Emmis First Company To Show Big Revenue Gains
CFO Pat Walsh called it, "A triumphant period for the company." Radio has been reporting flat to low single-digit growth quarter after quarter. Was Thursday the first of many positive earnings reports or a one-hit wonder? Emmis showed strong top-line revenue gains that could bode very well for the industry if these double-digit growth numbers are reported by others when they check in with Wall Street in the coming weeks.
Emmis' radio revenues for the fourth fiscal quarter (January to March 2014) were up 11 percent from $29.1 million to $32.4 million. Excluding 98.7FM in New York, which is being programmed by ESPN pursuant to an LMA, radio net revenues were up 12 percent. These results outperformed Emmis’ local radio markets in which revenue growth improved 4 percent during the quarter.
For the full year, radio net revenues were $145.4 million, compared to $138.6 million in the prior year, an increase of 5 percent. These results also outperformed Emmis’ local radio markets in which revenue growth improved 3 percent for the year.