Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting a fiscal first quarter net loss of $267,000, compared to net income of $2.7 million during the same period the previous year. Chief Executive Officer Jeff Smulyan says, despite the drop, the company’s outlook for the next quarter is good.
During the fiscal first quarter, Emmis agreed to sell its Power 106 radio station in Los Angeles in an $82.3 million deal. The agreement has received approval from the Federal Communications Commission and is expected to close within the next 30-60 days, which is expected to reduce Emmis’ senior credit facility debt by about 50 percent.
"Emmis made difficult but necessary decisions in our first fiscal quarter – decisions that give us additional flexibility to address market challenges and opportunities," said Jeff Smulyan, chief executive officer of Emmis. "Our second fiscal quarter started strong with June up 5%, as record-setting ticket sales for our largest concert, Summer Jam in New York, provided a nice boost. While early, both July and August are showing that our performance is improving."
Additionally, Emmis is reporting $38.7 million in radio net revenues for the fiscal first quarter, down from $42.7 million during the same quarter of 2016. You can connect to the full earnings report by clicking here.