Emmis Reports 'Disappointing' Earnings

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Jeff Smulyan is CEO of Emmis Communications. Jeff Smulyan is CEO of Emmis Communications.
INDIANAPOLIS -

Indianapolis-based Emmis Communications is reporting a fiscal third quarter net loss of $279,000. In the same period last year, the company reported net income of $17.7 million but says the year-over-year results are not comparable due to the sales last year of several radio stations and publishing assets.

In January 2017, Emmis completed the $4.7 million sale of its four radio stations in Terre Haute. In August, the company sold its Power 106 radio station in Los Angeles to California-based The Meruelo Group for more than $80 million. Emmis also sold four of its publications in a $6.5 million deal in March.

In a news release Thursday, Chief Executive Officer Jeff Smulyan said, "Overall it was a disappointing quarter, but I am encouraged going forward by the ratings trends at our radio stations. This fiscal year, our radio stations have been growing their ratings vis-à-vis our competitors, which should manifest itself in better revenue performance in Q4 and into the next fiscal year."

Smulyan added continuing progress of the company's NextRadio service is another bright spot for Emmis. You can connect to the full fiscal third quarter earnings report by clicking here.

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