We Had A Very Very Good Quarter
Emmis CEO Jeff Smulyan was very upbeat about the future of Emmis yesterday. He told employees and investors "revenue for the company was up 3% overall, we exceeded budgets and ratings were up nicely." Smulyan spoke a lot about being able to pay down debt as a result of shedding some assets, like WRKS in New York. "This remarkable quarter has gotten us right to the finish line. I have a lot of friends who did not get through this. We got through it. You're going to see some things from Emmis that will surprise you."
Emmis isn't exactly out of the woods yet. On July 31st, its expected a court will rule on whether part of Emmis' restructure is legal. Some preferred shareholders that Smulyan referred to as the holdout group are challenging the restructure. And, a special shareholder meeting is being held on August 14th which will amount to a final vote on the restructure issue.
Emmis reported revenue of $40.3 million for the quarter. Those numbers are for the months March, April and May and it's about $5 Million less than a year ago. The decrease, according to Emmis, is "principally due to the July 15th, 2011 commencement of an LMA related to the Merlin Stations and the ultimate sale of a controlling interest in these stations on September 1, 2011." Those stations have not yet been classified as "discontinued operations." Emmis says when you take the Merlin stations out, the company would have increased net revenue by $700K. 50% of the Emmis revenue comes from properties in New York and L.A. Emmis says KPWR in L.A. outperformed the market while WRKS didn't perform as well in New York. WRKS has since been sold off.
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That $5 million probably went to developing that stupid iBiquity cell phone that no one cares about, and failed at getting a mandate. LOL!
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