Emmis Full-Year Profit Rises
Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting fiscal year net income of $13.1 million, up from $2 million the previous year. The earnings report comes days after the company announced the $82 million sale of its Power 106 radio station in Los Angeles.
Emmis is also reporting a fiscal fourth quarter net loss of $7.6 million, compared to a loss of $9.5 million during the same period the previous year. The company completed the sale of five Terre Haute radio stations and four publications during the quarter.
Chief Executive Officer Jeff Smulyan says the decision to sell KPWR-FM in Los Angeles "was an extremely difficult one to make, but it allows us to dramatically reduce our indebtedness, leading to much needed financial flexibility during challenging times for the U.S. radio business." The company says net revenues for its radio business dropped 6.6 percent in the fiscal fourth quarter and 2.4 percent for the fiscal year.
The deal with California-based The Meruelo Group is expected to close before the end of the year. You can connect to the full earnings report by clicking here.