Debt Repayment Leads to Strong Year For Emmis

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INDIANAPOLIS -

Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting fiscal full-year net income of $82.1 million, up from $13.1 million the previous year. Chief Executive Officer Jeff Smulyan says the company paid more than $120 million in debt during the year, leaving it on "firm financial footing."

Emmis says the sales of its Los Angeles and Terre Haute radio stations contributed to the debt repayment efforts. Smulyan says the effort has provided flexibility for the company as opportunities present themselves.

"Ratings for our New York radio stations remain strong, and they are rebounding nicely in Indianapolis," Smulyan said in a news release. "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."

Emmis recently completed the sales of its St. Louis radio stations. As a result, the company says it has less than $20 million in outstanding debt.

The company is also reporting fiscal fourth quarter net income of $12.7 million, compared to a net loss of $7.6 million during the same period a year earlier. You can connect to the full earnings report by clicking here.

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