Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEmmis 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.
Please enable JavaScript to view this content.