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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Emmis Communications Corporation | NASDAQ:EMMS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.37 | 1.37 | 1.37 | 0 | 01:00:00 |
|
|
|
|
|
|
Large accelerated filer
|
|
o
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
|
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
ý
|
44,142,662
|
|
|
Shares of Class A Common Stock, $.01 Par Value
|
4,569,464
|
|
|
Shares of Class B Common Stock, $.01 Par Value
|
—
|
|
|
Shares of Class C Common Stock, $.01 Par Value
|
|
|
Page
|
|
|
|
|
|
Three Months Ended
May 31, |
||||||
|
2015
|
|
2016
|
||||
NET REVENUES
|
$
|
58,453
|
|
|
$
|
56,002
|
|
OPERATING EXPENSES:
|
|
|
|
||||
Station operating expenses excluding depreciation and amortization expense of $1,132 and $1,110, respectively
|
45,543
|
|
|
42,989
|
|
||
Corporate expenses excluding depreciation and amortization expense of $318 and $222, respectively
|
3,819
|
|
|
3,044
|
|
||
Depreciation and amortization
|
1,450
|
|
|
1,332
|
|
||
Total operating expenses
|
50,812
|
|
|
47,365
|
|
||
OPERATING INCOME
|
7,641
|
|
|
8,637
|
|
||
OTHER EXPENSE:
|
|
|
|
||||
Interest expense
|
(4,546
|
)
|
|
(4,690
|
)
|
||
Other income, net
|
10
|
|
|
43
|
|
||
Total other expense
|
(4,536
|
)
|
|
(4,647
|
)
|
||
INCOME BEFORE INCOME TAXES
|
3,105
|
|
|
3,990
|
|
||
PROVISION FOR INCOME TAXES
|
947
|
|
|
675
|
|
||
CONSOLIDATED NET INCOME
|
2,158
|
|
|
3,315
|
|
||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
633
|
|
|
629
|
|
||
NET INCOME ATTRIBUTABLE TO THE COMPANY
|
1,525
|
|
|
2,686
|
|
||
|
|
|
|
||||
NET INCOME PER SHARE - BASIC
|
$
|
0.04
|
|
|
$
|
0.06
|
|
NET INCOME PER SHARE - DILUTED
|
$
|
0.03
|
|
|
$
|
0.06
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
||||
Basic
|
43,217
|
|
|
47,070
|
|
||
Diluted
|
47,373
|
|
|
47,295
|
|
|
|
|
|
|
Three Months Ended
May 31, |
||||||
|
2015
|
|
2016
|
||||
CONSOLIDATED NET INCOME
|
$
|
2,158
|
|
|
$
|
3,315
|
|
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
633
|
|
|
629
|
|
||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
1,525
|
|
|
$
|
2,686
|
|
|
February 29,
2016 |
|
May 31,
2016 |
||||
|
|
(Unaudited)
|
|||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
4,456
|
|
|
$
|
4,284
|
|
Restricted cash
|
1,464
|
|
|
1,747
|
|
||
Accounts receivable, net
|
34,906
|
|
|
36,962
|
|
||
Prepaid expenses
|
7,413
|
|
|
9,309
|
|
||
Other current assets
|
3,452
|
|
|
2,129
|
|
||
Total current assets
|
51,691
|
|
|
54,431
|
|
||
PROPERTY AND EQUIPMENT, NET
|
33,843
|
|
|
33,136
|
|
||
INTANGIBLE ASSETS (NOTE 3):
|
|
|
|
||||
Indefinite-lived intangibles
|
205,129
|
|
|
205,129
|
|
||
Goodwill
|
14,697
|
|
|
14,697
|
|
||
Other intangibles, net
|
3,299
|
|
|
3,074
|
|
||
Total intangible assets
|
223,125
|
|
|
222,900
|
|
||
OTHER ASSETS, NET
|
7,947
|
|
|
8,182
|
|
||
Total assets
|
$
|
316,606
|
|
|
$
|
318,649
|
|
|
Class A
Common Stock
|
|
Class B
Common Stock
|
|
Series A
Preferred Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Deficit
|
|
Noncontrolling Interests
|
|
Total Deficit
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||||||||
Balance, February 29, 2016
|
41,609,601
|
|
|
$
|
416
|
|
|
4,569,464
|
|
|
$
|
46
|
|
|
866,319
|
|
|
$
|
9
|
|
|
$
|
589,483
|
|
|
$
|
