Emmis Swings to Quarterly Loss

Posted: Updated:
INDIANAPOLIS -

Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting a fiscal second quarter net loss of $373,000, compared to net income of $70 million during the same period last year. Chief Executive Officer Jeff Smulyan also announced the company plans to “dramatically reduce” the operations of its NextRadio and TagStation businesses after failing to form a consortium to own and operate them.

NextRadio is a smartphone app that lets users listen to traditional over-the-air FM radio using the device's FM chip. TagStation, billed as "the power behind NextRadio," is a cloud-based data system allowing radio stations to accurately play out their content, including commercial advertisements.

Smulyan says Emmis has been working to establish a consortium to run the businesses for the past several months.

“The participating companies envisioned using their collective scale and resources to build an attribution platform for the radio industry that would have provided the common language and measurement that radio advertisers are demanding," said Smulyan. "Unfortunately, the consortium has not been formed and these efforts appear to have been unsuccessful. Because Emmis is unwilling and unable to continue to fund the NextRadio and TagStation businesses as they are currently structured, we plan to dramatically reduce the operations of these businesses and explore other means of eliminating the operating losses from these businesses in the coming months."

Emmis says its reported results are not comparable year-over-year, due to the sales of its radio stations in Los Angeles and St. Louis. Smulyan says radio revenues were up in July, August, and September, while October is on pace to be the company's strongest month in four years.

You can connect to the full fiscal second quarter results from Emmis by clicking here

  • Perspectives

    • (photo courtesy of Conexus)

      October Celebrates Indiana’s Vibrant Manufacturing Industry

      Indiana is the most manufacturing intensive state in the country and more than a third of the state’s GDP comes from the industry. The health and wellness of Indiana’s economy is dependent on the state’s manufacturing industry. But Hoosiers face a challenge: it is expected that nearly a quarter of the current manufacturing workforce will be of retirement age in the next 10 years and we lack the generational workforce to make up that gap.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Regal Beloit is closing in Valparaiso. (photo courtesy; The Times of Northwest Indiana)

      Valpo Bearings Plant to Close, Eliminating 160+ Jobs

      Wisconsin-based Regal Beloit Corp. and the union representing workers have reached an agreement about the closing of a helicopter bearing factory in Valparaiso. According to our partners at The Times of Northwest Indiana, the decision will cost between 160 to 170 workers their jobs. 

    • (image courtesy of The Times of Northwest Indiana)

      U.S. Steel Updates Layoff Notice to State

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has updated the State of Indiana regarding its previously announced layoffs at the East Chicago Tin Mill. The company says 314, rather than 307, workers will be displaced when the mill is idled this fall. 

    • The Columbian Home Products plant was built in Terre Haute in 1902.

      Kitchenware Maker to Close in Terre Haute

      Illinois-based Columbian Home Products LLC has sent a letter to the State of Indiana saying it intends to close its plant in Terre Haute and lay off 82 workers. According to the WARN letter sent to the Indiana Department of Workforce Development, the layoffs will begin on December 1. 

    • The Lawn at White River State Park currently hosts concerts, but is not a permanent venue. (photo courtesy White River State Park)

      White River Park to Break Ground on Permanent Venue

      White River State Park in Indianapolis will Wednesday host a ground-breaking ceremony for a permanent concert venue on its concert lawn. The project, announced early last year, will include a permanent st...

    • Ingram Micro has more than 170 facilities throughout the world.

      Ingram Micro to Make Announcement

      Officials in Plainfield are set to make another economic development announcement Wednesday morning. Few details are available, however the Indiana Economic Development Corp. says executives from California-based Ingram Micro will take part in the announcement.