Jeff Smulyan says his company is “stronger and better positioned than ever before.”
The chairman and CEO of Emmis Communications announced the latest financials.
“Our radio division grew in ratings and share, turned back a serious competitive challenge in New York, and continued our market-leading position in Los Angeles. … TV Division revenues were up 14 percent and station operating income was up 31 percent, giving us among the highest growth rates in the television industry."
It its fourth fiscal quarter, station operating income was $37.6 million, up 23% from the same quarter of the prior year. On a pro forma basis, station operating income increased 24%. Net revenue for the quarter was $126.8 million compared to $118.6 million, an increase of 7%. Pro forma for the quarter was up 9%.
For the full year, net revenue grew 4% to $562.4 million; station operating income grew 15% to
$213.1 million. Pro forma net revenue grew 6% and station operating income grew 17%.
The company said the numbers “significantly exceed” its previous guidance as well as Wall Street estimates.
Earnings Per Share for the quarter lost 14 cents compared to a loss of 72 cents for the same quarter of the prior year.