06.24.99
EMMIS COMMUNICATIONS POSTS ANOTHER RECORD QUARTER
1ST Q RESULTS INDICATE EMMIS DELIVERS WITH RADIO AND TV GROWTH; AHEAD OF EXPECTATIONS AND INDUSTRY
Indianapolis - EMMIS Communications Corporation (NASDAQ: EMMS) today announced record revenues and cash flow for its first fiscal quarter, marking four consecutive quarters of double digit same-station revenue growth for the company.
For its first quarter, ending May 31, 1999, EMMIS posted net broadcasting/publishing revenue of $72.4 million vs. $44.6 million, a 62% increase over the same quarter in 1998. Broadcast/publishing cash flow grew to $26.9 million, a 60% increase over the previous year. On a same-station basis, net revenue in the quarter increased 12% and broadcast/publishing cash flow was up 23%. Specifically on a same-station basis, domestic radio revenue increased 14% for the quarter. On a consolidated basis, after-tax cash flow in the first quarter increased to 76 cents per share vs. 60 cents in the prior years quarter, a 27% increase.
EMMIS growth is exceeding projections from each of our business units - again, EMMIS Chairman and CEO Jeff Smulyan said. Our same-station radio and television numbers are outpacing our peers. In fact, EMMIS television properties posted a 7% increase in net revenue a remarkable result considering they are new to the EMMIS family. We are clearly realizing the value of our television acquisitions, despite the competitive nature of the marketplace.
With our high margins and strong growth, EMMIS continues to be the best broadcasting value on Wall Street, Smulyan continued. Across the board, EMMIS is firing on all cylinders, delivering as we said we would.
On June 3, EMMIS entered into an agreement to purchase WKCF-TV, one of the strongest WB affiliates in the country, in the high-growth market of Orlando. WKCF-TV will be the seventh television station that EMMIS owns. The closing is expected in the third quarter, subject to approvals from the Federal Communications Commission and other regulatory agencies.
In this news release, same-station basis refers to all stations owned by EMMIS as of May 31, 1999, and compares those stations results for the period one year earlier. For periods when the stations were not operated by EMMIS, the revenues and broadcast cash flows for the stations represent historical operating results under previous ownership.
Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis' 18 FM and 3 AM domestic radio stations serve the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Indianapolis and Terre Haute, IN. In addition, Emmis owns two radio networks, three international radio stations, 15 television stations, award-winning regional and specialty magazines, and ancillary businesses in broadcast sales and publishing. In February, the company entered into agreements to sell its two Denver radio stations. Those sales are pending.
The information in this news release is being widely disseminated in accordance with Regulation FD, recently adopted by the Securities and Exchange Commission.
Certain statements included above which are not statements of historical fact, including financial data for quarters or other periods that are not yet completed and statements identified with the words "continues," "expect," "will," or "would" are intended to be, and are, identified as "forward-looking statements," as defined in the Securities and Exchange Act of 1934, as amended, and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Emmis to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others, general economic and business conditions; fluctuations in the demand for advertising; increased competition in the broadcasting industry; including the implementation of competing formats in large markets; inability to complete our pending divestitures; changes in the costs of programming; changes in interest rates; inability to grow through suitable acquisitions, including the desired radio; future terrorist attacks or other large scale disasters; and other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
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