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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
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ý
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|
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Emerging Growth Company
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¨
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11,568,454
|
|
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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
|
|
|
|
|
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Three Months Ended
August 31, |
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Six Months Ended
August 31, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
NET REVENUES
|
$
|
58,774
|
|
|
$
|
42,848
|
|
|
$
|
114,776
|
|
|
$
|
83,012
|
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OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Station operating expenses excluding depreciation and amortization expense of $1,085, $701, $2,195 and $1,495, respectively
|
46,991
|
|
|
33,904
|
|
|
89,980
|
|
|
65,134
|
|
||||
Corporate expenses excluding depreciation and amortization expense of $197, $180, $419, and $364, respectively
|
2,453
|
|
|
2,538
|
|
|
5,497
|
|
|
5,281
|
|
||||
Impairment loss on intangible assets
|
2,988
|
|
|
—
|
|
|
2,988
|
|
|
—
|
|
||||
Depreciation and amortization
|
1,282
|
|
|
881
|
|
|
2,614
|
|
|
1,859
|
|
||||
Gain on sale of assets, net of disposition costs
|
—
|
|
|
(76,706
|
)
|
|
—
|
|
|
(76,706
|
)
|
||||
Loss on disposal of property and equipment
|
125
|
|
|
12
|
|
|
125
|
|
|
12
|
|
||||
Total operating expenses
|
53,839
|
|
|
(39,371
|
)
|
|
101,204
|
|
|
(4,420
|
)
|
||||
OPERATING INCOME
|
4,935
|
|
|
82,219
|
|
|
13,572
|
|
|
87,432
|
|
||||
OTHER EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(4,758
|
)
|
|
(4,548
|
)
|
|
(9,448
|
)
|
|
(9,214
|
)
|
||||
Loss on debt extinguishment
|
—
|
|
|
(2,523
|
)
|
|
—
|
|
|
(2,523
|
)
|
||||
Other income, net
|
89
|
|
|
11
|
|
|
132
|
|
|
14
|
|
||||
Total other expense
|
(4,669
|
)
|
|
(7,060
|
)
|
|
(9,316
|
)
|
|
(11,723
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
266
|
|
|
75,159
|
|
|
4,256
|
|
|
75,709
|
|
||||
PROVISION FOR INCOME TAXES
|
664
|
|
|
4,394
|
|
|
1,339
|
|
|
4,372
|
|
||||
CONSOLIDATED NET (LOSS) INCOME
|
(398
|
)
|
|
70,765
|
|
|
2,917
|
|
|
71,337
|
|
||||
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(733
|
)
|
|
808
|
|
|
(104
|
)
|
|
1,647
|
|
||||
NET INCOME ATTRIBUTABLE TO THE COMPANY
|
335
|
|
|
69,957
|
|
|
3,021
|
|
|
69,690
|
|
||||
|
|
|
|
|
|
|
|
||||||||
NET INCOME PER SHARE - BASIC
|
$
|
0.03
|
|
|
$
|
5.69
|
|
|
$
|
0.25
|
|
|
$
|
5.67
|
|
NET INCOME PER SHARE - DILUTED
|
$
|
0.03
|
|
|
$
|
5.59
|
|
|
$
|
0.25
|
|
|
$
|
5.59
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
||||||||
Basic
|
12,047
|
|
|
12,292
|
|
|
11,922
|
|
|
12,287
|
|
||||
Diluted
|
12,299
|
|
|
12,513
|
|
|
12,043
|
|
|
12,463
|
|
|
|
|
|
|
Three Months Ended
August 31, |
|
Six Months Ended
