Like a lot of broadcast groups of late that have been adjusting their portfolio, the numbers that count for Emmis Communications are the pro forma ones, and for Emmis, they are comfortably in the black.
The company’s fiscal Q4 ended 2/28/13.
Reported radio net revenue was up 2% to $29.080M; if you discount results from the Merlin stations and WRKS-FM New York, net revenue improved 3% to $26.497M.
The company as a whole was up 2% on a pro forma basis to $43.301M.
Emmis noted that its 3% gain compared favorably to the 2.8% gain reported for the markets in which it operates as reported by Miller, Kaplan, Arase & Co.
Station operating income, on a pro forma basis, soared during the quarter, rising from $4.0M to $7.1M, a gain of 77.5%.
“Emmis is known for operational excellence, and I’m pleased to say this year was no different,” Jeff Smulyan, President & CEO of Emmis said. “For the second year in a row we have significantly outperformed our radio markets and the radio industry. Emmis finished the year as one of the least-levered and most financially sound radio operators in the country.”