Emmis Communications Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended February 28, 2018; Reports Impairment Loss on Intangible Assets for the Fourth Quarter Ended February 28, 2018; Provides Revenue Guidance for the First Quarter of Fiscal Year 2019 and CapEx Guidance for the Fiscal Year 2019
May 10, 2018 at 06:07 am
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Emmis Communications Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended February 28, 2018. For the quarter, the company reported total net revenues of $30,130,000 compared to $43,493,000 a year ago. Operating loss was $567,000 compared to $5,499,000 a year ago. Loss before income taxes was $3,485,000 compared to loss of $10,032,000 a year ago. Net income attributable to the company was $12,718,000 or $0.99 per diluted share compared to loss of $7,578,000 or $0.62 per basic and diluted share a year ago. The company invested $0.6 million in CapEx.
For the year, the company reported total net revenues of $148,487,000 compared to $214,568,000 a year ago. Operating income was $90,797,000 compared to $31,908,000 a year ago. Income before income taxes was $73,027,000 compared to $13,110,000 a year ago. Net income attributable to the company was $82,129,000 or $6.50 per diluted share compared to $13,119,000 or $1.07 per diluted share a year ago. The company invested $1.8 million in CapEx.
For the fourth quarter ended February 28, 2018, the company reported impairment loss on intangible assets of $265,000 compared to $6,855,000 a year ago.
For the first quarter of 2018, the company expects radio revenues pro forma for all asset divestitures to be down low to mid-single digits as compared to the prior year.
The company expects capital expenditures in fiscal 2019 to be less than $1 million.
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.
Emmis Communications Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended February 28, 2018; Reports Impairment Loss on Intangible Assets for the Fourth Quarter Ended February 28, 2018; Provides Revenue Guidance for the First Quarter of Fiscal Year 2019 and CapEx Guidance for the Fiscal Year 2019