Emmis Communications Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 31, 2018; Provides Capital Expenditures for the Full Year 2018
October 11, 2018 at 11:03 am
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Emmis Communications Corporation announced unaudited consolidated earnings results for the second quarter and six months ended August 31, 2018. For the quarter, the company reported total net revenues were $32,056,000 against $42,848,000 for the same period a year ago. Operating income was $2,457,000 against $82,219,000 for the same period a year ago. Income before income taxes was $778,000 against $75,159,000 for the same period a year ago. Consolidated net income was $432,000 against $70,765,000 for the same period a year ago. Net loss attributable to the company was $373,000 against net income attributable to the company of $69,957,000 for the same period a year ago. Basic and diluted loss per share was $0.03 against diluted earnings per share of $5.59 for the same period a year ago. Capital expenditures were $84,000 against $441,000 for the same period a year ago.
For six months, the company reported total net revenues were $60,062,000 against $83,012,000 for the same period a year ago. Operating income was $37,692,000 against $87,432,000 for the same period a year ago. Income before income taxes was $32,617,000 against $75,709,000 for the same period a year ago. Consolidated net income was $24,671,000 against $71,337,000 for the same period a year ago. Net income attributable to the company was $23,112,000 against $69,690,000 for the same period a year ago. Diluted earnings per share were $1.71 against $5.59 for the same period a year ago. Capital expenditures were $104,000 against $838,000 for the same period a year ago.
For the fiscal year 2018, The company expects capital expenditures to be less than $1 million.
Emmis Corporation (Emmis), formerly Emmis Communications Corporation, is an entrepreneurial company. The Company is an owner and operator of media, sports, entertainment, and other diversified operations. The Company owns and operates Lencore Acoustics, a sound masking technology for professional environments and operates one amplitude modulation (AM) radio station in New York, and an additional frequency modulation (FM) station in New York operated by Entertainment and Sports Programming Network (ESPN). Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions to national brands across multiple industries. It also has an investment in Anzu, an intrinsic in-game advertising solution for personal computer (PC), console, mobile, and cloud-based video games.
Emmis Communications Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 31, 2018; Provides Capital Expenditures for the Full Year 2018