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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
|
11,178,875
|
|
|
Shares of Class A Common Stock, $.01 Par Value
|
1,142,366
|
|
|
Shares of Class B Common Stock, $.01 Par Value
|
—
|
|
|
Shares of Class C Common Stock, $.01 Par Value
|
|
|
Page
|
|
|
|
|
|
Three Months Ended
August 31, |
|
Six Months Ended
August 31, |
||||||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
NET REVENUES
|
$
|
62,482
|
|
|
$
|
58,774
|
|
|
$
|
120,935
|
|
|
$
|
114,776
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Station operating expenses excluding depreciation and amortization expense of $1,132, $1,085, $2,264 and $2,195, respectively
|
47,734
|
|
|
46,991
|
|
|
93,277
|
|
|
89,980
|
|
||||
Corporate expenses excluding depreciation and amortization expense of $271, $197, $589 and $419, respectively
|
3,487
|
|
|
2,453
|
|
|
7,306
|
|
|
5,497
|
|
||||
Impairment loss on intangible assets
|
—
|
|
|
2,988
|
|
|
—
|
|
|
2,988
|
|
||||
Depreciation and amortization
|
1,403
|
|
|
1,282
|
|
|
2,853
|
|
|
2,614
|
|
||||
Loss on disposal of assets
|
—
|
|
|
125
|
|
|
—
|
|
|
125
|
|
||||
Total operating expenses
|
52,624
|
|
|
53,839
|
|
|
103,436
|
|
|
101,204
|
|
||||
OPERATING INCOME
|
9,858
|
|
|
4,935
|
|
|
17,499
|
|
|
13,572
|
|
||||
OTHER EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(4,945
|
)
|
|
(4,758
|
)
|
|
(9,491
|
)
|
|
(9,448
|
)
|
||||
Other income, net
|
828
|
|
|
89
|
|
|
838
|
|
|
132
|
|
||||
Total other expense
|
(4,117
|
)
|
|
(4,669
|
)
|
|
(8,653
|
)
|
|
(9,316
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
5,741
|
|
|
266
|
|
|
8,846
|
|
|
4,256
|
|
||||
PROVISION FOR INCOME TAXES
|
826
|
|
|
664
|
|
|
1,773
|
|
|
1,339
|
|
||||
CONSOLIDATED NET INCOME (LOSS)
|
4,915
|
|
|
(398
|
)
|
|
7,073
|
|
|
2,917
|
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
521
|
|
|
(733
|
)
|
|
1,154
|
|
|
(104
|
)
|
||||
NET INCOME ATTRIBUTABLE TO THE COMPANY
|
4,394
|
|
|
335
|
|
|
5,919
|
|
|
3,021
|
|
||||
|
|
|
|
|
|
|
|
||||||||
NET INCOME PER SHARE - BASIC
|
$
|
0.40
|
|
|
$
|
0.03
|
|
|
$
|
0.54
|
|
|
$
|
0.25
|
|
NET INCOME PER SHARE - DILUTED
|
$
|
0.37
|
|
|
$
|
0.03
|
|
|
$
|
0.50
|
|
|
$
|
0.25
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
||||||||
Basic
|
10,950
|
|
|
12,047
|
|
|
10,884
|
|
|
11,922
|
|
||||
Diluted
|
11,813
|
|
|
12,299
|
|
|
11,847
|
|
|
12,043
|
|
|
|
|
|
|
Three Months Ended
August 31, |
|
Six Months Ended
August 31, |
||||||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
CONSOLIDATED NET INCOME (LOSS)
|
$
|
4,915
|
|
|
$
|
(398
|
)
|
|
$
|
7,073
|
|
|
$
|
2,917
|
|
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
521
|
|
|
(733
|
)
|
|
1,154
|
|
|
(104
|
)
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
4,394
|
|
|
$
|
335
|
|
|
$
|
5,919
|
|
|
$
|
3,021
|
|
|
February 29,
2016 |
|
August 31,
2016 |
||||
|
|
(Unaudited)
|
|||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
4,456
|
|
|
$
|
5,694
|
|
Restricted cash
|
1,464
|
|
|
1,818
|
|
||
Accounts receivable, net
|
34,906
|
|
|
38,311
|
|
||
Prepaid expenses
|
7,413
|
|
|
8,906
