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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 |
|
|
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Large accelerated filer
|
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¨
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Accelerated filer
|
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¨
|
|
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|
|
||
Non-accelerated filer
|
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
|
|
ý
|
|
|
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|
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Emerging Growth Company
|
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¨
|
11,381,001
|
|
|
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
|
|
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Page
|
|
|
|
|
|
Three Months Ended
May 31, |
||||||
|
2016
|
|
2017
|
||||
NET REVENUES
|
$
|
56,002
|
|
|
$
|
40,164
|
|
OPERATING EXPENSES:
|
|
|
|
||||
Station operating expenses excluding depreciation and amortization expense of $1,110 and $794, respectively
|
42,989
|
|
|
31,230
|
|
||
Corporate expenses excluding depreciation and amortization expense of $222 and $184, respectively
|
3,044
|
|
|
2,743
|
|
||
Depreciation and amortization
|
1,332
|
|
|
978
|
|
||
Total operating expenses
|
47,365
|
|
|
34,951
|
|
||
OPERATING INCOME
|
8,637
|
|
|
5,213
|
|
||
OTHER EXPENSE:
|
|
|
|
||||
Interest expense
|
(4,690
|
)
|
|
(4,666
|
)
|
||
Other income, net
|
43
|
|
|
3
|
|
||
Total other expense
|
(4,647
|
)
|
|
(4,663
|
)
|
||
INCOME BEFORE INCOME TAXES
|
3,990
|
|
|
550
|
|
||
PROVISION (BENEFIT) FOR INCOME TAXES
|
675
|
|
|
(22
|
)
|
||
CONSOLIDATED NET INCOME
|
3,315
|
|
|
572
|
|
||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
629
|
|
|
839
|
|
||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
|
2,686
|
|
|
(267
|
)
|
||
|
|
|
|
||||
NET INCOME (LOSS) PER SHARE - BASIC
|
$
|
0.23
|
|
|
$
|
(0.02
|
)
|
NET INCOME (LOSS) PER SHARE - DILUTED
|
$
|
0.23
|
|
|
$
|
(0.02
|
)
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
||||
Basic
|
11,768
|
|
|
12,257
|
|
||
Diluted
|
11,824
|
|
|
12,257
|
|
|
|
|
|
|
Three Months Ended
May 31, |
||||||
|
2016
|
|
2017
|
||||
CONSOLIDATED NET INCOME
|
$
|
3,315
|
|
|
$
|
572
|
|
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
629
|
|
|
839
|
|
||
COMPREHENSIVE INCOME (LOSS ) ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
2,686
|
|
|
$
|
(267
|
)
|
|
February 28,
2017 |
|
May 31,
2017 |
||||
|
|
(Unaudited)
|
|||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
11,349
|
|
|
$
|
2,190
|
|
Restricted cash
|
2,323
|
|
|
2,310
|
|
||
Accounts receivable, net
|
26,484
|
|
|
27,742
|
|
||
Prepaid expenses
|
4,798
|
|
|
6,782
|
|
||
Other current assets
|
1,503
|
|
|
4,704
|
|
||
Total current assets
|
46,457
|
|
|
43,728
|
|
||
PROPERTY AND EQUIPMENT, NET
|
30,845
|
|
|
29,012
|
|
||
INTANGIBLE ASSETS (NOTE 3):
|
|
|
|
||||
Indefinite-lived intangibles
|
197,666
|
|
|
195,648
|
|
||
Goodwill
|
4,603
|