August 31, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
CONSOLIDATED NET (LOSS) INCOME
|
$
|
(398
|
)
|
|
$
|
70,765
|
|
|
$
|
2,917
|
|
|
$
|
71,337
|
|
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(733
|
)
|
|
808
|
|
|
(104
|
)
|
|
1,647
|
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
335
|
|
|
$
|
69,957
|
|
|
$
|
3,021
|
|
|
$
|
69,690
|
|
|
February 28,
2017 |
|
August 31,
2017 |
||||
|
|
(Unaudited)
|
|||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
11,349
|
|
|
$
|
4,718
|
|
Restricted cash
|
2,323
|
|
|
2,161
|
|
||
Accounts receivable, net
|
26,484
|
|
|
25,454
|
|
||
Prepaid expenses
|
4,798
|
|
|
4,877
|
|
||
Other current assets
|
1,503
|
|
|
1,502
|
|
||
Total current assets
|
46,457
|
|
|
38,712
|
|
||
PROPERTY AND EQUIPMENT, NET
|
30,845
|
|
|
28,613
|
|
||
INTANGIBLE ASSETS (NOTE 3):
|
|
|
|
||||
Indefinite-lived intangibles
|
197,666
|
|
|
195,648
|
|
||
Goodwill
|
4,603
|
|
|
4,603
|
|
||
Other intangibles, net
|
1,523
|
|
|
1,278
|
|
||
Total intangible assets
|
203,792
|
|
|
201,529
|
|
||
OTHER ASSETS, NET
|
8,244
|
|
|
8,422
|
|
||
Total assets
|
$
|
289,338
|
|
|
$
|
277,276
|
|
|
February 28,
2017 |
|
August 31,
2017 |
||||
|
|
(Unaudited)
|
|||||
LIABILITIES AND (DEFICIT) EQUITY
|
|||||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
13,398
|
|
|
$
|
4,620
|
|
Current maturities of long-term debt (Note 4)
|
23,600
|
|
|
16,367
|
|
||
Accrued salaries and commissions
|
6,238
|
|
|
2,061
|
|
||
Deferred revenue
|
4,560
|
|
|
5,654
|
|
||
Other current liabilities
|
6,807
|
|
|
6,166
|
|
||
Total current liabilities
|
54,603
|
|
|
34,868
|
|
||
LONG-TERM DEBT, NET OF CURRENT MATURITIES (NOTE 4)
|
190,372
|
|
|
125,244
|
|
||
OTHER NONCURRENT LIABILITIES
|
4,842
|
|
|
5,921
|
|
||
DEFERRED INCOME TAXES
|
43,537
|
|
|
44,937
|
|
||
Total liabilities
|
293,354
|
|
|
210,970
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
||||
(DEFICIT) EQUITY:
|
|
|
|
||||
Class A common stock, $.01 par value; authorized 42,500,000 shares; issued and outstanding 11,278,065 shares at February 28, 2017 and 11,568,454 shares at August 31, 2017
|
113
|
|
|
116
|
|
||
Class B common stock, $.01 par value; authorized 7,500,000 shares; issued and outstanding 1,142,366 shares at February 28, 2017 and August 31, 2017
|
11
|
|
|
11
|
|
||
Additional paid-in capital
|
592,320
|
|
|
593,556
|
|
||
Accumulated deficit
|
(629,381
|
)
|
|
(559,691
|
)
|
||
Total shareholders’ (deficit) equity
|
(36,937
|
)
|
|
33,992
|
|
||
NONCONTROLLING INTERESTS
|
32,921
|
|
|
32,314
|
|
||
Total (deficit) equity
|
(4,016
|
)
|
|
66,306
|
|
||
Total liabilities and (deficit) equity
|
$
|
289,338
|
|
|
$
|
277,276
|
|
|
Class A
Common Stock
|
|
Class B
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Deficit
|
|
Noncontrolling Interests
|
|
Total (Deficit) Equity
|
||||||||||||||||||
|
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 income
|
|
|
|
|
|
|
|
|
|
|
69,690
|
|
|
1,647
|
|
|
71,337
|
|
|||||||||||
Issuance of common stock to employees and officers
|
263,139
|
|
|
3
|
|
|
|
|
|
|
1,175
|
|
|
|
|
|
|
