB-FM 105.7, as well as Indianapolis Monthly magazine.

Company shares opened trading Thursday morning at $1.79, not far off their 52-week-high closing price of $1.84.
 

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  • Slide
    Sad, but it looks like a slow and steady decline for this Indy based company since they peaked around 1990.
  • Slide
    Sad, but it looks like a slow and steady decline for this Indy based company. They peaked about 22 years ago and have been sliding ever since.

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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