- Emmis Communications (OTCPK:EMMS) is up 2.9% after posting Q3 results where it doubled reported profits Y/Y despite a significant decline in its flagship radio business
- Revenues fell 5% to $59.6M, but EPS rose to $0.12 from a year-ago $0.06 on a much smaller provision for income taxes ($889K vs. a year-ago $4.53M). The company said its Indianapolis, St. Louis and Austin clusters beat their markets, while the Los Angeles station, KPWR, made up most of its radio unit's shortfall after a key direct competitor launch.
- Revenue by segment: Radio, $42.6M (down 5.1%); Publishing, $16.7M (down 7%); Emerging technologies, $322K (up 116%).
- CEO Jeff Smulyan says the radio decline led the company to take steps yesterday including staff reductions and pay cuts for senior execs.
- Press release