Emmis Reports Q2 Revenue Increase
October 1, 2004
Emmis Communications experienced an eight percent increase for Q2 ending August 31, 2004. Net revenue was $166.8 million, up from $154.6 million for the same period last year.
Diluted earnings per share for Q2 was 23 cents compared to 14 cents for the same quarter last year. "In radio we outperformed our markets by four percent, while our television group had eight stations in eleven measured markets exceed their market revenue growth, said Jeff Smulyan, chairman and CEO of Emmis. Reported and pro forma television net revenues increased 10 percent. Operating income was $41.9 million, compared to $37 million for the same quarter last year. Net revenues for international radio were $4.8 million and station operating expenses for the quarter were $3.3 million. Depreciation and amortization was $11.3 million, down from 11.5 million for the same quarter in '03. Capital expenditures were $5.2 million, down from $5.8 million for the same period last year. Also, during Q2, as part of an agreement between Emmis and the FCC over indecency issues, the broadcaster made a voluntary contribution to the U.S. Treasury to the tune of $300,000, resulting in the commission dropping all inquiries and fines against Emmis concerning indecency-related issues.
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