At first glance, one would believe that Emmis Communications had a disappointing fiscal Q2 2018. Total net revenue declined to $42.85 million, from $58.77 million. Publishing revenue sank, while the core radio revenue for the media company dipped to $41.76 million, from $45.97 million.
But, there’s more to the story. Emmis can’t compare year-over-year results because it no longer owns radio stations in Terre Haute, Ind., and in Los Angeles. The company has also shed much of its glossy publications since a failed attempt to go private led to tough decisions from the company led by founder and CEO Jeff Smulyan.
Pro forma, radio revenue is up in the just-completed quarter.