(642,500
|
)
|
|
$
|
38,397
|
|
|
$
|
(14,149
|
)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,686
|
|
|
629
|
|
|
3,315
|
|
||||||||||||||
Issuance of common stock to employees and officers
|
107,369
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
655
|
|
|
|
|
|
|
656
|
|
|||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,187
|
)
|
|
(1,187
|
)
|
|||||||||||||||
Conversion of Series A Preferred Stock to Class A Common Stock
|
2,425,692
|
|
|
24
|
|
|
|
|
|
|
(866,319
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
15
|
|
||||||||||||
Balance, May 31, 2016
|
44,142,662
|
|
|
$
|
441
|
|
|
4,569,464
|
|
|
$
|
46
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
590,138
|
|
|
$
|
(639,814
|
)
|
|
$
|
37,839
|
|
|
$
|
(11,350
|
)
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Three Months Ended May 31,
|
||||||
|
2015
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net income
|
$
|
2,158
|
|
|
$
|
3,315
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
|
|
|
|
||||
Depreciation and amortization
|
1,450
|
|
|
1,332
|
|
||
Amortization of debt discount
|
395
|
|
|
427
|
|
||
Noncash accretion of debt
|
186
|
|
|
186
|
|
||
Provision for (recovery of) bad debts
|
60
|
|
|
(36
|
)
|
||
Provision for deferred income taxes
|
841
|
|
|
634
|
|
||
Noncash compensation
|
2,104
|
|
|
856
|
|
||
Other
|
—
|
|
|
2
|
|
||
Changes in assets and liabilities -
|
|
|
|
||||
Restricted cash
|
454
|
|
|
(283
|
)
|
||
Accounts receivable
|
(1,924
|
)
|
|
(2,020
|
)
|
||
Prepaid expenses and other current assets
|
(228
|
)
|
|
(573
|
)
|
||
Other assets
|
(202
|
)
|
|
(258
|
)
|
||
Accounts payable and accrued liabilities
|
(3,259
|
)
|
|
(2,533
|
)
|
||
Deferred revenue
|
1,171
|
|
|
1,477
|
|
||
Income taxes
|
(97
|
)
|
|
(124
|
)
|
||
Other liabilities
|
(1,420
|
)
|
|
(333
|
)
|
||
Net cash provided by operating activities
|
1,689
|
|
|
2,069
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(421
|
)
|
|
(402
|
)
|
||
Other
|
23
|
|
|
23
|
|
||
Net cash used in investing activities
|
$
|
(398
|
)
|
|
$
|
(379
|
)
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Three Months Ended May 31,
|
||||||
|
2015
|
|
2016
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on long-term debt
|
$
|
(1,656
|
)
|
|
$
|
(7,490
|
)
|
Proceeds from long-term debt
|
3,000
|
|
|
7,000
|
|
||
Debt-related costs
|
(1,134
|
)
|
|
—
|
|
||
Distributions to noncontrolling interests
|
(1,636
|
)
|
|
(1,187
|
)
|
||
Proceeds from the exercise of stock options
|
54
|
|
|
—
|
|
||
Settlement of tax withholding obligations on stock issued to employees
|
(318
|
)
|
|
(185
|
)
|
||
Net cash used in financing activities
|
(1,690
|
)
|
|
(1,862
|
)
|
||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(399
|
)
|
|
(172
|
)
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
3,669
|
|
|
4,456
|
|
||
End of period
|
$
|
3,270
|
|
|
$
|
4,284
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
||||
Cash paid for interest
|
$
|
4,321
|
|
|
$
|
3,866
|
|
Cash paid for income taxes, net
|
216
|
|
|
116
|
|
||
Noncash financing transactions-
|
|
|
|
||||
Stock issued to employees and directors
|
1,432
|
|
|
840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
||||||||||||||||||||
|
May 31, 2015
|
|
May 31, 2016
|
||||||||||||||||||
|
Net Income
|
|
Shares
|
|
