Emmis Communications Corporation: A Look Back at Strong Fiscal Performances
In the ever-evolving landscape of the radio industry, Emmis Communications Corporation has consistently demonstrated robust financial performance and strategic execution. In this blog post, we look back to assess Emmis’s impressive financial performance for the fiscal year ending February 2014. This period marked the fourth consecutive year of outperforming local radio markets and the industry as a whole. The corporation’s success is attributed to sound strategies, dedicated workforce, and the exciting addition of WBLS and WLIB in New York. Let’s delve deeper into the company’s financial results, operating income, and other activities during this period.
Fiscal Year Financial Performance
Emmis announced an 11% increase in radio net revenues for the fourth fiscal quarter, from $29.1 million to $32.4 million. Excluding 98.7FM in New York, which is programmed by ESPN, radio net revenues saw a 12% increase. For the full year, radio net revenues were up 5% to $145.4 million. Publishing net revenues were also up 4% for the year.
Operating Income
The operating income for the fourth fiscal quarter was $0.7 million, a significant improvement from a loss of $0.4 million the previous year. For the full year, the operating income was $22.2 million, an increase from $16.5 million in the prior year.
Noteworthy Activities
During the fourth fiscal quarter, Emmis reversed most of the valuation allowance previously recorded against its deferred tax assets, resulting in a benefit for income taxes of approximately $35 million. Emmis also started providing programming and selling advertising at WBLS and WLIB in New York under a Local Programming and Marketing Agreement (“LMA”) in March 2014.
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