|
|
||
Other current assets
|
3,452
|
|
|
2,073
|
|
||
Total current assets
|
51,691
|
|
|
56,802
|
|
||
PROPERTY AND EQUIPMENT, NET
|
33,843
|
|
|
31,982
|
|
||
INTANGIBLE ASSETS (NOTE 3):
|
|
|
|
||||
Indefinite-lived intangibles
|
205,129
|
|
|
205,129
|
|
||
Goodwill
|
14,697
|
|
|
12,639
|
|
||
Other intangibles, net
|
3,299
|
|
|
1,919
|
|
||
Total intangible assets
|
223,125
|
|
|
219,687
|
|
||
OTHER ASSETS, NET
|
7,947
|
|
|
8,318
|
|
||
Total assets
|
$
|
316,606
|
|
|
$
|
316,789
|
|
|
February 29,
2016 |
|
August 31,
2016 |
||||
|
|
(Unaudited)
|
|||||
LIABILITIES AND DEFICIT
|
|||||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
8,127
|
|
|
$
|
7,071
|
|
Current maturities of long-term debt (Note 4)
|
17,573
|
|
|
14,982
|
|
||
Accrued salaries and commissions
|
8,375
|
|
|
7,223
|
|
||
Deferred revenue
|
11,435
|
|
|
11,607
|
|
||
Other current liabilities
|
5,775
|
|
|
5,828
|
|
||
Total current liabilities
|
51,285
|
|
|
46,711
|
|
||
LONG-TERM DEBT, NET OF CURRENT MATURITIES (NOTE 4)
|
228,027
|
|
|
229,678
|
|
||
OTHER NONCURRENT LIABILITIES
|
7,728
|
|
|
7,453
|
|
||
DEFERRED INCOME TAXES
|
43,715
|
|
|
44,982
|
|
||
Total liabilities
|
330,755
|
|
|
328,824
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
||||
DEFICIT:
|
|
|
|
||||
Class A common stock, $.01 par value; authorized 42,500,000 shares; issued and outstanding 10,402,400 shares at February 29, 2016 and 11,139,845 shares at August 31, 2016
|
104
|
|
|
111
|
|
||
Class B common stock, $.01 par value; authorized 7,500,000 shares; issued and outstanding 1,142,366 shares at February 29, 2016 and August 31, 2016
|
11
|
|
|
11
|
|
||
Series A non-cumulative convertible preferred stock, $.01 par value; $50.00 liquidation preference per share, aggregate liquidation preference and redemption amount of $43,316 and $0 at February 29, 2016 and August 31, 2016, respectively; authorized 2,875,000 shares; issued and outstanding 866,319 shares at February 29, 2016; no shares issued and outstanding at August 31, 2016
|
9
|
|
|
—
|
|
||
Additional paid-in capital
|
589,830
|
|
|
591,103
|
|
||
Accumulated deficit
|
(642,500
|
)
|
|
(639,479
|
)
|
||
Total shareholders’ deficit
|
(52,546
|
)
|
|
(48,254
|
)
|
||
NONCONTROLLING INTERESTS
|
38,397
|
|
|
36,219
|
|
||
Total deficit
|
(14,149
|
)
|
|
(12,035
|
)
|
||
Total liabilities and deficit
|
$
|
316,606
|
|
|
$
|
316,789
|
|
|
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
|
10,402,400
|
|
|
$
|
104
|
|
|
1,142,366
|
|
|
$
|
11
|
|
|
866,319
|
|
|
$
|
9
|
|
|
$
|
589,830
|
|
|
$
|
(642,500
|
)
|
|
$
|
38,397
|
|
|
$
|
(14,149
|
)
|
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,021
|
|
|
(104
|
)
|
|
2,917
|
|
||||||||||||||
Issuance of common stock to employees and officers
|
120,200
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1,249
|
|
|
|
|
|
|
1,250
|
|
|||||||||||||
Exercise of stock options
|
12,515
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
20
|
|
|||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,074
|
)
|
|
(2,074
|
)
|
|||||||||||||||
Conversion of Series A Preferred Stock to Class A Common Stock