|
|
4,603
|
|
||
Other intangibles, net
|
1,523
|
|
|
1,354
|
|
||
Total intangible assets
|
203,792
|
|
|
201,605
|
|
||
OTHER ASSETS, NET
|
8,244
|
|
|
8,375
|
|
||
Total assets
|
$
|
289,338
|
|
|
$
|
282,720
|
|
|
Class A
Common Stock
|
|
Class B
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Deficit
|
|
Noncontrolling Interests
|
|
Total Deficit
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
Balance, February 28, 2017
|
11,278,065
|
|
|
$
|
113
|
|
|
1,142,366
|
|
|
$
|
11
|
|
|
$
|
592,320
|
|
|
$
|
(629,381
|
)
|
|
$
|
32,921
|
|
|
$
|
(4,016
|
)
|
Net (loss) income
|
|
|
|
|
|
|
|
|
|
|
(267
|
)
|
|
839
|
|
|
572
|
|
|||||||||||
Issuance of common stock to employees and officers
|
76,372
|
|
|
1
|
|
|
|
|
|
|
631
|
|
|
|
|
|
|
632
|
|
||||||||||
Exercise of stock options
|
24,375
|
|
|
|
|
|
|
|
|
|
55
|
|
|
|
|
|
|
55
|
|
||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,072
|
)
|
|
(1,072
|
)
|
||||||||||||
Balance, May 31, 2017
|
11,378,812
|
|
|
$
|
114
|
|
|
1,142,366
|
|
|
$
|
11
|
|
|
$
|
593,006
|
|
|
$
|
(629,648
|
)
|
|
$
|
32,688
|
|
|
$
|
(3,829
|
)
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Three Months Ended May 31,
|
||||||
|
2016
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net income
|
$
|
3,315
|
|
|
$
|
572
|
|
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities -
|
|
|
|
||||
Depreciation and amortization
|
1,332
|
|
|
978
|
|
||
Amortization of debt discount
|
427
|
|
|
651
|
|
||
Noncash accretion of debt
|
186
|
|
|
185
|
|
||
(Recovery of) provision for bad debts
|
(36
|
)
|
|
92
|
|
||
Provision (benefit) for deferred income taxes
|
634
|
|
|
(25
|
)
|
||
Noncash compensation
|
856
|
|
|
689
|
|
||
Other
|
2
|
|
|
—
|
|
||
Changes in assets and liabilities -
|
|
|
|
||||
Restricted cash
|
(283
|
)
|
|
13
|
|
||
Accounts receivable
|
(2,020
|
)
|
|
(1,350
|
)
|
||
Prepaid expenses and other current assets
|
(573
|
)
|
|
(1,746
|
)
|
||
Other assets
|
(258
|
)
|
|
(131
|
)
|
||
Accounts payable and accrued liabilities
|
(2,533
|
)
|
|
(10,581
|
)
|
||
Deferred revenue
|
1,477
|
|
|
1,253
|
|
||
Income taxes
|
(124
|
)
|
|
(115
|
)
|
||
Other liabilities
|
(333
|
)
|
|
(743
|
)
|
||
Net cash provided by (used in) operating activities
|
2,069
|
|
|
(10,258
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(402
|
)
|
|
(397
|
)
|
||
Other
|
23
|
|
|
—
|
|
||
Net cash used in investing activities
|
(379
|
)
|
|
(397
|
)
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Three Months Ended May 31,
|
||||||
|
2016
|
|
2017
|
||||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on long-term debt
|
(7,490
|
)
|
|
(4,484
|
)
|
||
Proceeds from long-term debt
|
7,000
|
|
|
8,690
|
|
||
Debt-related costs
|
—
|
|
|
(1,636
|
)
|
||
Distributions to noncontrolling interests
|
(1,187
|
)
|
|
(1,072
|
)
|
||
Proceeds from the exercise of stock options
|
—
|
|
|
55
|
|
||
Settlement of tax withholding obligations on stock issued to employees
|
(185
|
)
|
|
(57
|
)
|
||
Net cash (used in) provided by financing activities
|
(1,862
|
