Emmis Communications Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2012
January 10, 2013 at 06:00 am
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Emmis Communications Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2012. For the quarter, the company reported total net revenues were $53,414,000 compared to $53,568,000 for the same period a year ago. Operating income was $8,528,000 compared to $3,560,000 for the same period a year ago. Income before income taxes and discontinued operations was $2,954,000 compared to $30,105,000 for the same period a year ago. Income from continuing was operations were $1,842,000 compared to $58,807,000 for the same period a year ago. Net income attributable to the company was $4,600,000 compared to $57,633,000 for the same period a year ago. Net income attributable to common shareholders was $4,600,000 compared to $110,865,000 for the same period a year ago. Diluted net income per common share from continuing operations was $0.02 compared to $1.26 for the same period a year ago. Diluted net income attributable to common shareholders was $0.10 compared to $1.26 for the same period a year ago. Pro forma net revenues were $50,837,000 compared to $50,746,000 for the same period a year ago.
For the nine months, the company reported total net revenues were $161,318,000 compared to $169,714,000 for the same period a year ago. Operating income was $18,386,000 compared to $11,395,000 for the same period a year ago. Loss before income taxes and discontinued operations was $1,742,000 compared to income before income taxes and discontinued operations $24,951,000 for the same period a year ago. Income from continuing was operations were $2,705,000 compared to $54,283,000 for the same period a year ago. Net income attributable to the company was $39,456,000 compared to $49,574,000 for the same period a year ago. Net income attributable to common shareholders was $37,650,000 compared to $97,720,000 for the same period a year ago. Diluted net loss per common share from continuing operations was $0.07 compared to diluted net income per common share from continuing operations of $1.10 for the same period a year ago. Diluted net income attributable to common shareholders was $0.97 compared to $1.08 for the same period a year ago. Pro forma net revenues were $153,278,000 compared to $151,347,000 for the same period a year ago.
Emmis Corporation (Emmis), formerly Emmis Communications Corporation, is an entrepreneurial company. The Company is an owner and operator of media, sports, entertainment, and other diversified operations. The Company owns and operates Lencore Acoustics, a sound masking technology for professional environments and operates one amplitude modulation (AM) radio station in New York, and an additional frequency modulation (FM) station in New York operated by Entertainment and Sports Programming Network (ESPN). Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions to national brands across multiple industries. It also has an investment in Anzu, an intrinsic in-game advertising solution for personal computer (PC), console, mobile, and cloud-based video games.