|
606,423
|
|
|
6
|
|
|
|
|
|
|
(866,319
|
)
|
|
(9
|
)
|
|
9
|
|
|
|
|
|
|
6
|
|
|||||||||||
Purchase of Class A common stock
|
(1,693
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
(5
|
)
|
|||||||||||||
Balance, August 31, 2016
|
11,139,845
|
|
|
$
|
111
|
|
|
1,142,366
|
|
|
$
|
11
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
591,103
|
|
|
$
|
(639,479
|
)
|
|
$
|
36,219
|
|
|
$
|
(12,035
|
)
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Six Months Ended August 31,
|
||||||
|
2015
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net income
|
$
|
7,073
|
|
|
$
|
2,917
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
|
|
|
|
||||
Impairment loss on intangible assets
|
—
|
|
|
2,988
|
|
||
Depreciation and amortization
|
2,853
|
|
|
2,614
|
|
||
Amortization of debt discount
|
822
|
|
|
854
|
|
||
Noncash accretion of debt
|
372
|
|
|
371
|
|
||
Provision for bad debts
|
101
|
|
|
53
|
|
||
Provision for deferred income taxes
|
1,683
|
|
|
1,267
|
|
||
Noncash compensation
|
3,765
|
|
|
1,516
|
|
||
Loss on disposal of assets
|
—
|
|
|
125
|
|
||
Changes in assets and liabilities -
|
|
|
|
||||
Restricted cash
|
674
|
|
|
(354
|
)
|
||
Accounts receivable
|
(1,917
|
)
|
|
(3,458
|
)
|
||
Prepaid expenses and other current assets
|
207
|
|
|
(114
|
)
|
||
Other assets
|
(448
|
)
|
|
(432
|
)
|
||
Accounts payable and accrued liabilities
|
(2,024
|
)
|
|
(2,208
|
)
|
||
Deferred revenue
|
565
|
|
|
172
|
|
||
Income taxes
|
(61
|
)
|
|
(82
|
)
|
||
Other liabilities
|
(1,586
|
)
|
|
(140
|
)
|
||
Net cash provided by operating activities
|
12,079
|
|
|
6,089
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(1,281
|
)
|
|
(711
|
)
|
||
Cash paid for investments, net of distributions
|
107
|
|
|
61
|
|
||
Proceeds from the sale of property and equipment
|
—
|
|
|
283
|
|
||
Net cash used in investing activities
|
$
|
(1,174
|
)
|
|
$
|
(367
|
)
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Six Months Ended August 31,
|
||||||
|
2015
|
|
2016
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on long-term debt
|
$
|
(9,828
|
)
|
|
$
|
(13,165
|
)
|
Proceeds from long-term debt
|
6,000
|
|
|
11,000
|
|
||
Debt-related costs
|
(1,134
|
)
|
|
—
|
|
||
Distributions to noncontrolling interests
|
(2,487
|
)
|
|
(2,074
|
)
|
||
Proceeds from the exercise of stock options
|
133
|
|
|
20
|
|
||
Purchase of Class A common stock
|
—
|
|
|
(5
|
)
|
||
Settlement of tax withholding obligations on stock issued to employees
|
(507
|
)
|
|
(260
|
)
|
||
Net cash used in financing activities
|
(7,823
|
)
|
|
(4,484
|
)
|
||
INCREASE IN CASH AND CASH EQUIVALENTS
|
3,082
|
|
|
1,238
|
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
3,669
|
|
|
4,456
|
|
||
End of period
|
$
|
6,751
|
|
|
$
|
5,694
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
||||
Cash paid for interest
|
$
|
8,413
|
|
|
$
|
7,943
|
|
Cash paid for income taxes, net
|
216
|
|
|
112
|
|
||
Noncash financing transactions-
|
|
|
|
||||
Stock issued to employees and directors
|
2,759
|
|
|
1,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the three months ended
|
