Emmis Communications Corp. on Thursday announced quarterly results that “disappointed” CEO Jeff Smulyan.
The Indianapolis-based media firm said revenue in the fiscal third quarter ended Nov. 30 fell 5.5 percent, to $56.3 million, down from $59.6 million in the third quarter of 2015.
Quarterly profit, however, jumped to $17.7 million, or $1.46 per share, from $5.5 million, or 50 cents per share, a year ago, thanks to the $25 million sale of Texas Monthly magazine, which closed during the quarter,
The Texas Monthly sale helped Emmis boost operating income from $11.6 million in the third quarter last year to $23.8 million in the latest period
Emmis radio revenue dropped slightly, from $42.6 million to $42.5 million, and publishing revenue sank 18 percent, to $13.6 million. Excluding the Texas Monthly sale, publishing revenue was down 6 percent.
"Emmis Radio is not accustomed to underperforming its markets," Smulyan said in a written statement. "I was disappointed in our performance, but remain hopeful that recent ratings gains in Los Angeles and Austin, [Texas,] coupled with continued stellar performance in St. Louis, will lead to better performance in fiscal 2018.”
Emmis shares were down almost 8 percent Thursday morning, to $3.15 each.