)
|
|
1,496
|
|
||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(172
|
)
|
|
(9,159
|
)
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
4,456
|
|
|
11,349
|
|
||
End of period
|
$
|
4,284
|
|
|
$
|
2,190
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
||||
Cash paid for interest
|
$
|
3,866
|
|
|
$
|
3,399
|
|
Cash paid for income taxes, net
|
116
|
|
|
153
|
|
||
Noncash financing transactions-
|
|
|
|
||||
Stock issued to employees and directors
|
840
|
|
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
||||||||||||||||||||
|
May 31, 2016
|
|
May 31, 2017
|
||||||||||||||||||
|
Net Income
|
|
Shares
|
|
Net Income
Per Share
|
|
Net Loss
|
|
Shares
|
|
Net Loss
Per Share
|
||||||||||
|
(amounts in 000’s, except per share data)
|
||||||||||||||||||||
Basic net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) available to common shareholders
|
$
|
2,686
|
|
|
11,768
|
|
|
$
|
0.23
|
|
|
$
|
(267
|
)
|
|
12,257
|
|
|
$
|
(0.02
|
)
|
Impact of equity awards
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) available to common shareholders
|
$
|
2,686
|
|
|
11,824
|
|
|
$
|
0.23
|
|
|
$
|
(267
|
)
|
|
12,257
|
|
|
$
|
(0.02
|
)
|
|
For the three months ended
May 31,
|
||||
|
2016
|
|
2017
|
||
|
(shares in 000’s )
|
||||
Equity awards
|
2,052
|
|
|
2,498
|
|
Antidilutive common share equivalents
|
2,052
|
|
|
2,498
|
|
|
For the three months
ended May 31,
|
||||||
|
2016
|
|
2017
|
||||
|
(amounts in 000's)
|
||||||
Net revenues
|
$
|
2,583
|
|
|
$
|
2,583
|
|
Station operating expenses, excluding depreciation and amortization expense
|
251
|
|
|
293
|
|
||
Interest expense
|
728
|
|
|
672
|
|
|
As of February 28,
|
|
As of May 31,
|
||||
|
2017
|
|
2017
|
||||
|
(amounts in 000's)
|
||||||
Current assets:
|
|
|
|
||||
Restricted cash
|
$
|
1,550
|
|
|
$
|
1,660
|
|
Prepaid expenses
|
445
|
|
|
491
|
|
||
Other current assets
|
7
|
|
|
3
|
|
||
Total current assets
|
2,002
|
|
|
2,154
|
|
||
Noncurrent assets:
|
|
|
|
||||
Property and equipment, net
|
229
|
|
|
279
|
|
||
Indefinite lived intangibles
|
46,390
|
|
|
46,390
|
|
||
Deposits and other
|
6,205
|
|
|
6,337
|
|
||
Total noncurrent assets
|
52,824
|
|
|
53,006
|
|
||
Total assets
|
$
|
54,826
|
|
|
$
|
55,160
|
|
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
54
|
|
|
$
|
72
|
|
Current maturities of long-term debt
|
6,039
|
|
|
6,184
|
|
||
Deferred revenue
|
807
|
|
|
835
|
|
||
Other current liabilities
|
205
|
|
|
200
|
|
||
Total current liabilities
|
7,105
|
|
|
7,291
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Long-term debt, net of current portion and unamortized debt discount
|
51,954
|
|
|
50,439
|
|
||
Total noncurrent liabilities
|
51,954
|
|
|
50,439
|
|
||
Total liabilities
|
$
|
59,059
|
|
|
$
|
57,730
|
|
|
As of February 28,
|
|
As of May 31,
|
||||
|
2017
|
|
2017
|
||||
98.7FM LMA restricted cash
|
$
|
1,550
|
|
|
$
|
1,660
|
|
NextRadio LLC restricted cash
|
123
|
|
|
—
|
|
||
Cash held in escrow from sale of magazines restricted cash
|
650
|
|
|
650
|
|
||
Total restricted cash