||||||||||||||||||||
|
August 31, 2015
|
|
August 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
|
$
|
4,394
|
|
|
10,950
|
|
|
$
|
0.40
|
|
|
$
|
335
|
|
|
12,047
|
|
|
$
|
0.03
|
|
Impact of equity awards
|
—
|
|
|
309
|
|
|
|
|
—
|
|
|
252
|
|
|
|
||||||
Impact of conversion of preferred stock into common stock
|
—
|
|
|
554
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
4,394
|
|
|
11,813
|
|
|
$
|
0.37
|
|
|
$
|
335
|
|
|
12,299
|
|
|
$
|
0.03
|
|
|
For the six months ended
|
||||||||||||||||||||
|
August 31, 2015
|
|
August 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
|
$
|
5,919
|
|
|
10,884
|
|
|
$
|
0.54
|
|
|
$
|
3,021
|
|
|
11,922
|
|
|
$
|
0.25
|
|
Impact of equity awards
|
—
|
|
|
402
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
||||
Impact of conversion of preferred stock into common stock
|
—
|
|
|
561
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
5,919
|
|
|
11,847
|
|
|
$
|
0.50
|
|
|
$
|
3,021
|
|
|
12,043
|
|
|
$
|
0.25
|
|
|
For the three month ended
August 31,
|
|
For the six months ended
August 31,
|
||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||
|
(shares in 000’s )
|
||||||||||
Equity awards
|
997
|
|
|
1,340
|
|
|
981
|
|
|
1,491
|
|
Antidilutive common share equivalents
|
997
|
|
|
1,340
|
|
|
981
|
|
|
1,491
|
|
|
For the three months ended August 31,
|
|
For the six months
ended August 31,
|
||||||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
|
(amounts in 000's)
|
||||||||||||||
Net revenues
|
$
|
2,583
|
|
|
$
|
2,583
|
|
|
$
|
5,166
|
|
|
$
|
5,166
|
|
Station operating expenses, excluding depreciation and amortization expense
|
259
|
|
|
363
|
|
|
516
|
|
|
614
|
|
||||
Interest expense
|
768
|
|
|
715
|
|
|
1,548
|
|
|
1,443
|
|
|
As of February 29,
|
|
As of August 31,
|
||||
|
2016
|
|
2016
|
||||
|
(amounts in 000's)
|
||||||
Current assets:
|
|
|
|
||||
Restricted cash
|
$
|
1,464
|
|
|
$
|
1,187
|
|
Prepaid expenses
|
545
|
|
|
516
|
|
||
Total current assets
|
2,009
|
|
|
1,703
|
|
||
Noncurrent assets:
|
|
|
|
||||
Property and equipment, net
|
253
|
|
|
239
|
|
||
Indefinite lived intangibles
|
49,297
|
|
|
49,297
|
|
||
Deposits and other
|
5,460
|
|
|
5,841
|
|
||
Total noncurrent assets
|
55,010
|
|
|
55,377
|
|
||
Total assets
|
$
|
57,019
|
|
|
$
|
57,080
|
|
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
14
|
|
|
$
|
14
|
|
Current maturities of long-term debt
|
5,453
|
|
|
5,732
|
|
||
Deferred revenue
|
779
|
|
|
806
|
|
||
Other current liabilities
|
223
|
|
|
214
|
|
||
Total current liabilities
|
6,469
|
|
|
6,766
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Long-term debt, net of current portion and unamortized debt discount
|
57,728
|
|
|
54,912
|
|
||
Total noncurrent liabilities
|
57,728
|
|
|
54,912
|
|
||
Total liabilities
|
$
|
64,197
|
|
|
$
|
61,678
|
|
|
|
Austin radio partnership
|
|
Digonex
|
|
Total noncontrolling interests
|
||||||
Balance, February 28, 2015
|
|
$
|
47,883
|
|
|
$
|
(1,222
|
)
|
|
$
|
46,661
|
|
Net income (loss)
|
|
3,208
|
|
|
(2,054
|
)
|
|
1,154
|
|
|||
Distributions to noncontrolling interests
|
|
(2,487
|
)
|
|
