Emmis Releases Strong Quarterly Report
April 3, 2014

Emmis Communications has announced revenue results for its fourth fiscal quarter and full-year ending February 28, 2014, and the broadcaster reports that net revenues for Q4 were up 11 percent, from $29.1 million to $32.4 million. Excluding 98.7FM/New York, which is being programmed by ESPN pursuant to a Local Programming and Marketing Agreement (LMA), radio net revenues were up 12 percent. These results outperformed Emmis' local radio markets in which revenue growth improved 4 percent during the quarter.

As for the full year, radio net revenues were up 5 percent to $145.4 million, compared to $138.6 million in the prior year. These results also outperformed Emmis' local radio markets in which revenue growth improved 3 percent for the year.

"Fiscal 2014 marked the fourth consecutive year we have outperformed our local radio markets and the radio industry as a whole," commented President & CEO Jeff Smulyan. "Our strong operating performance is the result of sound strategy and its execution by a phenomenal workforce that makes me so proud. We are very excited about the addition of WBLS and WLIB in New York and the momentum behind NextRadio as we head into fiscal 2015."

Other numbers from Emmis showed that Q4 operating income was $0.7 million, compared to a loss of $0.4 million for the same quarter of the prior year. Emmis' station operating income for Q4 was $6.9 million, compared to $7.1 million for the same quarter of the prior year. For the full year, operating income was $22.2 million, compared to $16.5 million in the prior year. Emmis' station operating income in fiscal 2014 was $48.4 million, compared to $42.9 million in fiscal 2013.

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Manny Simon
VP/Adult Formats,
Republic Records

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