06.26.01
EMMIS COMMUNICATIONS REPORTS 1ST Q RESULTS
BROADCAST CASH FLOW JUMPS 24.8%; EMMIS CONTINUES TO OUTPERFORM ITS MARKETS
Indianapolis - EMMIS Communications Corporation (NASDAQ: EMMS) today announced revenues and cash flow results for its first fiscal quarter ending May 31, 2001.
For its first fiscal quarter, EMMIS' broadcast cash flow (BCF) grew to $48.3 million from $38.7 million, a 24.8% increase over the same quarter in the previous year. EMMIS' after-tax cash flow (ATCF) was $17.1 million, a decrease of 22% from the same quarter of the prior year. ATCF per share in the first quarter was $0.36, down from $0.46 in the same quarter of the prior 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 first quarter, EMMIS' net revenue grew to $137.3 million from $100.5 million, a 36.6% increase over the same quarter of the prior year.
"Despite softening ad sales and difficult prior year comps, our entities continue to pull together and outperform their markets," EMMIS Chairman and CEO Jeff Smulyan said. "It is encouraging to see that in addition to our ratings and market shares increasing, EMMISÃ new company-wide emphasis on sales and training is beginning to make an impact."
During the first quarter, EMMIS completed an offering of senior discount notes resulting in $202.6 million of gross proceeds. The proceeds, after expenses, were used to complete the acquisition of three radio stations in Phoenix from Hearst-Argyle Television Inc. (NYSE: HTV) and to pay-down a portion of the company's credit facility. In addition, the company recently filed with the Securities and Exchange Commission a universal shelf registration statement that gives EMMIS and its subsidiaries the ability to issue up to $500 million in various debt or equity securities.
EMMIS' previously announced financial guidance for its Television Division for the fiscal year 2002 (March 1, 2001 - Feb. 28, 2002) assumed certain economic factors. However, in light of the challenging national advertising environment, particularly as it relates to television, EMMIS is reducing its previously announced guidance for that division. Financial guidance for EMMIS Radio and other divisions has not been changed, other than actual Q1 results.
| Estimates, in millions: |
Q1 2002 |
Q2 2002 |
Q3 2002 |
Q4 2002 |
FY 2002-Net Revenues (actual) |
| 65.4 |
72.6 |
77.2 |
62.2 |
277.4 |
| 53.8 |
52.4 |
58.6 |
50.9 |
215.7 |
| 18.1 |
20.6 |
21.6 |
17.9 |
78.2 |
| 0.1 |
0.1 |
0.2 |
0.3 |
0.7 |
| Total Net Revenues: |
137.4 |
145.7 |
157.6 |
131.3 |
572.0 |
| Broadcast Cash Flow: |
| 29.3 |
37.5 |
39.2 |
27.0 |
133.0 |
| 18.1 |
18.0 |
23.5 |
15.9 |
75.5 |
| 1.1 |
3.0 |
4.4 |
1.8 |
10.3 |
| (0.2) |
(0.2) |
(0.3) |
(0.2) |
(0.9) |
| Total BCF: |
48.3 |
58.3 |
66.8 |
44.5 |
217.9 |
| 0.36 |
0.48 |
0.59 |
0.32 |
1.74 |
EMMIS will host a conference call regarding this information on Tuesday, June 26 at 9 a.m. Eastern at 1.888.391.3141, with a replay available until Tuesday, July 3rd, at 1.800.469.5439, 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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