Emmis steps up this morning


The first report of the quarterly cycle comes today as Emmis Communications reports on results for its fiscal Q1 (March-May). But with the company-specific problems Emmis has been battling, the company is no longer a bellwether for the radio industry, except that folks will be listening to hear what Jeff Smulyan says about the New York and LA markets.

Analyst Marci Ryvicker at Wachovia expects domestic radio revenues to be down 10% and international to be off 5%. That would make for consolidated revenues of 85 million (including publishing as well), which Ryvicker notes is in line with her analyst peers on Wall Street. With Emmis spending on promotion for stations in LA and NYC, those expenses are reducing cash flow in hopes of building future growth. Thus, Ryvicker expects EBITDA to be down around 40% to 13 million, also in line with the consensus.