—
|
|
|
(2,487
|
)
|
|||
Balance, August 31, 2015
|
|
$
|
48,604
|
|
|
$
|
(3,276
|
)
|
|
$
|
45,328
|
|
|
|
|
|
|
|
|
||||||
Balance, February 29, 2016
|
|
$
|
47,556
|
|
|
$
|
(9,159
|
)
|
|
$
|
38,397
|
|
Net income (loss)
|
|
3,048
|
|
|
(3,152
|
)
|
|
(104
|
)
|
|||
Distributions to noncontrolling interests
|
|
(2,074
|
)
|
|
—
|
|
|
(2,074
|
)
|
|||
Balance, August 31, 2016
|
|
$
|
48,530
|
|
|
$
|
(12,311
|
)
|
|
$
|
36,219
|
|
|
Six Months Ended August 31,
|
||
|
2015
|
|
2016
|
Risk-Free Interest Rate:
|
1.3% - 1.4%
|
|
0.9% - 1.2%
|
Expected Dividend Yield:
|
0%
|
|
0%
|
Expected Life (Years):
|
4.3
|
|
4.3
|
Expected Volatility:
|
57.2% - 64.6%
|
|
58.6% - 60.0%
|
|
Options
|
|
Price
|
|
Weighted Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, beginning of period
|
1,948,384
|
|
|
$
|
6.36
|
|
|
|
|
|
||
Granted
|
174,678
|
|
|
2.38
|
|
|
|
|
|
|||
Exercised
|
12,515
|
|
|
1.62
|
|
|
|
|
|
|||
Forfeited
|
4,375
|
|
|
8.28
|
|
|
|
|
|
|||
Expired
|
18,432
|
|
|
44.68
|
|
|
|
|
|
|||
Outstanding, end of period
|
2,087,740
|
|
|
5.71
|
|
|
6.6
|
|
$
|
1,540
|
|
|
Exercisable, end of period
|
1,211,940
|
|
|
5.71
|
|
|
5.1
|
|
$
|
785
|
|
|
Options
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested, beginning of period
|
830,803
|
|
|
$
|
3.71
|
|
Granted
|
174,678
|
|
|
1.13
|
|
|
Vested
|
125,306
|
|
|
5.03
|
|
|
Forfeited
|
4,375
|
|
|
4.22
|
|
|
Nonvested, end of period
|
875,800
|
|
|
3.00
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Station operating expenses
|
$
|
521
|
|
|
$
|
197
|
|
|
$
|
1,245
|
|
|
$
|
534
|
|
Corporate expenses
|
1,140
|
|
|
463
|
|
|
2,520
|
|
|
982
|
|
||||
Stock-based compensation expense included in operating expenses
|
$
|
1,661
|
|
|
$
|
660
|
|
|
$
|
3,765
|
|
|
$
|
1,516
|
|
|
As of February 29,
|
|
As of August 31,
|
||||
|
2016
|
|
2016
|
||||
Radio
|
$
|
4,603
|
|
|
$
|
4,603
|
|
Publishing
|
8,036
|
|
|
8,036
|
|
||
Corporate & Emerging Technologies
|
2,058
|
|
|
—
|
|
||
Total Goodwill
|
$
|
14,697
|
|
|
$
|
12,639
|
|
|
|
|
|
As of February 29, 2016
|
|
As of August 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
|
|
8.3
|
|
$
|
1,240
|
|
$
|
727
|
|
$
|
513
|
|
|
$
|
940
|
|
$
|
594
|
|
$
|
346
|
|
Patents
|
|
N/A
|
|
1,815
|
|
1,141
|
|
674
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Customer lists
|
|
0.8
|
|
1,015
|
|
543
|
|
472
|
|
|
315
|
|
235
|
|
80
|
|
||||||
Programming agreement
|
|
5.1
|
|
2,154
|
|
514
|
|
1,640
|
|
|
2,154
|
|
661
|
|
1,493
|
|
||||||
TOTAL
|
|
|
|
$
|
6,224
|
|
$
|
2,925
|
|
$
|
3,299
|
|
|
$
|
3,409
|
|
$
|
1,490
|
|
$
|
1,919
|
|
Year ended February 28 (29),
|
|
Expected Amortization Expense
|
|
|
|
(in 000's)
|
|
2017
|
|
671
|
|
2018
|
|
362
|
|
2019
|
|
336
|
|
2020
|
|
336
|
|
2021
|
|
336
|
|
|
February 29,
2016 |
|
August 31,
2016 |
||||
2014 Credit Agreement debt :
|
|
|
|
||||
Revolver
|
$
|
3,000
|
|
|
$
|
11,000
|
|
Term Loan
|
181,762
|
|
|
174,268
|
|
||
Total 2014 Credit Agreement debt
|
184,762
|
|
|
185,268
|
|
||
|
|
|
|
||||
98.7FM non-recourse debt
|
65,411
|
|
|
62,740
|
|
||
Digonex non-recourse debt
(1)
|
4,714
|
|
|
5,085
|
|
||
