Emmis Communications CorporationNASDAQ
Thu, Oct. 13, 4:27 PM
- Emmis (NASDAQ:EMMS) is selling award-winning regional magazine Texas Monthly, for $25M.
- The publication is going to an affiliate of Genesis Park, a private-equity partnership tied to Texas' prominent Hobby family. "We are honored to be the third steward of this beloved Texas brand," says Paul Hobby.
- Emmis this summer had said it was exploring alternatives for its publishing arm (outside of Indianapolis Monthly). And it recently set deals to unload its radio stations in Terre Haute, Ind.
- The sale of Texas Monthly "allows us not only to de-lever our balance sheet, but puts TM in the capable hands of one of Texas' great families, the Hobbys," says Emmis CEO Jeff Smulyan. The company had owned the magazine since 1998.
- The deal's expected to close early next month.
Wed, Oct. 12, 4:26 PM
- Emmis (NASDAQ:EMMS) has reached deals to sell its Terre Haute, Ind., radio stations in three related transactions that will bring $5.2M.
- The media firm is selling WTHI-FM, WWVR-FM, WFNB-FM and WFNF-AM. Wisconsin-based Midwest Communications will pay $4.3M for the assets of WTHI and the intellectual property of WWVR.
- Meanwhile, the rest of the assets of WWVR, and all the assets of WFNF and WFNB, will be sold to DLC Media for $0.9M. And with Midwest running up against ownership-limit regulations, it will sell one of its stations, WDKE-FM, to DLC.
- The deal's subject to FCC approval and is expected to close early next year.
Thu, Oct. 6, 11:18 AM
- Emmis Communications (NASDAQ:EMMS) is off 0.7% after a rough quarter reflected in its fiscal Q2 results where net income tumbled as revenues took a turn down.
- Net income dropped to $335K from $4.39M; operating income declined to $4.9M from the year-ago $9.9M. The company had taken a $3M noncash impairment charge.
- Revenue by segment: Radio, $45.97M (down 3.3%); Publishing, $12.6M (down 13.5%); Emerging Technologies, $183K (down 44%).
- "Across the board, this was a difficult quarter," said Chairman/CEO Jeff Smulyan. "Third quarter radio revenues are currently pacing flat to the prior year. We are hopeful that we will see political advertising tailwinds strengthen as we move through October. We are increasing marketing spend at some of our largest brands to boost ratings and to give us a competitive advantage."
- Press Release
Thu, Oct. 6, 6:03 AM
Thu, Aug. 18, 4:20 PM
- Lightly traded Emmis Communications (EMMS -0.8%) says it's gotten a go-private offer from a company owned by its chairman and CEO.
- Jeff Smulyan owns E Acquisition Corp., and is the controlling shareholder of Emmis.
- E Acquisition has made a nonbinding offer to acquire outstanding publicly held shares of Emmis for $4.10/share in cash, which is a 3% premium over yesterday's close and is 3.5% over today's closing price.
- The deal includes a committed acquisition facility from an affiliate of Falcon Investment Advisors, and would include selling off non-core assets, which likely include its publishing division, WLIB-AM in New York and the radio stations in Terre Haute, Ind.
Thu, Jul. 7, 9:58 AM
- Emmis Communications (NASDAQ:EMMS) is up 6.5% today following Q1 earnings where operating income grew 13% and EPS doubled.
- Cost reductions from this year were the primary driver of income growth. Radio revenues were up fractionally, and would have been up 5% excluding Los Angeles, where its station is being "negatively affected by a recent format competitor."
- A drop in publishing revenues was affected by the timing of certain custom publications arriving in a later quarter this fiscal year.
- Revenue by segment: Radio, $42.7M (up 0.2%); Publishing, $13.1M (down 15.7%); Emerging Technologies, $211,000 (down 37%).
- The company is starting its annual meeting at 10 a.m., where it expects a one-for-four reverse split to be approved.
- Press Release
Thu, Jul. 7, 6:01 AM
Thu, May 5, 6:06 AM
- Emmis Communications (NASDAQ:EMMS): FQ4 EPS of -$0.21
- Revenue of $50.88M (-4.8% Y/Y)
Thu, Jan. 7, 11:03 AM
- Emmis Communications (NASDAQ: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.
Thu, Jan. 7, 6:03 AM
- Emmis Communications (NASDAQ:EMMS): FQ3 EPS of $0.12
- Revenue of $59.61M (-5.3% Y/Y)
Oct. 8, 2015, 9:45 AM
- Emmis Communications (NASDAQ:EMMS) is up 9.7% after fiscal Q2 results where most of the revenue gains came in its smaller publishing arm.
- Net income of $0.09/share was up 50% from $0.06. Radio revenues were flat (and down 0.5% in Miller Kaplan reporting), but outperformed a tough local radio market; the New York cluster was up 4.3% while the market was down 3.4%. Texas Monthly is pacing growth in a publishing segment that's up 4.6% YTD.
- Revenue by segment: Radio, $47.6M (down fractionally); Publishing, $14.6M (up 3.4%); Emerging technologies, $328K (up 190%).
- The company pointed to momentum for NextRadio, its initiative to make FM radio available on smartphones and tablets, noting AT&T and T-Mobile were added during the quarter.
Oct. 8, 2015, 6:02 AM
- Emmis Communications (NASDAQ:EMMS): FQ2 EPS of $0.09
- Revenue of $62.48M (+1.1% Y/Y)
Jul. 9, 2015, 3:59 PM
- Emmis Communications (NASDAQ:EMMS) is closing strong, up 19.8% after posting results from a "challenging quarter" where revenue slipped slightly overall, but rose in publishing, while CEO Jeff Smulyan pointed to Q2 radio revenues "pacing up low single digits."
- Diluted EPS of $0.03 outpaced last year's figure of $0.02 as operating income grew 15% on lower fees. Net income of $1.5M was up from the prior year's $956K.
- Smulyan also said its NextRadio initiative, to make FM broadcasts available on mobile devices, has "incredible momentum." Last week the app became available for download in the Amazon App Store.
- FQ1 results
Jul. 9, 2015, 6:14 AM
- Emmis Communications (NASDAQ:EMMS) reports publishing net revenues rose 5.8% to $15.53M driven by strong growth at Los Angeles, Texas Monthly and Atlanta magazines.
- Radio net revenue fell 5.3% to $42.59M.
- Station operating income rose 2% to $13.63M.
- FQ1 results
Jul. 9, 2015, 6:01 AM
- Emmis Communications (NASDAQ:EMMS): FQ1 EPS of $0.03
- Revenue of $58.45M (-2.1% Y/Y)
May 7, 2015, 6:07 AM
- Emmis Communications (NASDAQ:EMMS): FQ4 EPS of -$2.47
- Revenue of $53.43M (+13.8% Y/Y)