NEW YORK, August 5, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Emmis Communications Corp. (NASDAQ: EMMS). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=EMMS
Highlights from our EMMS Report include:
- Top-line Overview - On July 09, 2015, Emmis Communications Corporation announced financial results for its first quarter of fiscal 2016 ended May 31, 2015. The Company's radio net revenues for Q1 were $42.6 million, down by 5.3% on a Y-o-Y basis from $45 million in Q1 FY15. On the Miller Kaplan basis, which excludes barter revenues and syndication revenues, the Company's stations were down 6% as against the local radio markets revenue which declined 4.9% during the quarter. The management attributed the shortfall relative to the markets to weakness in the spot business. National spot was down 9% and markets down 6%. Emmis' publishing net revenues for the quarter were $15.5 million as compared to $14.7 million reported in Q1 FY15, thereby generating a y-o-y growth of 5.8%, driven primarily by strong growth at Los Angeles, Texas Monthly and Atlanta magazines.
- Operational Performance - For the first quarter, the Company reported operating income of $7.6 million vis-à-vis $6.6 million reported in Q1 FY15. Emmis' station operating income also increased 2% YoY to $13.6 million during the first quarter, from $13.3 million in the same quarter of the prior year. The Company's total station operating expenses excluding depreciation and amortization expense and LMA fees amounted to $45.5 million, an increase of 6% YoY from $42.9 million in Q1 2015. The management attributed the increase to certain factors which increased spending associated with scaling the Company's emerging technology segments which encompasses both NextRadio and Digonex.
- Other Corporate Updates - On June 29, the Company had announced that its NextRadio app, which provides a rich FM radio listening experience on smartphones and tablets, is available to download on the Amazon App Store. Emmis Communications informed that NextRadio is available on 40 smartphones and one tablet from Sprint, Boost Mobile and Virgin Mobile. Additionally, NextRadio is also available on HTC and Motorola's Moto G and E phones with all major wireless carriers. Further, the Company informed that on July 2, the Seventh Circuit Court of Appeals unanimously affirmed the lower court's ruling in a case regarding the Company's preferred shares.
To find out how this influences our rating on Emmis Communications Corp. read the full report in its entirety here: http://www.aciassociation.com/?c=EMMS
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