Less: Current maturities
|
(17,573
|
)
|
|
(14,982
|
)
|
||
Less: Unamortized original issue discount
|
(9,287
|
)
|
|
(8,433
|
)
|
||
Total long-term debt
|
$
|
228,027
|
|
|
$
|
229,678
|
|
|
As of August 31, 2016
|
||
|
Covenant Requirement
|
|
Actual Results
|
Maximum Total Leverage Ratio
|
6.25 : 1.00
|
|
5.62 : 1.00
|
Minimum Interest Coverage Ratio
|
2.00 : 1.00
|
|
2.39 : 1.00
|
Year Ended
|
2014 Credit Agreement
|
|
|
|
Digonex
|
|
Total
|
||||||||||||
February 28 (29),
|
Revolver
|
|
Term Loan
|
|
98.7FM Debt
|
|
Notes payable
|
|
Payments
|
||||||||||
2017
|
$
|
—
|
|
|
$
|
4,625
|
|
|
$
|
2,783
|
|
|
$
|
—
|
|
|
$
|
7,408
|
|
2018
|
—
|
|
|
9,250
|
|
|
6,039
|
|
|
6,199
|
|
|
21,488
|
|
|||||
2019
|
—
|
|
|
9,250
|
|
|
6,587
|
|
|
—
|
|
|
15,837
|
|
|||||
2020
|
11,000
|
|
|
9,250
|
|
|
7,150
|
|
|
—
|
|
|
27,400
|
|
|||||
2021
|
—
|
|
|
9,250
|
|
|
7,756
|
|
|
—
|
|
|
17,006
|
|
|||||
Thereafter
|
—
|
|
|
132,643
|
|
|
32,425
|
|
|
—
|
|
|
165,068
|
|
|||||
Total
|
$
|
11,000
|
|
|
$
|
174,268
|
|
|
$
|
62,740
|
|
|
$
|
6,199
|
|
|
$
|
254,207
|
|
|
As of August 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 Six Months Ended August 31,
|
||||||
|
2015
|
|
2016
|
||||
|
Available
For Sale
Securities
|
|
Available
For Sale
Securities
|
||||
Beginning Balance
|
$
|
500
|
|
|
$
|
800
|
|
Purchases
|
—
|
|
|
—
|
|
||
Ending Balance
|
$
|
500
|
|
|
$
|
800
|
|
Three Months Ended August 31, 2016
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
45,972
|
|
|
12,619
|
|
|
183
|
|
|
$
|
58,774
|
|
|||
Station operating expenses excluding and depreciation and amortization expense
|
31,661
|
|
|
12,959
|
|
|
2,371
|
|
|
46,991
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
2,453
|
|
|
2,453
|
|
||||
Impairment loss on intangible assets
|
—
|
|
|
—
|
|
|
2,988
|
|
|
2,988
|
|
||||
Depreciation and amortization
|
881
|
|
|
69
|
|
|
332
|
|
|
1,282
|
|
||||
Loss on disposal of fixed assets
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||
Operating income (loss)
|
$
|
13,305
|
|
|
$
|
(409
|
)
|
|
$
|
(7,961
|
)
|
|
$
|
4,935
|
|
Three Months Ended August 31, 2015
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
47,562
|
|
|
14,592
|
|
|
328
|
|
|
$
|
62,482
|
|
|||
Station operating expenses excluding LMA fees and depreciation and amortization expense
|
31,880
|
|
|
14,038
|
|
|
1,816
|
|
|
47,734
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
3,487
|
|
|
3,487
|
|
||||
Depreciation and amortization
|
796
|
|
|
63
|
|
|
544
|
|
|
1,403
|
|
||||
Operating income (loss)
|
$
|
14,886
|
|
|
$
|
491
|
|
|
$
|
(5,519
|
)
|
|
$
|
9,858
|
|
Six Months Ended August 31, 2016
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
88,671
|
|
|
25,711
|
|
|
394
|
|
|
$
|
114,776
|
|
|||
Station operating expenses excluding depreciation and amortization expense
|
58,936
|
|
|
26,437
|
|
|
4,607
|
|
|
89,980
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
5,497
|
|
|
5,497
|
|
||||
Impairment loss
|
—
|
|
|
—
|
|
|
2,988
|
|
|
2,988
|
|
||||
Depreciation and amortization
|
1,788
|
|
|
142
|
|
|
684
|
|
|
2,614
|
|
||||
Loss on disposal of fixed assets