|
$
|
2,323
|
|
|
$
|
2,310
|
|
|
|
Austin radio partnership
|
|
Digonex
|
|
Total noncontrolling interests
|
||||||
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
|
|
|
|
|
|
|
|
|
||||||
Balance, February 28, 2017
|
|
$
|
46,830
|
|
|
$
|
(13,909
|
)
|
|
$
|
32,921
|
|
Net income (loss)
|
|
1,598
|
|
|
(759
|
)
|
|
839
|
|
|||
Distributions to noncontrolling interests
|
|
(1,072
|
)
|
|
—
|
|
|
(1,072
|
)
|
|||
Balance, May 31, 2017
|
|
$
|
47,356
|
|
|
$
|
(14,668
|
)
|
|
$
|
32,688
|
|
|
Three Months Ended May 31,
|
||
|
2016
|
|
2017
|
Risk-Free Interest Rate:
|
1.2%
|
|
1.9%
|
Expected Dividend Yield:
|
0%
|
|
0%
|
Expected Life (Years):
|
4.3
|
|
4.4
|
Expected Volatility:
|
58.6% - 59.6%
|
|
52.9% - 53.1%
|
|
Options
|
|
Price
|
|
Weighted Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, beginning of period
|
2,559,643
|
|
|
$
|
5.17
|
|
|
|
|
|
||
Granted
|
93,750
|
|
|
2.66
|
|
|
|
|
|
|||
Exercised
|
24,375
|
|
|
2.26
|
|
|
|
|
|
|||
Forfeited
|
3,331
|
|
|
2.48
|
|
|
|
|
|
|||
Expired
|
30,065
|
|
|
24.82
|
|
|
|
|
|
|||
Outstanding, end of period
|
2,595,622
|
|
|
4.88
|
|
|
6.9
|
|
$
|
1,022
|
|
|
Exercisable, end of period
|
1,455,036
|
|
|
5.25
|
|
|
5.3
|
|
$
|
550
|
|
|
Options
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested, beginning of period
|
1,090,375
|
|
|
$
|
2.26
|
|
Granted
|
93,750
|
|
|
1.18
|
|
|
Vested
|
40,208
|
|
|
2.39
|
|
|
Forfeited
|
3,331
|
|
|
1.21
|
|
|
Nonvested, end of period
|
1,140,586
|
|
|
2.17
|
|
|
Three Months Ended May 31,
|
||||||
|
2016
|
|
2017
|
||||
Station operating expenses
|
$
|
337
|
|
|
$
|
149
|
|
Corporate expenses
|
519
|
|
|
540
|
|
||
Stock-based compensation expense included in operating expenses
|
$
|
856
|
|
|
$
|
689
|
|
|
|
|
|
As of February 28, 2017
|
|
As of May 31, 2017
|
||||||||||||||||
|
|
|
|
(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
|
|
$
|
696
|
|
$
|
545
|
|
$
|
151
|
|
|
$
|
397
|
|
$
|
316
|
|
$
|
81
|
|
Customer lists
|
|
N/A
|
|
315
|
|
289
|
|
26
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Programming agreement
|
|
4.3
|
|
2,154
|
|
808
|
|
1,346
|
|
|
2,154
|
|
881
|
|
1,273
|
|
||||||
TOTAL
|
|
|
|
$
|
3,165
|
|
$
|
1,642
|
|
$
|
1,523
|
|
|
$
|
2,551
|
|
$
|
1,197
|
|
$
|
1,354
|
|
Year ended February 28 (29),
|
|
Expected Amortization Expense
|
||
|
|
(in 000's)
|
||
Remainder of 2018
|
|
$
|
229
|
|
2019
|
|
304
|
|
|
2020
|
|
304
|
|
|
2021
|
|
304
|
|
|
2022
|
|
181
|
|
|
Thereafter
|
|
32
|
|
|
Total
|
|
1,354
|
|
|
February 28,
2017 |
|
May 31,
2017 |
||||
2014 Credit Agreement debt :
|
|
|
|
||||
Revolver
|
$
|
—
|
|
|
$
|
8,000
|
|
Term Loan
|
152,245
|
|
|
149,197
|
|
||
Total 2014 Credit Agreement debt
|
152,245
|
|
|
157,197
|
|
||
|
|
|
|
||||
98.7FM non-recourse debt
|
59,958
|
|
|
58,522
|
|
||
Other non-recourse debt
(1)
|
8,807
|
|
|
9,682
|
|
||
Less: Current maturities
|
(23,600
|
)
|
|
(21,633
|
)
|
||
Less: Unamortized original issue discount
|
(7,038
|
)
|
|
(8,023
|
)
|
||
Total long-term debt
|
$
|
190,372
|
|
|
$
|
195,745
|
|
|