1,178
|
|
||||||||||
Exercise of stock options
|
27,250
|
|
|
|
|
|
|
|
|
|
61
|
|
|
|
|
|
|
61
|
|
||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,254
|
)
|
|
(2,254
|
)
|
||||||||||||
Balance, August 31, 2017
|
11,568,454
|
|
|
$
|
116
|
|
|
1,142,366
|
|
|
$
|
11
|
|
|
$
|
593,556
|
|
|
$
|
(559,691
|
)
|
|
$
|
32,314
|
|
|
$
|
66,306
|
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Six Months Ended August 31,
|
||||||
|
2016
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net income
|
$
|
2,917
|
|
|
$
|
71,337
|
|
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities -
|
|
|
|
||||
Impairment loss on intangible assets
|
2,988
|
|
|
—
|
|
||
Gain on sale of assets, net of disposition costs
|
—
|
|
|
(76,706
|
)
|
||
Depreciation and amortization
|
2,614
|
|
|
1,859
|
|
||
Amortization of debt discount
|
854
|
|
|
1,466
|
|
||
Noncash accretion of debt
|
371
|
|
|
371
|
|
||
Loss on debt extinguishment
|
—
|
|
|
2,523
|
|
||
Provision for bad debts
|
53
|
|
|
636
|
|
||
Provision for deferred income taxes
|
1,267
|
|
|
1,400
|
|
||
Noncash compensation
|
1,516
|
|
|
1,396
|
|
||
Loss on disposal of property and equipment
|
125
|
|
|
12
|
|
||
Changes in assets and liabilities -
|
|
|
|
||||
Restricted cash
|
(354
|
)
|
|
162
|
|
||
Accounts receivable
|
(3,458
|
)
|
|
394
|
|
||
Prepaid expenses and other current assets
|
(114
|
)
|
|
(96
|
)
|
||
Other assets
|
(432
|
)
|
|
(196
|
)
|
||
Accounts payable and accrued liabilities
|
(2,208
|
)
|
|
(12,955
|
)
|
||
Deferred revenue
|
172
|
|
|
1,161
|
|
||
Income taxes
|
(82
|
)
|
|
(107
|
)
|
||
Other liabilities
|
(140
|
)
|
|
713
|
|
||
Net cash provided by (used in) operating activities
|
6,089
|
|
|
(6,630
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(711
|
)
|
|
(838
|
)
|
||
Net proceeds from the sale of assets
|
283
|
|
|
79,968
|
|
||
Distributions from investments, net
|
61
|
|
|
—
|
|
||
Net cash (used in) provided by investing activities
|
(367
|
)
|
|
79,130
|
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Six Months Ended August 31,
|
||||||
|
2016
|
|
2017
|
||||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on long-term debt
|
(13,165
|
)
|
|
(88,774
|
)
|
||
Proceeds from long-term debt
|
11,000
|
|
|
13,690
|
|
||
Debt-related costs
|
—
|
|
|
(1,636
|
)
|
||
Distributions to noncontrolling interests
|
(2,074
|
)
|
|
(2,254
|
)
|
||
Proceeds from the exercise of stock options
|
20
|
|
|
61
|
|
||
Purchase of Class A common stock
|
(5
|
)
|
|
—
|
|
||
Settlement of tax withholding obligations on stock issued to employees
|
(260
|
)
|
|
(218
|
)
|
||
Net cash used in financing activities
|
(4,484
|
)
|
|
(79,131
|
)
|
||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,238
|
|
|
(6,631
|
)
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
4,456
|
|
|
11,349
|
|
||
End of period
|
$
|
5,694
|
|
|
$
|
4,718
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
||||
Cash paid for interest
|
$
|
7,943
|
|
|
$
|
8,321
|
|
Cash paid for (refund from) income taxes, net
|
112
|
|
|
(19
|
)
|
||
