04.30.00
EMMIS REPORTS RECORD 4TH Q AND YEAR-END RESULTS
4TH Q SAME STATION DOMESTIC RADIO REVENUE UP 20%; ATCF $.30
Indianapolis - EMMIS Communications Corporation (NASDAQ: EMMS) today announced record revenues and cash flow for its fourth fiscal quarter and the full fiscal year ending Feb. 29, 2000.
For the fourth quarter, EMMIS' net revenue - a key indicator of a media company's success - grew to $80.1 million from $58.7 million, a 36.5% increase over the same quarter the prior year. EMMIS' cash flow grew to $25.6 million, a 43.2% increase over the same quarter in the previous year.
On a same-station basis, net revenue for the quarter increased 15.4% and cash flow was up 31.4%. On a same-station basis, domestic radio revenue increased 20% for the quarter and broadcast cash flow increased 28%. After-tax cash flow on a consolidated basis in the fourth quarter increased to $.30 per share vs. $.25 in the same quarter of the prior year, a 20% increase.
"Our growth once again exceeded expectations, reflecting that each of our business segments continue to perform at the industry's highest levels," Chairman and CEO Jeff Smulyan noted. "Our performance in radio also indicates that the sector has gone to a new level for advertiser preference, and all indications are that next year will be another remarkable year for the medium."
"EMMIS is uniquely poised to grow dramatically - we look forward to an exciting and active year, especially in domestic radio," Smulyan concluded.
For the full fiscal year, net revenue grew to $325.3 million from $232.8 million, a 39.7% increase over the same period in the prior year. Cash flow for the period was $125.4 million, a 40.2% increase over the previous year. On a same-station basis, net revenue in the full fiscal year increased 14.4% and cash flow was up 24.6%. On a same station basis, radio revenue increased 19.1% over prior year and radio broadcast cash flow increased 25.5%. After-tax cash flow on a consolidated basis increased to $1.64 per share vs. $1.47 per share during the full fiscal year last year.
In this news release, 'same-station basis' refers to all stations owned by EMMIS as of Feb. 29, 2000, 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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