Emmis Communications Q3 radio net revenues up 29%
Article continues below
This includes reported revenue from New York's WBLS 107.5 FM and WLIB 1190 AM, which Emmis began operating pursuant to a Local Marketing Agreement (LMA) on March 1, 2014.
It is a credit to our employees that Emmis' stations again dramatically outperformed our markets.
Jeff Smulyan, president and CEO
Consistent with Miller Kaplan reporting, which excludes barter revenues and syndication revenues, Emmis' pro forma radio net revenues are pacing up mid-single digits for its fourth fiscal quarter.
For the third fiscal quarter, operating income was $13.1 million, compared to $8.7 million for the same quarter of the prior year. Emmis' station operating income for the third fiscal quarter was $18.1 million, compared to $14.1 million for the same quarter of the prior year.
"It is a credit to our employees that Emmis' stations again dramatically outperformed our markets, marking the 12th consecutive month of share gains. Power 106 in LA was up 18% in a flat market, and our New York cluster was up for the quarter and is now significantly outperforming the NY market," Jeff Smulyan, President and CEO of Emmis said.
"With an improving labor market and lower energy prices helping to put more money into the consumer's hands, we are excited about the economic backdrop as we head into 2015." ■