Net Income
Per Share
|
|
Net Income
|
|
Shares
|
|
Net Income
Per Share
|
||||||||||
|
(amounts in 000’s, except per share data)
|
||||||||||||||||||||
Basic net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
1,525
|
|
|
43,217
|
|
|
$
|
0.04
|
|
|
$
|
2,686
|
|
|
47,070
|
|
|
$
|
0.06
|
|
Impact of equity awards
|
—
|
|
|
1,890
|
|
|
—
|
|
|
—
|
|
|
225
|
|
|
—
|
|
||||
Impact of conversion of preferred stock into common stock
|
—
|
|
|
2,266
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
1,525
|
|
|
47,373
|
|
|
$
|
0.03
|
|
|
$
|
2,686
|
|
|
47,295
|
|
|
$
|
0.06
|
|
|
For the three months ended
May 31,
|
||||
|
2015
|
|
2016
|
||
|
(shares in 000’s )
|
||||
Equity awards
|
3,592
|
|
|
8,208
|
|
Antidilutive common share equivalents
|
3,592
|
|
|
8,208
|
|
|
For the three months
ended May 31,
|
||||||
|
2015
|
|
2016
|
||||
|
(amounts in 000's)
|
||||||
Net revenues
|
$
|
2,583
|
|
|
$
|
2,583
|
|
Station operating expenses, excluding depreciation and amortization expense
|
257
|
|
|
251
|
|
||
Interest expense
|
780
|
|
|
728
|
|
|
As of February 29,
|
|
As of May 31,
|
||||
|
2016
|
|
2016
|
||||
|
(amounts in 000's)
|
||||||
Current assets:
|
|
|
|
||||
Restricted cash
|
$
|
1,464
|
|
|
$
|
1,022
|
|
Prepaid expenses
|
545
|
|
|
530
|
|
||
Total current assets
|
2,009
|
|
|
1,552
|
|
||
Noncurrent assets:
|
|
|
|
||||
Property and equipment, net
|
253
|
|
|
244
|
|
||
Indefinite lived intangibles
|
49,297
|
|
|
49,297
|
|
||
Deposits and other
|
5,460
|
|
|
5,678
|
|
||
Total noncurrent assets
|
55,010
|
|
|
55,219
|
|
||
Total assets
|
$
|
57,019
|
|
|
$
|
56,771
|
|
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
14
|
|
|
$
|
17
|
|
Current maturities of long-term debt
|
5,453
|
|
|
5,582
|
|
||
Deferred revenue
|
779
|
|
|
807
|
|
||
Other current liabilities
|
223
|
|
|
219
|
|
||
Total current liabilities
|
6,469
|
|
|
6,625
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Long-term debt, net of current portion and unamortized debt discount
|
57,728
|
|
|
56,359
|
|
||
Total noncurrent liabilities
|
57,728
|
|
|
56,359
|
|
||
Total liabilities
|
$
|
64,197
|
|
|
$
|
62,984
|
|
|
|
Austin radio partnership
|
|
Digonex
|
|
Total noncontrolling interests
|
||||||
Balance, February 28, 2015
|
|
$
|
47,883
|
|
|
$
|
(1,222
|
)
|
|
$
|
46,661
|
|
Net income (loss)
|
|
1,614
|
|
|
(981
|
)
|
|
633
|
|
|||
Distributions to noncontrolling interests
|
|
(1,636
|
)
|
|
—
|
|
|
(1,636
|
)
|
|||
Balance, May 31, 2015
|
|
$
|
47,861
|
|
|
$
|
(2,203
|
)
|
|
$
|
45,658
|
|
|
|
|
|
|
|
|
||||||
Balance, February 29, 2016
|
|
$
|
47,556
|
|
|
$
|
(9,159
|
)
|
|
$
|
38,397
|
|
Net income (loss)
|
|
1,527
|
|
|
(898
|
)
|
|
629
|
|
|||
Distributions to noncontrolling interests
|
|
(1,187
|
)
|
|
—
|
|
|
(1,187
|
)
|
|||
Balance, May 31, 2016
|
|
$
|
47,896
|
|
|
$
|
(10,057
|
)
|
|
$
|
37,839
|
|
|
Three Months Ended May 31,
|
||
|
2015
|
|
2016
|
Risk-Free Interest Rate:
|
1.3% - 1.4%
|
|
1.2%
|
Expected Dividend Yield:
|
0%
|
|
0%
|
Expected Life (Years):
|
4.3
|
|
4.3
|
Expected Volatility:
|
63.6% - 64.6%
|
|
58.6% - 59.6%
|
|
Options
|
|
Price
|
|
Weighted Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, beginning of period
|
7,793,702
|
|
|
$
|
1.59
|
|
|
|
|
|
||
Granted
|
582,500
|
|
|
0.54
|
|
|
|
|
|
|||
Expired
|
73,754
|
|
|
11.17
|
|
