Quarterly, yearly losses widen for Emmis-WEB ONLY

Emmis Communications Corp. this morning reported a big fiscal fourth-quarter loss as revenue fell 20 percent from a year earlier.

The Indianapolis-based radio-broadcasting and magazine-publishing company lost $158.5 million, or $4.29 per share, in the fourth quarter ended Feb. 28 on revenue of $68.5 million. That compares to a loss of $18 million, or 52 cents per share, on revenue of $85.4 million in last year’s fourth quarter.

The loss was primarily due to a “non-cash impairment charge of $163.2 million, a valuation allowance for deferred tax assets of $29.4 million and lower net revenues,” Emmis said.
The company’s quarterly net radio revenue decreased 18 percent and its publishing net revenue fell 26 percent compared to the same period a year earlier.
For the fiscal year, the company lost $283.9 million, or $7.81 per share, compared to a loss of $10.3 million, or 74 cents per share, the previous year.
Fiscal-year revenue fell to $333.9 million, down 7 percent from the year before.
Despite the growing losses, Emmis CEO Jeff Smulyan said the company was well-positioned “for the inevitable rebound in our radio and publishing operations.”

“Across our properties, we see signs that the operating environment is slowly improving,” he said in a statement.

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