Emmis Posts Flat Year-End Revenues
Publisher reports $13 million 4Q loss, continues digital expansion, CEO says.
Indianapolis-based Emmis Communications—publisher of regional titles such as Atlanta, Cincinnati and Texas Monthly—today reported its fiscal fourth quarter and year-end (2008) results, with the period ended February 29. Revenues were $361.2 million, flat over the prior year.
Fourth quarter revenues were $85.8 million, up 9 percent over the same period last year. The company reported a $13 million loss for the quarter, down from a $3.9 million gain during the same period last year.
Emmis’ publishing group reported year-end revenues of $83.5 million, up from $79.3 million during the prior year. In addition to its magazine operation, Emmis owns several radio stations across the country and abroad.
“Our Emmis team delivered great results during our fiscal fourth quarter under very difficult operating conditions,” said chairman and CEO Jeff Smulyan. “Through innovative efforts to architect media’s digital future … Emmis is continually investing in new ways to reinvent media.”
In March, FOLIO: learned that Emmis had put its lone non-regional magazine product, the Country Sampler Group, on the block . When contacted recently about the sale an Emmis spokesperson declined to comment.