Emmis Communications Corporation has announced results for its fourth fiscal quarter and full-year ending February 28, 2019.
Emmis’ radio net revenues for the fourth fiscal quarter were $22.2 million, down from $28.4 million in the prior year, a decrease of 22 percent. Pro forma for the sale of the company’s Los Angeles and St. Louis radio stations, Emmis’ fourth quarter pro forma radio revenues per Miller Kaplan were down four percent, in markets that were up three percent.
For the full year, radio revenues were $108 million compared to $142.9 million in the prior year, a decrease of 24 percent. For the full year, Emmis’ pro forma radio revenues as reported to Miller Kaplan were down two percent, narrowly missing the performance of its markets, which were down one percent.
“While the fourth quarter didn’t finish as strongly as we would have liked, we are seeing significant strength as we commence the new fiscal year. Emmis’ first fiscal quarter is pacing up 5%, and ticket and sponsorship sales for Hot 97‘s Summer Jam, Emmis’ largest event which occurs in June, are pacing well ahead of last year,” Jeff Smulyan, CEO/Chairman of the Board of Emmis said. “Our renewed focus on digital is bearing immediate fruit, with Q1 digital revenues pacing up 50%. Ratings remain strong across all our brands and I’m confident that our ratings success will allow us to sustain this growth.”
“With the scaling down of NextRadio that occurred last year, coupled with the company’s recent refinancing, Emmis has one of the best balance sheets in the radio industry, which has been enhanced by our strong operational start to this fiscal year,” Smulyan concluded.