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Emmis Communications posts fiscal second-quarter earnings loss on weak revenue

CEO Jeff Smulyan said the fiscal third quarter is off to a ‘strong start’ with September revenues up 1% and October pacing up double digits
A man working the radio dial
The Indiana-based diversified media company is principally focused on radio broadcasting

Emmis Communications Corp (NASDAQ:EMMS), a diversified media company, principally focused on radio broadcasting, posted a fiscal second-quarter earnings loss on plummeting revenue.

The company, which operates 11 FM and 3 AM radio stations in New York, Los Angeles, Indianapolis, and Austin, reported a fiscal second-quarter earnings loss of $0.03 per share on revenue of $32.1 million. Revenue fell 25.2% compared to the same quarter a year ago. Emmis is best-known for creating the first 24-hour sports-talk radio station, WFAN, in New York.

The company said Emmis' radio net revenues for the second fiscal quarter were $30.7 million, down from $41.8 million in the prior year. “Sales of radio stations (KPWR in LA in August 2017 and four radio stations in St. Louis on April 30, 2018) make our reported results not comparable year-over-year,” said the company.

Emmis Communications CEO Jeff Smulyan pointed out that October was shaping up as the company’s “strongest month in four years” with a pick-up in revenue.

"Emmis' radio revenues were up 2% in both July and August, and Emmis' third quarter is off to a strong start with September revenues up 1% and October pacing up double digits, which would be our strongest month in four years," said Smulyan.

Emmis Communications stock fell 3.04% to close at $4.79 on Wednesday.

Contact Uttara Choudhury at [email protected]

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