Emmis Communications Corporation has announced results for its first fiscal quarter of 2018. Radio net revenues for the quarter were $26.4 million, down from $38.7 million in the prior year. Pro forma for all radio station sales, Emmis’ Q1 radio revenues as reported to Miller Kaplan, which excludes barter revenues and syndication revenues, were down four percent in markets that were down six percent.
On April 30, the company finalized the sale of its St. Louis radio stations and used the net proceeds to repay credit facility debt, resulting in approximately $20 million of net credit facility debt outstanding.
“Emmis has made tremendous strides in paying down our debt and giving ourselves the financial flexibility to pursue new areas of growth,” Jeff Smulyan, Emmis CEO/Chairman of the Board said. “We see opportunities both inside and outside of traditional media as we look to transform the company in the coming months and years.”