|
|
|
|
|||
Outstanding, end of period
|
8,302,448
|
|
|
1.43
|
|
|
6.8
|
|
$
|
98
|
|
|
Exercisable, end of period
|
4,846,694
|
|
|
1.41
|
|
|
5.3
|
|
$
|
90
|
|
|
Options
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested, beginning of period
|
3,323,253
|
|
|
$
|
0.93
|
|
Granted
|
582,500
|
|
|
0.26
|
|
|
Vested
|
449,999
|
|
|
1.25
|
|
|
Nonvested, end of period
|
3,455,754
|
|
|
0.77
|
|
|
Three Months Ended May 31,
|
||||||
|
2015
|
|
2016
|
||||
Station operating expenses
|
$
|
724
|
|
|
$
|
337
|
|
Corporate expenses
|
1,380
|
|
|
519
|
|
||
Stock-based compensation expense included in operating expenses
|
2,104
|
|
|
856
|
|
|
As of February 29,
|
|
As of May 31,
|
||||
|
2016
|
|
2016
|
||||
Radio
|
$
|
4,603
|
|
|
$
|
4,603
|
|
Publishing
|
8,036
|
|
|
8,036
|
|
||
Corporate & Emerging Technologies
|
2,058
|
|
|
2,058
|
|
||
Total Goodwill
|
$
|
14,697
|
|
|
$
|
14,697
|
|
|
|
|
|
As of February 29, 2016
|
|
As of May 31, 2016
|
||||||||||||||||
|
|
|
|
(in 000's)
|
||||||||||||||||||
|
|
Weighted Average Remaining Useful Life (in years)
|
|
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
||||||||||||
Trademarks
|
|
6.7
|
|
$
|
1,240
|
|
$
|
727
|
|
$
|
513
|
|
|
$
|
1,240
|
|
$
|
762
|
|
$
|
478
|
|
Patents
|
|
5.3
|
|
1,815
|
|
1,141
|
|
674
|
|
|
1,815
|
|
1,172
|
|
643
|
|
||||||
Customer lists
|
|
1.2
|
|
1,015
|
|
543
|
|
472
|
|
|
1,015
|
|
629
|
|
386
|
|
||||||
Programming agreement
|
|
5.3
|
|
2,154
|
|
514
|
|
1,640
|
|
|
2,154
|
|
587
|
|
1,567
|
|
||||||
TOTAL
|
|
|
|
$
|
6,224
|
|
$
|
2,925
|
|
$
|
3,299
|
|
|
$
|
6,224
|
|
$
|
3,150
|
|
$
|
3,074
|
|
Year ended February 28 (29),
|
|
Expected Amortization Expense
|
|
|
|
(in 000's)
|
|
2017
|
|
896
|
|
2018
|
|
636
|
|
2019
|
|
457
|
|
2020
|
|
457
|
|
2021
|
|
457
|
|
|
February 29,
2016 |
|
May 31,
2016 |
||||
2014 Credit Agreement debt :
|
|
|
|
||||
Revolver
|
$
|
3,000
|
|
|
$
|
9,000
|
|
Term Loan
|
181,762
|
|
|
176,580
|
|
||
Total 2014 Credit Agreement debt
|
184,762
|
|
|
185,580
|
|
||
|
|
|
|
||||
98.7FM non-recourse debt
|
65,411
|
|
|
64,103
|
|
||
Digonex non-recourse debt
(1)
|
4,714
|
|
|
4,900
|
|
||
Less: Current maturities
|
(17,573
|
)
|
|
(14,832
|
)
|
||
Less: Unamortized original issue discount
|
(9,287
|
)
|
|
(8,860
|
)
|
||
Total long-term debt
|
$
|
228,027
|
|
|
$
|
230,891
|
|
|
As of May 31, 2016
|
||
|
Covenant Requirement
|
|
Actual Results
|
Maximum Total Leverage Ratio
|
6.50 : 1.00
|
|
5.43 : 1.00
|
Minimum Interest Coverage Ratio
|
2.00 : 1.00
|
|
2.46 : 1.00
|
Year Ended
|
2014 Credit Agreement
|
|
|
|
Digonex
|
|
Total
|
||||||||||||
February 28 (29),
|
Revolver
|
|
Term Loan
|
|
98.7FM Debt
|
|
Notes payable
|
|
Payments
|
||||||||||
2017
|
$
|
—
|
|
|
$
|
6,938
|
|
|
$
|
4,146
|
|
|
$
|
—
|
|
|
$
|
11,084
|
|
2018
|
—
|
|
|
9,250
|
|
|
6,039
|
|
|
6,199
|
|
|
21,488
|
|
|||||
2019
|
—
|
|
|
9,250
|
|
|
6,587
|
|
|
—
|
|
|
15,837
|
|
|||||
2020
|
9,000
|
|
|
9,250
|
|
|
7,150
|
|
|
—
|
|
|
25,400
|
|
|||||
2021
|
—
|
|
|
9,250
|
|
|
7,756
|
|
|
—
|
|
|
17,006
|
|
|||||
Thereafter
|
—
|
|
|
132,642
|
|
|
32,425
|
|
|
—
|
|
|
165,067
|
|
|||||
Total
|
$
|
9,000
|
|
|
$
|
176,580
|
|
|
$
|
64,103
|
|
|
$
|
6,199
|
|
|
$
|
255,882
|
|
|
As of May 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
|
Total
|
||||||||
|
(in 000's)
|
