Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEmmis Communications Corp. announced growing losses this morning in its fiscal third-quarter financial statements.
The Indianapolis media company said it lost $125.6 million in the period ended Nov. 30, compared to a loss of only $2.1 million in the same quarter a year ago. Emmis cited a non-cash impairment charge of $3.51 per share for the dismal results. Without them, it said, net income would have been 6 cents per share.
On a per-share basis, the loss was $3.45 in the latest period, compared to 21 cents last year.
Third-quarter revenue also fell, from $90.7 million last year to $85.1 million this year, a 6-percent decline.
The adjusted results exceeded analyst expectations of a 3-cent-per-share loss.
Emmis Chairman and CEO Jeff Smulyan found bright spots in the results.
“Despite crises at other media companies, Emmis continues to generate cash flow that is greater than two times its annual interest costs and had $63.6 million of cash on hand at the end of the third quarter,” he said in a statement. “I am confident that we are well-positioned for this downturn.”
The company suffered third-quarter revenue losses in both its radio and publishing divisions.
Radio revenue decreased 4 percent and publishing revenue fell 12 percent. Domestic radio net revenue dropped 8 percent.
Please enable JavaScript to view this content.