Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting fiscal third quarter net income of $17.7 million, up from $5.5 million during the same period last year. Despite the increase, the company reported drops in net revenue for its radio and publishing divisions.
The company says the increase in income was due to the sale of Texas Monthly magazine, which closed in the fiscal third quarter. Radio revenues were down 1.8 percent while markets were up 2.5 percent. Publishing net revenues dropped 18 percent in the fiscal third quarter.
"Emmis Radio is not accustomed to underperforming its markets," said Jeff Smulyan, chief executive officer of Emmis. "I was disappointed in our performance, but remain hopeful that recent ratings gains in Los Angeles and Austin, coupled with continued stellar performance in St. Louis, will lead to better performance in fiscal 2018."
Smulyan says the "general sluggishness" in the radio industry showcases a need for the company’s NextRadio smartphone app. He says the company recently reached an agreement with Sprint to keep the app preloaded on Android devices.