||||||||||||||
Available for sale securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
800
|
|
|
$
|
800
|
|
Total assets measured at fair value on a recurring basis
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
800
|
|
|
$
|
800
|
|
|
|
|
|
|
|
|
|
||||||||
|
As of February 29, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
|
Total
|
||||||||
|
(in 000's)
|
||||||||||||||
Available for sale securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
800
|
|
|
$
|
800
|
|
Total assets measured at fair value on a recurring basis
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
800
|
|
|
$
|
800
|
|
|
For the Three Months Ended May 31,
|
||||||
|
2015
|
|
2016
|
||||
|
Available
For Sale
Securities
|
|
Available
For Sale
Securities
|
||||
Beginning Balance
|
$
|
500
|
|
|
$
|
800
|
|
Purchases
|
—
|
|
|
—
|
|
||
Ending Balance
|
$
|
500
|
|
|
$
|
800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2016
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
42,699
|
|
|
13,092
|
|
|
211
|
|
|
$
|
56,002
|
|
|||
Station operating expenses excluding depreciation and amortization expense
|
27,275
|
|
|
13,478
|
|
|
2,236
|
|
|
42,989
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
3,044
|
|
|
3,044
|
|
||||
Depreciation and amortization
|
907
|
|
|
73
|
|
|
352
|
|
|
1,332
|
|
||||
Operating income (loss)
|
$
|
14,517
|
|
|
$
|
(459
|
)
|
|
$
|
(5,421
|
)
|
|
$
|
8,637
|
|
Three Months Ended May 31, 2015
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
42,593
|
|
|
15,525
|
|
|
335
|
|
|
$
|
58,453
|
|
|||
Station operating expenses excluding depreciation and amortization expense
|
28,693
|
|
|
15,209
|
|
|
1,641
|
|
|
45,543
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
3,819
|
|
|
3,819
|
|
||||
Depreciation and amortization
|
798
|
|
|
61
|
|
|
591
|
|
|
1,450
|
|
||||
Operating income (loss)
|
$
|
13,102
|
|
|
$
|
255
|
|
|
$
|
(5,716
|
)
|
|
$
|
7,641
|
|
Total Assets
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
As of February 29, 2016
|
$
|
271,336
|
|
|
$
|
22,060
|
|
|
$
|
23,210
|
|
|
$
|
316,606
|
|
As of May 31, 2016
|
$
|
275,300
|
|
|
$
|
20,241
|
|
|
$
|
23,108
|
|
|
$
|
318,649
|
|
•
|
general economic and business conditions;
|
•
|
fluctuations in the demand for advertising and demand for different types of advertising media;
|
•
|
our ability to service our outstanding debt;
|
•
|
competition from new or different media and technologies;
|
•
|
loss of key personnel;
|
•
|
increased competition in our markets and the broadcasting industry, including our competitors changing the format of a station they operate to more directly compete with a station we operate in the same market;
|
•
|
our ability to attract and secure programming, on-air talent, writers and photographers;
|
•
|
inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
|
•
|
increases in the costs of programming, including on-air talent;
|
•
|
fluctuations in the market price of publicly traded and other securities;
|
•
|
new or changing regulations of the Federal Communications Commission or other governmental agencies;
|
•
|
changes in radio audience measurement methodologies;
|
•
|
war, terrorist acts or political instability; and other factors mentioned in other documents filed by the Company with the Securities and Exchange Commission.