Term Loan Repayments
Texas Monthly
Sale
|
||
Gross proceeds from the sale of
Texas Monthly
|
$
|
25,000
|
|
Working capital and other closing adjustments
|
(747
|
)
|
|
Transaction costs, including severance
|
(1,378
|
)
|
|
Subtotal
|
22,875
|
|
|
Less: Reinvestments (estimated)
|
(3,475
|
)
|
|
Less: Term Loan repayment on November 1, 2016
|
(15,000
|
)
|
|
Remaining Net Available Proceeds, subject to finalization of reinvestments
|
$
|
4,400
|
|
|
As of May 31, 2017
|
||||||
|
Covenant Requirement
|
|
Actual Results
|
||||
Minimum Consolidated EBITDA
|
$
|
20.0
|
million
|
|
$
|
24.4
|
million
|
Minimum Interest Coverage Ratio
|
1.60 : 1.00
|
|
|
2.10 : 1.00
|
|
|
|
2014 Credit Agreement
|
|
|
|
|
|
|
||||||||||||
Year ended February 28 (29),
|
|
Revolver
|
|
Term Loan
|
|
98.7FM
Non-recourse Debt
|
|
Other
Non-recourse Debt
|
|
Total Payments
|
||||||||||
Remainder of 2018
|
|
$
|
—
|
|
|
$
|
9,767
|
|
|
$
|
4,603
|
|
|
$
|
6,199
|
|
|
$
|
20,569
|
|
2019
|
|
8,000
|
|
|
4,717
|
|
|
6,587
|
|
|
—
|
|
|
19,304
|
|
|||||
2020
|
|
—
|
|
|
134,713
|
|
|
7,150
|
|
|
—
|
|
|
141,863
|
|
|||||
2021
|
|
—
|
|
|
—
|
|
|
7,755
|
|
|
—
|
|
|
7,755
|
|
|||||
2022
|
|
—
|
|
|
—
|
|
|
8,394
|
|
|
4,000
|
|
|
12,394
|
|
|||||
Thereafter
|
|
—
|
|
|
—
|
|
|
24,033
|
|
|
—
|
|
|
24,033
|
|
|||||
Total
|
|
$
|
8,000
|
|
|
$
|
149,197
|
|
|
$
|
58,522
|
|
|
$
|
10,199
|
|
|
$
|
225,918
|
|
|
As of May 31, 2017
|
||||||||||||||
|
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 28, 2017
|
||||||||||||||
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2017
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
38,706
|
|
|
$
|
1,144
|
|
|
$
|
314
|
|
|
$
|
40,164
|
|
Station operating expenses excluding depreciation and amortization expense
|
26,134
|
|
|
1,355
|
|
|
3,741
|
|
|
31,230
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
2,743
|
|
|
2,743
|
|
||||
Depreciation and amortization
|
768
|
|
|
5
|
|
|
205
|
|
|
978
|
|
||||
Operating income (loss)
|
$
|
11,804
|
|
|
$
|
(216
|
)
|
|
$
|
(6,375
|
)
|
|
$
|
5,213
|
|
|
|
|
|
|
|
|
|
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
|
|
Total Assets
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
As of February 28, 2017
|
$
|
260,228
|
|
|
$
|
1,746
|
|
|
$
|
27,364
|
|
|
$
|
289,338
|
|
As of May 31, 2017
|
$
|
263,768
|
|
|
$
|
744
|
|
|
$
|
18,208
|
|
|
$
|
282,720
|
|
|
For the three months ended May 31,
|
||||||
|
2016
|
|
2017
|
||||
Net revenues
|
$
|
6,676
|
|
|
$
|
5,419
|
|
Station operating expenses, excluding depreciation and amortization expense
|
4,373
|
|
|
4,338
|
|
||
Depreciation and amortization
|
104
|
|
|
63
|
|
||
Operating income
|
2,199
|
|
|
1,018
|
|
|
As of February 28, 2017
|
|
As of May 31, 2017
|
||
Property and equipment, net
|
1,400
|
|
|
1,354
|
|
Indefinite-lived intangibles
|
2,018
|
|
|
2,018
|
|
Other intangibles, net
|
68
|
|
|
67
|
|
•
|
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,
|
||||||||||||
|
2016
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||
|
|
|
|
|
|
|
|
||||||
Net revenues:
|
|