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||
Operating income (loss)
|
$
|
27,822
|
|
|
$
|
(868
|
)
|
|
$
|
(13,382
|
)
|
|
$
|
13,572
|
|
Six Months Ended August 31, 2015
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
90,155
|
|
|
30,117
|
|
|
663
|
|
|
$
|
120,935
|
|
|||
Station operating expenses excluding depreciation and amortization expense
|
60,573
|
|
|
29,247
|
|
|
3,457
|
|
|
93,277
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
7,306
|
|
|
7,306
|
|
||||
Depreciation and amortization
|
1,594
|
|
|
124
|
|
|
1,135
|
|
|
2,853
|
|
||||
Operating income (loss)
|
$
|
27,988
|
|
|
$
|
746
|
|
|
$
|
(11,235
|
)
|
|
$
|
17,499
|
|
Total Assets
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
As of February 29, 2016
|
$
|
271,336
|
|
|
$
|
22,060
|
|
|
$
|
23,210
|
|
|
$
|
316,606
|
|
As of August 31, 2016
|
$
|
275,033
|
|
|
$
|
21,652
|
|
|
$
|
20,104
|
|
|
$
|
316,789
|
|
•
|
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 August 31,
|
|
Six Months Ended August 31,
|
||||||||||||||||||||||||
|
2015
|
|
% of Total
|
|
2016
|
|
% of Total
|
|
2015
|
|
% of Total
|
|
2016
|
|
% of Total
|
||||||||||||
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Local
|
$
|
33,471
|
|
|
53.6
|
%
|
|
$
|
31,499
|
|
|
53.6
|
%
|
|
$
|
67,626
|
|
|
55.9
|
%
|
|
$
|
64,517
|
|
|
56.2
|
%
|
National
|
6,608
|
|
|
10.6
|
%
|
|
5,788
|
|
|
9.8
|
%
|
|
14,107
|
|
|
11.7
|
%
|
|
11,507
|
|
|
10.0
|
%
|
||||
Political
|
118
|
|
|
0.2
|
%
|
|
304
|
|
|
0.5
|
%
|
|
282
|
|
|
0.2
|
%
|
|
1,164
|
|
|
1.0
|
%
|
||||
Publication Sales
|
1,369
|
|
|
2.2
|
%
|
|
1,311
|
|
|
2.2
|
%
|
|
2,768
|
|
|
2.3
|
%
|
|
2,694
|
|
|
2.3
|
%
|
||||
Non Traditional
|
10,515
|
|
|
16.8
|
%
|
|
9,450
|
|
|
16.1
|
%
|
|
15,395
|
|
|
12.7
|
%
|
|
13,564
|
|
|
11.8
|
%
|
||||
LMA Fees
|
2,583
|
|
|
4.1
|
%
|
|
2,583
|
|
|
4.4
|
%
|
|
5,166
|
|
|
4.3
|
%
|
|
5,166
|
|
|
4.5
|
%
|
||||
Digital
|
3,466
|
|
|
5.5
|
%
|
|
4,058
|
|
|
6.9
|
%
|
|
6,751
|
|
|
5.6
|
%
|
|
8,115
|
|
|
7.1
|
%
|
||||
Other
|
4,352
|
|
|
7.0
|
%
|
|
3,781
|
|
|
6.5
|
%
|
|
8,840
|
|
|
7.3
|
%
|
|
8,049
|
|
|
7.1
|
%
|
||||
Total net revenues
|
$
|
62,482
|
|
|
|
|
$
|
58,774
|
|
|
|
|
$
|
120,935
|
|
|
|
|
$
|
114,776
|
|
|
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
47,562
|
|
|
$
|
45,972
|
|
|
$
|
(1,590
|
)
|
|
(3.3
|
)%
|
|
$
|
90,155
|
|
|
$
|
88,671
|
|
|
$
|
(1,484
|
)
|
|
(1.6
|
)%
|
Publishing
|
14,592
|
|
|
12,619
|
|
|
(1,973
|
)
|
|
(13.5
|
)%
|
|
30,117
|
|
|
25,711
|
|
|
(4,406
|
)
|
|
(14.6
|
)%
|
||||||
Emerging Technologies
|
328
|
|
|
183
|
|
|
(145
|
)
|
|
(44.2
|
)%
|
|
663
|
|
|
394
|
|
|
(269
|
)
|
|
(40.6
|
)%
|
||||||
Total net revenues
|
$
|
62,482
|
|
|
$
|
58,774
|
|
|
$
|
(3,708
|
)
|
|
(5.9
|
)%
|
|
$
|
120,935
|
|
|
$
|
114,776
|
|
|
$
|
(6,159
|
)
|
|
(5.1
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Station operating expenses excluding depreciation and amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
31,880
|
|
|
$
|
31,661
|
|
|
$
|
(219
|
)
|
|
(0.7
|
)%
|
|
$
|
60,573
|
|
|
$
|
58,936
|
|
|
$
|
(1,637
|
)
|
|
(2.7
|
)%
|
Publishing
|
