Emmis sees 3Q losses widen
Losses for Indianapolis-based Emmis Communications widened during its fiscal third quarter.
Emmis said it lost $125.6 million, or $3.45 per share, in the three months ended Nov. 30, compared to a loss of $2.14 million, or 21 cents per share, in the same period a year ago.
Both radio and publishing divisions saw declines, with total revenues of $85.1 million, a 6 percent drop from $90.7 million earned in the same period last year.
Emmis cited non-cash charges and said without them, net income per share would have been 6 cents, compared to 4 cents for the same quarter last year.
On average, three analysts polled by First Call/Thomson Financial expected the company to report a loss per share of 3 cents; analysts polled by Bloomberg had estimated a loss of 4 cents per share.
"Despite crises at other media companies, Emmis continues to generate cash flow" and had $63.6 million of cash on hand, Emmis Chairman and CEO Jeff Smulyan said. "I am confident that we are well-positioned for this downturn."
Shares of the company closed up 8 percent Thursday to 39 cents per share, but were up double figures for most of today.
jeff smulyan, emmis communications, cash charges, downturn, declines, net income, crises, cash flow, 6 million, three months, Indianapolis, 1 million, losses, ceo, radio, Business, pmupdate, topstories, thomson financial
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