Noncash financing transactions-
|
|
|
|
||||
Stock issued to employees and directors
|
1,518
|
|
|
1,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the three months ended
|
||||||||||||||||||||
|
August 31, 2016
|
|
August 31, 2017
|
||||||||||||||||||
|
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
|
$
|
335
|
|
|
12,047
|
|
|
$
|
0.03
|
|
|
$
|
69,957
|
|
|
12,292
|
|
|
$
|
5.69
|
|
Impact of equity awards
|
—
|
|
|
252
|
|
|
|
|
—
|
|
|
221
|
|
|
|
||||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
335
|
|
|
12,299
|
|
|
$
|
0.03
|
|
|
$
|
69,957
|
|
|
12,513
|
|
|
$
|
5.59
|
|
|
For the six months ended
|
||||||||||||||||||||
|
August 31, 2016
|
|
August 31, 2017
|
||||||||||||||||||
|
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
|
$
|
3,021
|
|
|
11,922
|
|
|
$
|
0.25
|
|
|
$
|
69,690
|
|
|
12,287
|
|
|
$
|
5.67
|
|
Impact of equity awards
|
—
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
176
|
|
|
—
|
|
||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
3,021
|
|
|
12,043
|
|
|
$
|
0.25
|
|
|
$
|
69,690
|
|
|
12,463
|
|
|
$
|
5.59
|
|
|
For the three months ended
August 31,
|
|
For the six months ended
August 31,
|
||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||
|
(shares in 000’s )
|
||||||||||
Equity awards
|
1,340
|
|
|
1,960
|
|
|
1,491
|
|
|
2,276
|
|
Antidilutive common share equivalents
|
1,340
|
|
|
1,960
|
|
|
1,491
|
|
|
2,276
|
|
|
For the three months ended August 31,
|
|
For the six months
ended August 31,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
|
(amounts in 000's)
|
||||||||||||||
Net revenues
|
$
|
2,583
|
|
|
$
|
2,583
|
|
|
$
|
5,166
|
|
|
$
|
5,166
|
|
Station operating expenses, excluding depreciation and amortization expense
|
363
|
|
|
296
|
|
|
614
|
|
|
589
|
|
||||
Interest expense
|
715
|
|
|
656
|
|
|
1,443
|
|
|
1,328
|
|
|
As of February 28,
|
|
As of August 31,
|
||||
|
2017
|
|
2017
|
||||
|
(amounts in 000's)
|
||||||
Current assets:
|
|
|
|
||||
Restricted cash
|
$
|
1,550
|
|
|
$
|
1,511
|
|
Prepaid expenses
|
445
|
|
|
481
|
|
||
Other current assets
|
7
|
|
|
13
|
|
||
Total current assets
|
2,002
|
|
|
2,005
|
|
||
Noncurrent assets:
|
|
|
|
||||
Property and equipment, net
|
229
|
|
|
274
|
|
||
Indefinite lived intangibles
|
46,390
|
|
|
46,390
|
|
||
Deposits and other
|
6,205
|
|
|
6,406
|
|
||
Total noncurrent assets
|
52,824
|
|
|
53,070
|
|
||
Total assets
|
$
|
54,826
|
|
|
$
|
55,075
|
|
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
54
|
|
|
$
|
22
|
|
Current maturities of long-term debt
|
6,039
|
|
|
6,317
|
|
||
Deferred revenue
|
807
|
|
|
835
|
|
||
Other current liabilities
|
205
|
|
|
195
|
|
||
Total current liabilities
|
7,105
|
|
|
7,369
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Long-term debt, net of current portion and unamortized debt discount
|
51,954
|
|
|
48,859
|
|
||
Total noncurrent liabilities
|
51,954
|
|
|
48,859
|
|
||
Total liabilities
|
$
|
59,059
|
|
|
$
|
56,228
|
|
|
As of February 28,
|
|
As of August 31,
|
||||
|
2017
|
|
2017
|
||||
98.7FM LMA restricted cash