14,038
|
|
|
12,959
|
|
|
(1,079
|
)
|
|
(7.7
|
)%
|
|
29,247
|
|
|
26,437
|
|
|
(2,810
|
)
|
|
(9.6
|
)%
|
||||||
Emerging Technologies
|
1,816
|
|
|
2,371
|
|
|
555
|
|
|
30.6
|
%
|
|
3,457
|
|
|
4,607
|
|
|
1,150
|
|
|
33.3
|
%
|
||||||
Total station operating expenses excluding depreciation and amortization expense
|
$
|
47,734
|
|
|
$
|
46,991
|
|
|
$
|
(743
|
)
|
|
(1.6
|
)%
|
|
$
|
93,277
|
|
|
$
|
89,980
|
|
|
$
|
(3,297
|
)
|
|
(3.5
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Corporate expenses excluding depreciation and amortization expense
|
$
|
3,487
|
|
|
$
|
2,453
|
|
|
$
|
(1,034
|
)
|
|
(29.7
|
)%
|
|
$
|
7,306
|
|
|
$
|
5,497
|
|
|
$
|
(1,809
|
)
|
|
(24.8
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||
Impairment loss on intangible assets
|
—
|
|
|
2,988
|
|
|
$
|
2,988
|
|
|
N/A
|
|
—
|
|
|
2,988
|
|
|
$
|
2,988
|
|
|
N/A
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
796
|
|
|
$
|
881
|
|
|
$
|
85
|
|
|
10.7
|
%
|
|
$
|
1,594
|
|
|
$
|
1,788
|
|
|
$
|
194
|
|
|
12.2
|
%
|
Publishing
|
63
|
|
|
69
|
|
|
6
|
|
|
9.5
|
%
|
|
124
|
|
|
142
|
|
|
18
|
|
|
14.5
|
%
|
||||||
Corporate & Emerging Technologies
|
544
|
|
|
332
|
|
|
(212
|
)
|
|
(39.0
|
)%
|
|
1,135
|
|
|
684
|
|
|
(451
|
)
|
|
(39.7
|
)%
|
||||||
Total depreciation and amortization
|
$
|
1,403
|
|
|
$
|
1,282
|
|
|
$
|
(121
|
)
|
|
(8.6
|
)%
|
|
$
|
2,853
|
|
|
$
|
2,614
|
|
|
$
|
(239
|
)
|
|
(8.4
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||
Loss on disposal of assets
|
—
|
|
|
125
|
|
|
$
|
125
|
|
|
N/A
|
|
—
|
|
|
125
|
|
|
$
|
125
|
|
|
N/A
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
14,886
|
|
|
$
|
13,305
|
|
|
$
|
(1,581
|
)
|
|
(10.6
|
)%
|
|
$
|
27,988
|
|
|
$
|
27,822
|
|
|
$
|
(166
|
)
|
|
(0.6
|
)%
|
Publishing
|
491
|
|
|
(409
|
)
|
|
(900
|
)
|
|
(183.3
|
)%
|
|
746
|
|
|
(868
|
)
|
|
(1,614
|
)
|
|
(216.4
|
)%
|
||||||
Corporate & Emerging Technologies
|
(5,519
|
)
|
|
(7,961
|
)
|
|
(2,442
|
)
|
|
(44.2
|
)%
|
|
(11,235
|
)
|
|
(13,382
|
)
|
|
(2,147
|
)
|
|
(19.1
|
)%
|
||||||
Total operating income:
|
$
|
9,858
|
|
|
$
|
4,935
|
|
|
$
|
(4,923
|
)
|
|
(49.9
|
)%
|
|
$
|
17,499
|
|
|
$
|
13,572
|
|
|
$
|
(3,927
|
)
|
|
(22.4
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
|||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||||||||
|
(As reported, amounts in thousands)
|
|||||||||||||||||||||||||||
Provision for income taxes
|
$
|
826
|
|
|
$
|
664
|
|
|
$
|
(162
|
)
|
|
(19.6)%
|
|
$
|
1,773
|
|
|
$
|
1,339
|
|
|
$
|
(434
|
)
|
|
(24.5
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2015
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Consolidated net income
|
$
|
4,915
|
|
|
$
|
(398
|
)
|
|
$
|
(5,313
|
)
|
|
(108.1
|
)%
|
|
$
|
7,073
|
|
|
$
|
2,917
|
|
|
$
|
(4,156
|
)
|
|
(58.8
|
)%
|
(a)
|
Exhibits.
|
|
EMMIS COMMUNICATIONS CORPORATION
|
|
Date: October 6, 2016
|
By:
|
/s/ RYAN A. HORNADAY
|
|
|
Ryan A. Hornaday
|
|
|
Executive Vice President, Chief Financial Officer and
Treasurer
|
1 Year Emmis Communications Chart |
1 Month Emmis Communications Chart |
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