Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting fiscal second quarter net income of $70 million, up from $355,000 during the same period last year. The company says the profit was bolstered by the completion of the sale of its Power 106 radio station in Los Angeles.
Chief Executive Officer Jeff Smulyan says the results also received a boost from record-setting ticket sales for the marquee event of the company’s New York station, Hot 97. He says efforts related to Emmis’ NextRadio brand are also progressing.
"Streaming versions for Android and Apple devices launched in July, making the NextRadio app available on every smartphone," said Smulyan. "Usage has jumped sharply following this product enhancement. And in the wake of the destruction caused by Hurricanes Harvey, Irma and Maria, Federal Communications Chairman Ajit Pai and other industry leaders have publicly called upon Apple to activate the FM chips inside iPhones. Apple is the only major device manufacturer yet to do so. We remain optimistic they will see the public safety necessity of this step."
Emmis is also reporting radio net revenues of $41.8 million, down from $46 million during the same quarter in 2016. The company says due to the sale of the Los Angeles station, in addition to the sale of its Terre Haute stations in January, its reported results are not comparable year-over-year.