|
$
|
1,550
|
|
|
$
|
1,511
|
|
NextRadio LLC restricted cash
|
123
|
|
|
—
|
|
||
Cash held in escrow from sale of magazines restricted cash
|
650
|
|
|
650
|
|
||
Total restricted cash
|
$
|
2,323
|
|
|
$
|
2,161
|
|
|
|
Austin radio partnership
|
|
Digonex
|
|
Total noncontrolling interests
|
||||||
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
|
|
|
|
|
|
|
|
|
||||||
Balance, February 28, 2017
|
|
$
|
46,830
|
|
|
$
|
(13,909
|
)
|
|
$
|
32,921
|
|
Net income (loss)
|
|
3,151
|
|
|
(1,504
|
)
|
|
1,647
|
|
|||
Distributions to noncontrolling interests
|
|
(2,254
|
)
|
|
—
|
|
|
(2,254
|
)
|
|||
Balance, August 31, 2017
|
|
$
|
47,727
|
|
|
$
|
(15,413
|
)
|
|
$
|
32,314
|
|
|
Six Months Ended August 31,
|
||
|
2016
|
|
2017
|
Risk-Free Interest Rate:
|
0.9% - 1.2%
|
|
1.7% - 1.9%
|
Expected Dividend Yield:
|
0%
|
|
0%
|
Expected Life (Years):
|
4.3
|
|
4.4
|
Expected Volatility:
|
58.6% - 60.0%
|
|
52.9% - 53.6%
|
|
Options
|
|
Price
|
|
Weighted Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, beginning of period
|
2,559,643
|
|
|
$
|
5.17
|
|
|
|
|
|
||
Granted
|
331,250
|
|
|
2.77
|
|
|
|
|
|
|||
Exercised
|
27,250
|
|
|
2.25
|
|
|
|
|
|
|||
Forfeited
|
8,331
|
|
|
2.29
|
|
|
|
|
|
|||
Expired
|
74,815
|
|
|
14.15
|
|
|
|
|
|
|||
Outstanding, end of period
|
2,780,497
|
|
|
4.68
|
|
|
6.9
|
|
$
|
277
|
|
|
Exercisable, end of period
|
1,512,093
|
|
|
5.47
|
|
|
5.1
|
|
$
|
215
|
|
|
Options
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested, beginning of period
|
1,090,375
|
|
|
$
|
2.26
|
|
Granted
|
331,250
|
|
|
1.24
|
|
|
Vested
|
144,890
|
|
|
4.26
|
|
|
Forfeited
|
8,331
|
|
|
1.10
|
|
|
Nonvested, end of period
|
1,268,404
|
|
|
1.77
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Station operating expenses
|
$
|
197
|
|
|
$
|
177
|
|
|
$
|
534
|
|
|
$
|
326
|
|
Corporate expenses
|
463
|
|
|
530
|
|
|
982
|
|
|
1,070
|
|
||||
Stock-based compensation expense included in operating expenses
|
$
|
660
|
|
|
$
|
707
|
|
|
$
|
1,516
|
|
|
$
|
1,396
|
|
|
|
|
|
As of February 28, 2017
|
|
As of August 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
|
|
7.8
|
|
$
|
696
|
|
$
|
545
|
|
$
|
151
|
|
|
$
|
397
|
|
$
|
318
|
|
$
|
79
|
|
Customer lists
|
|
N/A
|
|
315
|
|
289
|
|
26
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Programming agreement
|
|
4.1
|
|
2,154
|
|
808
|
|
1,346
|
|
|
2,154
|
|
955
|
|
1,199
|
|
||||||
TOTAL
|
|
|
|
$
|
3,165
|
|
$
|
1,642
|
|
$
|
1,523
|
|
|
$
|
2,551
|
|
$
|
1,273
|
|
$
|
1,278
|
|
Year ended February 28 (29),
|
|
Expected Amortization Expense
|
||
|
|
(in 000's)
|
||
Remainder of 2018
|
|
$
|
153
|
|
2019
|
|
304
|
|
|
2020
|
|
304
|
|
|
2021
|
|
304
|
|
|
2022
|
|
181
|
|
|
Thereafter
|
|
32
|
|
|
Total
|
|
$
|
1,278
|
|
|
February 28,
2017 |
|
August 31,
2017 |
||||
2014 Credit Agreement debt :
|
|
|
|
||||
Revolver
|
$
|
—
|
|
|
$
|
5,000
|
|
Term Loan
|
152,245
|
|
|
74,421
|
|
||
Total 2014 Credit Agreement debt
|
152,245
|
|
|
79,421
|
|
||
|
|
|
|
||||
98.7FM non-recourse debt
|
59,958
|
|
|
57,008
|
|
||
Other non-recourse debt
