03.29.01
EMMIS COMMUNICATIONS REPORTS 4TH QUARTER AND
YEAR-END RESULTS
EMMIS OUTPERFORMS ITS RADIO MARKETS FOR 7TH STRAIGHT QUARTER
Indianapolis - EMMIS Communications Corporation (NASDAQ: EMMS) today announced revenues and cash flow results for its fourth fiscal quarter and full fiscal year ending Feb. 28, 2001.
For its fourth fiscal quarter, EMMIS' after-tax cash flow (ATCF) grew to $14.9 million from $14.5 million, a 2.2% increase over the same quarter of the prior year. ATCF per share in the fourth quarter increased to $.31 from $.30 in the same quarter of the prior year, a 3.3% increase. EMMIS' broadcast cash flow (BCF) grew to $28.8 million from $25.6 million, a 12.3% increase over the same quarter in the previous year.
ATCF and BCF are important and widely used measurements of the operating performance of media properties, used by management and analysts to evaluate operating performance.
For the fourth quarter, EMMIS' net revenue grew to $117.4 million from $80.1 million, a 46.5% increase over the same quarter of the prior year.
"As we move into the next fiscal year, I remain confident in our ability to deliver strong operating results across our business units, despite a slowing economy," EMMIS Chairman and CEO Jeff Smulyan said. "We've already begun to see the added benefits of our new properties as evidenced by ratings, operating efficiencies and our relative market performance."
For the full fiscal year, net revenue grew to $470.6 million from $325.3 million, a 44.7% increase over the same period in the prior year. Broadcast cash flow grew to $174.2 million from $125.4 million, a 38.9% increase over the previous year. On a same-station basis, net revenue in the full fiscal year increased 7% and cash flow was up 10%. On a same-station basis, radio revenue increased 9% over prior year and radio broadcast cash flow increased 16%. ATCF on a consolidated basis increased to $1.96 per share vs. $1.64 per share during the full fiscal year last year. In this news release, "same-station basis" reflects results from stations and magazines operated under consistent formats during the period in both 2001 and 2000.
The company also announced that EMMIS Escrow Corporation, a wholly-owned subsidiary of EMMIS, closed on its offering of $202.6 million of gross proceeds of 12.5% Senior Discount Notes, due 2011. A portion of the net proceeds were used to fund the company's acquisition on Wednesday of three radio stations in Phoenix, Arizona Ð the nation's 15th largest radio market - from Hearst-Argyle Television Inc. (NYSE: HTV). The remainder will be used to pay-down a portion of the company's credit facility within in the next 120 days.
During the 4th quarter EMMIS announced the sale of Indianapolis radio station WTLC-AM (1310) and the intellectual property of WTLC-FM (105.7) to Radio One Inc. (Nasdaq: ROIAK and ROIA). EMMIS then launched soft adult contemporary radio station WYXB, "B105.7" on the 105.7 frequency Feb. 15th.
Also during the 4th quarter, the company announced the elimination of 120 positions in its 15-station Television Division. Many of the positions impacted were at television properties EMMIS purchased in October 2000 from Lee Enterprises, and involve the natural integration and the strategic reallocation of resources from Lee management to EMMIS management.
EMMIS will host a conference call regarding this information on Thursday, March 29 at 9 a.m. at 1.888.928.9122, with a replay available until Thursday, April 5th at 1.800.835.3804, or listen on-line by logging on to www.emmis.com.
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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