|
|
|
|
|
|
||||||
Local
|
$
|
33,018
|
|
|
59.0
|
%
|
|
$
|
24,220
|
|
|
60.3
|
%
|
National
|
5,719
|
|
|
10.2
|
%
|
|
4,608
|
|
|
11.5
|
%
|
||
Political
|
860
|
|
|
1.5
|
%
|
|
129
|
|
|
0.3
|
%
|
||
Publication Sales
|
1,383
|
|
|
2.5
|
%
|
|
110
|
|
|
0.3
|
%
|
||
Non Traditional
|
4,114
|
|
|
7.3
|
%
|
|
2,488
|
|
|
6.2
|
%
|
||
LMA Fees
|
2,583
|
|
|
4.6
|
%
|
|
2,583
|
|
|
6.4
|
%
|
||
Digital
|
4,057
|
|
|
7.2
|
%
|
|
3,028
|
|
|
7.5
|
%
|
||
Other
|
4,268
|
|
|
7.7
|
%
|
|
2,998
|
|
|
7.5
|
%
|
||
Total net revenues
|
$
|
56,002
|
|
|
|
|
$
|
40,164
|
|
|
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
42,699
|
|
|
$
|
38,706
|
|
|
$
|
(3,993
|
)
|
|
(9.4
|
)%
|
Publishing
|
13,092
|
|
|
1,144
|
|
|
(11,948
|
)
|
|
(91.3
|
)%
|
|||
Emerging Technologies
|
211
|
|
|
314
|
|
|
103
|
|
|
48.8
|
%
|
|||
Total net revenues
|
$
|
56,002
|
|
|
$
|
40,164
|
|
|
$
|
(15,838
|
)
|
|
(28.3
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Station operating expenses excluding depreciation and amortization expense:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
27,275
|
|
|
$
|
26,134
|
|
|
$
|
(1,141
|
)
|
|
(4.2
|
)%
|
Publishing
|
13,478
|
|
|
1,355
|
|
|
(12,123
|
)
|
|
(89.9
|
)%
|
|||
Emerging Technologies
|
2,236
|
|
|
3,741
|
|
|
1,505
|
|
|
67.3
|
%
|
|||
Total station operating expenses excluding depreciation and amortization expense
|
$
|
42,989
|
|
|
$
|
31,230
|
|
|
$
|
(11,759
|
)
|
|
(27.4
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Corporate expenses excluding depreciation and amortization expense
|
$
|
3,044
|
|
|
$
|
2,743
|
|
|
$
|
(301
|
)
|
|
(9.9
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
907
|
|
|
$
|
768
|
|
|
$
|
(139
|
)
|
|
(15.3
|
)%
|
Publishing
|
73
|
|
|
5
|
|
|
(68
|
)
|
|
(93.2
|
)%
|
|||
Corporate & Emerging Technologies
|
352
|
|
|
205
|
|
|
(147
|
)
|
|
(41.8
|
)%
|
|||
Total depreciation and amortization
|
$
|
1,332
|
|
|
$
|
978
|
|
|
$
|
(354
|
)
|
|
(26.6
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Operating income:
|
|
|
|
|
|
|
|
|||||||
Radio
|
$
|
14,517
|
|
|
$
|
11,804
|
|
|
$
|
(2,713
|
)
|
|
(18.7
|
)%
|
Publishing
|
(459
|
)
|
|
(216
|
)
|
|
243
|
|
|
52.9
|
%
|
|||
Corporate & Emerging Technologies
|
(5,421
|
)
|
|
(6,375
|
)
|
|
(954
|
)
|
|
(17.6
|
)%
|
|||
Total operating income:
|
$
|
8,637
|
|
|
$
|
5,213
|
|
|
$
|
(3,424
|
)
|
|
(39.6
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Interest expense
|
$
|
(4,690
|
)
|
|
$
|
(4,666
|
)
|
|
$
|
24
|
|
|
(0.5
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Provision for income taxes
|
$
|
675
|
|
|
$
|
(22
|
)
|
|
$
|
(697
|
)
|
|
(103.3
|
)%
|
|
For the Three Months Ended May 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(As reported, amounts in thousands)
|
|||||||||||||
Consolidated net income
|
$
|
3,315
|
|
|
$
|
572
|
|
|
$
|
(2,743
|
)
|
|
(82.7
|
)%
|
(a)
|
Exhibits.
|
|
EMMIS COMMUNICATIONS CORPORATION
|
|
Date: July 13, 2017
|
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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