(1)
|
8,807
|
|
|
9,868
|
|
||
Less: Current maturities
|
(23,600
|
)
|
|
(16,367
|
)
|
||
Less: Unamortized original issue discount
|
(7,038
|
)
|
|
(4,686
|
)
|
||
Total long-term debt
|
$
|
190,372
|
|
|
$
|
125,244
|
|
|
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 August 31, 2017
|
||||||
|
Covenant Requirement
|
|
Actual Results
|
||||
Minimum Consolidated EBITDA
|
$
|
13.6
|
million
|
|
$
|
17.5
|
million
|
Minimum Interest Coverage Ratio
|
1.60 : 1.00
|
|
|
2.59 : 1.00
|
|
|
|
2014 Credit Agreement
|
|
98.7FM
Non-recourse
|
|
Other
Non-recourse
|
|
|
||||||||||||
Year ended February 28 (29),
|
|
Revolver
|
|
Term Loan
|
|
Debt
|
|
Debt
|
|
Total Payments
|
||||||||||
Remainder of 2018
|
|
$
|
—
|
|
|
$
|
4,400
|
|
|
$
|
3,089
|
|
|
$
|
—
|
|
|
$
|
7,489
|
|
2019
|
|
5,000
|
|
|
—
|
|
|
6,587
|
|
|
—
|
|
|
11,587
|
|
|||||
2020
|
|
—
|
|
|
70,021
|
|
|
7,150
|
|
|
—
|
|
|
77,171
|
|
|||||
2021
|
|
—
|
|
|
—
|
|
|
7,755
|
|
|
6,239
|
|
|
13,994
|
|
|||||
2022
|
|
—
|
|
|
—
|
|
|
8,394
|
|
|
4,000
|
|
|
12,394
|
|
|||||
Thereafter
|
|
—
|
|
|
—
|
|
|
24,033
|
|
|
—
|
|
|
24,033
|
|
|||||
Total
|
|
$
|
5,000
|
|
|
$
|
74,421
|
|
|
$
|
57,008
|
|
|
$
|
10,239
|
|
|
$
|
146,668
|
|
|
As of August 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 August 31, 2017
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
41,764
|
|
|
$
|
846
|
|
|
$
|
238
|
|
|
$
|
42,848
|
|
Station operating expenses excluding and depreciation and amortization expense
|
29,881
|
|
|
1,104
|
|
|
2,919
|
|
|
33,904
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
2,538
|
|
|
2,538
|
|
||||
Depreciation and amortization
|
676
|
|
|
5
|
|
|
200
|
|
|
881
|
|
||||
Gain on sale of assets, net of disposition costs
|
(76,745
|
)
|
|
39
|
|
|
—
|
|
|
(76,706
|
)
|
||||
Loss on disposal of property and equipment
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||
Operating income (loss)
|
$
|
87,952
|
|
|
$
|
(314
|
)
|
|
$
|
(5,419
|
)
|
|
$
|
82,219
|
|
|
|
|
|
|
|
|
|
||||||||
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 LMA fees 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
|
|
Six Months Ended August 31, 2017
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
80,470
|
|
|
$
|
1,990
|
|
|
$
|
552
|
|
|
$
|
83,012
|
|
Station operating expenses excluding depreciation and amortization expense
|
56,015
|
|
|
2,459
|
|
|
6,660
|
|
|
65,134
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
5,281
|
|
|
5,281
|
|
||||
Depreciation and amortization
|
1,444
|
|
|
10
|
|
|
405
|
|
|
1,859
|
|
||||
Gain on sale of assets, net of disposition costs
|
(76,745
|
)
|
|
39
|
|
|
—
|
|
|
(76,706
|
)
|
||||
Loss on disposal of property and equipment
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||
Operating income (loss)
|
$
|
99,756
|
|
|
$
|
(530
|
)
|
|
$
|
(11,794
|
)
|
|
$
|
87,432
|
|
|
|
|
|
|
|
|
|
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 property and equipment
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||
Operating income (loss)
|
$
|
27,822
|
|
|
$
|
(868
|
)
|
|
$
