Emmis reports first quarter results: Revenue up 6%, operating income sees 536% boost
Emmis Communications released its first quarter financial results for the three months ended May 31 on Friday morning, and a proud Jeff Smulyan declared himself pleased with the company's performance.
The Indianapolis-based company, which owns stations in Terre Haute and Indiana's capital, as well as elsewhere, saw its revenue for the quarter grow by six percent (from $34.9 million to $36.9 million). The company pointed out that the result outpaced Emmis' local markets, which grew by just five percent.
For the first fiscal quarter of the year, Emmis' operating income increased a whopping 536% to $7.0 million (versus $1.1 million one year ago), while station operating income for the first fiscal quarter was up 55% to $12.9 million, compared to $8.3 million for the same quarter of the prior year.
"Results like these are the reason that Emmis is known as one of the best operators of radio stations in the country," said Emmis president and CEO Jeff Smulyan. "In addition to our improving financial performance, our stations and magazines received a number of awards in our first fiscal quarter for community service and content excellence. I'm so proud of our Emmis team for its consistent track record of creativity, innovation and operating excellence."
In Indiana, Emmis owns and operates the following radio stations: WTHI-FM (99.9 FM, Terre Haute), WWVR (105.5 FM, West Terre Haute), WFNF (1130 AM, Brazil), WFNB (92.7 FM, Brazil), WFNI (1070 AM/107.5 FM, Indianapolis), WLHK (97.1 FM, Shelbyville), WIBC (93.1 FM, Indianapolis), WYXB (105.7 FM, Indianapolis), and Network Indiana, a statewide radio news and information network.