NEW YORK, August 5, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Emmis
Communications Corp. (NASDAQ: EMMS). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=EMMS
Highlights from our EMMS Report include:
- Top-line Overview - On July 09,
2015, Emmis Communications Corporation announced financial
results for its first quarter of fiscal 2016 ended May 31, 2015. The Company's radio net revenues
for Q1 were $42.6 million, down by
5.3% on a Y-o-Y basis from $45
million in Q1 FY15. On the Miller Kaplan basis, which
excludes barter revenues and syndication revenues, the Company's
stations were down 6% as against the local radio markets revenue
which declined 4.9% during the quarter. The management attributed
the shortfall relative to the markets to weakness in the spot
business. National spot was down 9% and markets down 6%. Emmis'
publishing net revenues for the quarter were $15.5 million as compared to $14.7 million reported in Q1 FY15, thereby
generating a y-o-y growth of 5.8%, driven primarily by strong
growth at Los Angeles, Texas
Monthly and Atlanta
magazines.
- Operational Performance - For the
first quarter, the Company reported operating income of
$7.6 million vis-à-vis $6.6 million reported in Q1 FY15. Emmis' station
operating income also increased 2% YoY to $13.6 million during the first quarter, from
$13.3 million in the same quarter of
the prior year. The Company's total station operating expenses
excluding depreciation and amortization expense and LMA fees
amounted to $45.5 million, an
increase of 6% YoY from $42.9 million
in Q1 2015. The management attributed the increase to certain
factors which increased spending associated with scaling the
Company's emerging technology segments which encompasses both
NextRadio and Digonex.
- Other Corporate Updates - On June
29, the Company had announced that its NextRadio app, which
provides a rich FM radio listening experience on smartphones and
tablets, is available to download on the Amazon App Store. Emmis
Communications informed that NextRadio is available on 40
smartphones and one tablet from Sprint, Boost Mobile and Virgin
Mobile. Additionally, NextRadio is also available on HTC and
Motorola's Moto G and E phones with all major wireless carriers.
Further, the Company informed that on July
2, the Seventh Circuit Court of Appeals unanimously affirmed
the lower court's ruling in a case regarding the Company's
preferred shares.
To find out how this influences our rating on Emmis
Communications Corp. read the full report in its entirety here:
http://www.aciassociation.com/?c=EMMS
--
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