Emmis Communications Corporation today announced results for its fourth fiscal quarter and full-year ending February 28, 2018.
Emmis’ radio net revenues for the fourth fiscal quarter were $28.4 million, down from $34.0 million in the prior year, a decrease of 16%. Pro forma for the sale of our Los Angeles and Terre Haute radio stations, Emmis’ fourth quarter radio revenues as reported to Miller Kaplan, which excludes barter revenues and syndication revenues, were down 1% in markets that were down 3%. Our New York and St. Louis clusters both grew their revenues in the quarter and outperformed their markets.
For the full year, radio revenues were $142.9 million compared to $165.1 million in the prior year, a decrease of 13%. For the full year, Emmis’ pro forma radio revenues as reported to Miller Kaplan were down 2%, narrowly missing the performance of its markets, which were down 1%.
On April 30, the company finalized the sale of its St. Louis radio stations, and after applying the net proceeds therefrom, has less than $20 million of net credit facility debt outstanding.
“In the last 12 months, we have paid down over $120 million of senior debt, leaving us on firm financial footing and providing flexibility as opportunities present themselves,” Jeff Smulyan, CEO & Chairman of the Board of Emmis said. “Ratings for our New York radio stations remain strong, and they are rebounding nicely in Indianapolis. The NextRadio team has done a tremendous job rolling out Dial Report, an industry-wide data attribution platform, and we believe it is uniquely positioned to meet the growing demand for robust analytics and insights into the behaviors of radio listeners.”