|
|
Three Months Ended May 31,
|
||||||||||||
|
2015
|
|
% of Total
|
|
2016
|
|
% of Total
|
||||||
|
|
|
|
|
|
|
|
||||||
Net revenues:
|
|
|
|
|
|
|
|
||||||
Local
|
$
|
34,155
|
|
|
58.4
|
%
|
|
$
|
33,018
|
|
|
59.0
|
%
|
National
|
7,499
|
|
|
12.8
|
%
|
|
5,719
|
|
|
10.2
|
%
|
||
Political
|
164
|
|
|
0.3
|
%
|
|
860
|
|
|
1.5
|
%
|
||
Publication Sales
|
1,399
|
|
|
2.4
|
%
|
|
1,383
|
|
|
2.5
|
%
|
||
Non Traditional
|
4,880
|
|
|
8.3
|
%
|
|
4,114
|
|
|
7.3
|
%
|
||
LMA Fees
|
2,583
|
|
|
4.4
|
%
|
|
2,583
|
|
|
4.6
|
%
|
||
Digital
|
3,285
|
|
|
5.6
|
%
|
|
4,057
|
|
|
7.2
|
%
|
||
Other
|
4,488
|
|
|
7.8
|
%
|
|
4,268
|
|
|
7.7
|
%
|
||
Total net revenues
|
$
|
58,453
|
|
|
|
|
$
|
56,002
|
|
|
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
42,593
|
|
|
$
|
42,699
|
|
|
$
|
106
|
|
|
0.2
|
%
|
Publishing
|
15,525
|
|
|
13,092
|
|
|
(2,433
|
)
|
|
(15.7
|
)%
|
|||
Emerging Technologies
|
335
|
|
|
211
|
|
|
(124
|
)
|
|
(37.0
|
)%
|
|||
Total net revenues
|
$
|
58,453
|
|
|
$
|
56,002
|
|
|
$
|
(2,451
|
)
|
|
(4.2
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Station operating expenses excluding depreciation and amortization expense:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
28,693
|
|
|
$
|
27,275
|
|
|
$
|
(1,418
|
)
|
|
(4.9
|
)%
|
Publishing
|
15,209
|
|
|
13,478
|
|
|
(1,731
|
)
|
|
(11.4
|
)%
|
|||
Emerging Technologies
|
1,641
|
|
|
2,236
|
|
|
595
|
|
|
36.3
|
%
|
|||
Total station operating expenses excluding depreciation and amortization expense
|
$
|
45,543
|
|
|
$
|
42,989
|
|
|
$
|
(2,554
|
)
|
|
(5.6
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Corporate expenses excluding depreciation and amortization expense
|
$
|
3,819
|
|
|
$
|
3,044
|
|
|
$
|
(775
|
)
|
|
(20.3
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
798
|
|
|
$
|
907
|
|
|
$
|
109
|
|
|
13.7
|
%
|
Publishing
|
61
|
|
|
73
|
|
|
12
|
|
|
19.7
|
%
|
|||
Corporate & Emerging Technologies
|
591
|
|
|
352
|
|
|
(239
|
)
|
|
(40.4
|
)%
|
|||
Total depreciation and amortization
|
$
|
1,450
|
|
|
$
|
1,332
|
|
|
$
|
(118
|
)
|
|
(8.1
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Operating income:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
13,102
|
|
|
$
|
14,517
|
|
|
$
|
1,415
|
|
|
10.8
|
%
|
Publishing
|
255
|
|
|
(459
|
)
|
|
(714
|
)
|
|
(280.0
|
)%
|
|||
Corporate & Emerging Technologies
|
(5,716
|
)
|
|
(5,421
|
)
|
|
295
|
|
|
5.2
|
%
|
|||
Total operating income:
|
$
|
7,641
|
|
|
$
|
8,637
|
|
|
$
|
996
|
|
|
13.0
|
%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Interest expense
|
$
|
(4,546
|
)
|
|
$
|
(4,690
|
)
|
|
$
|
(144
|
)
|
|
3.2
|
%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Provision for income taxes
|
$
|
947
|
|
|
$
|
675
|
|
|
$
|
(272
|
)
|
|
(28.7
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Consolidated net income
|
$
|
2,158
|
|
|
$
|
3,315
|
|
|
$
|
1,157
|
|
|
53.6
|
%
|
(a)
|
Exhibits.
|
|
EMMIS COMMUNICATIONS CORPORATION
|
|
Date: July 7, 2016
|
By:
|
/s/ RYAN A. HORNADAY
|
|
|
Ryan A. Hornaday
|
|
|
Executive Vice President, Chief Financial Officer and
Treasurer
|
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