INDIANAPOLIS, Oct. 12, 2017 /PRNewswire/ — Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its second fiscal quarter ending August 31, 2017.
Emmis’ radio net revenues for the second fiscal quarter were $41.8 million, compared to $46.0 million in the prior year. Due to the sale of our Terre Haute radio stations in January 2017 and KPWR-FM in Los Angeles in August 2017, our reported results are not comparable year-over year. Pro forma for these station divestitures, radio revenues for our second fiscal quarter would have been up 2%. Emmis’ New York, Austin and St. Louis clusters gained market share in the quarter.
The sale of KPWR closed on August 1, 2017. Net proceeds of $73.6 million were used to reduce credit facility term loans outstanding by nearly one-half. The balance of term loans outstanding as of quarter-end was $74.4 million.
“There were bright spots this quarter, especially in New York, as our second quarter results were buoyed by record-setting ticket sales for Hot 97’s marquee event, Summer Jam, and Hot 97 has been the #1 rated station in the 18-34 demo for each of the last three months,” said Jeff Smulyan, CEO & Chairman of the Board of Emmis.
“Rapid progress continues on multiple fronts with NextRadio. Streaming versions for Android and Apple devices launched in July, making the NextRadio app available on every smartphone,” Smulyan continued. “Usage has jumped sharply following this product enhancement. We recently introduced the revamped Dial Report, which provides unique data insights and attribution measurement for radio users. In August, NextRadio announced an agreement with LG for FM-enablement across North and South America. Look for other major announcements on this front in the coming months.
“And in the wake of the destruction caused by Hurricanes Harvey, Irma and Maria, Federal Communications Chairman Ajit Pai and other industry leaders have publicly called upon Apple to activate the FM…