|
(13,382
|
)
|
|
$
|
13,572
|
|
Total Assets
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
As of February 28, 2017
|
$
|
260,228
|
|
|
$
|
1,746
|
|
|
$
|
27,364
|
|
|
$
|
289,338
|
|
As of August 31, 2017
|
$
|
258,162
|
|
|
$
|
697
|
|
|
$
|
18,417
|
|
|
$
|
277,276
|
|
|
For the three months ended August 31,
|
|
For the six months ended August 31,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net revenues
|
$
|
6,709
|
|
|
$
|
2,399
|
|
|
$
|
13,385
|
|
|
$
|
7,818
|
|
Station operating expenses, excluding depreciation and amortization expense
|
4,356
|
|
|
2,590
|
|
|
8,729
|
|
|
6,928
|
|
||||
Depreciation and amortization
|
103
|
|
|
—
|
|
|
207
|
|
|
63
|
|
||||
Gain on sale of assets, net of disposition costs
|
—
|
|
|
(76,745
|
)
|
|
—
|
|
|
(76,745
|
)
|
||||
Operating income
|
2,250
|
|
|
76,554
|
|
|
4,449
|
|
|
77,572
|
|
||||
Interest expense
|
1,317
|
|
|
1,055
|
|
|
2,633
|
|
|
2,494
|
|
||||
Income before income taxes
|
933
|
|
|
75,499
|
|
|
1,816
|
|
|
75,078
|
|
|
For the three months ended August 31,
(unaudited)
|
|
For the six months ended August 31,
(unaudited)
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net revenues
|
$
|
39,856
|
|
|
$
|
40,451
|
|
|
$
|
76,686
|
|
|
$
|
75,201
|
|
Station operating expenses, excluding depreciation and amortization expense
|
30,316
|
|
|
31,275
|
|
|
56,348
|
|
|
58,113
|
|
||||
Consolidated net (loss) income
|
(41
|
)
|
|
1,335
|
|
|
2,119
|
|
|
1,948
|
|
||||
Net income attributable to the Company
|
692
|
|
|
527
|
|
|
2,223
|
|
|
301
|
|
||||
Net income per share - basic
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
Net income per share - diluted
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
$
|
0.18
|
|
|
$
|
0.02
|
|
•
|
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,
|
||||||||||||||||||||||||
|
2016
|
|
% of Total
|
|
2017
|
|
% of Total
|
|
2016
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||||||||
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Local
|
$
|
31,499
|
|
|
53.6
|
%
|
|
$
|
21,263
|
|
|
49.6
|
%
|
|
$
|
64,517
|
|
|
56.2
|
%
|
|
$
|
45,483
|
|
|
54.8
|
%
|
National
|
5,788
|
|
|
9.8
|
%
|
|
4,179
|
|
|
9.8
|
%
|
|
11,507
|
|
|
10.0
|
%
|
|
8,787
|
|
|
10.6
|
%
|
||||
Political
|
304
|
|
|
0.5
|
%
|
|
40
|
|
|
0.1
|
%
|
|
1,164
|
|
|
1.0
|
%
|
|
169
|
|
|
0.2
|
%
|
||||
Publication Sales
|
1,311
|
|
|
2.2
|
%
|
|
99
|
|
|
0.2
|
%
|
|
2,694
|
|
|
2.3
|
%
|
|
209
|
|
|
0.3
|
%
|
||||
Non Traditional
|
9,450
|
|
|
16.1
|
%
|
|
8,763
|
|
|
20.5
|
%
|
|
13,564
|
|
|
11.8
|
%
|
|
11,251
|
|
|
13.6
|
%
|
||||
LMA Fees
|
2,583
|
|
|
4.4
|
%
|
|
3,004
|
|
|
7.0
|
%
|
|
5,166
|
|
|
4.5
|
%
|
|
5,587
|
|
|
6.7
|
%
|
||||
Digital
|
4,058
|
|
|
6.9
|
%
|
|
2,772
|
|
|
6.5
|
%
|
|
8,115
|
|
|
7.1
|
%
|
|
5,800
|
|
|
7.0
|
%
|
||||
Other
|
3,781
|
|
|
6.5
|
%
|
|
2,728
|
|
|
6.3
|
%
|
|
8,049
|
|
|
7.1
|
%
|
|
5,726
|
|
|
6.8
|
%
|
||||
Total net revenues
|
$
|
58,774
|
|
|
|
|
$
|
42,848
|
|
|
|
|
$
|
114,776
|
|
|
|
|
$
|
83,012
|
|
|
|
|
For the three months ended August 31,
(unaudited)
|
|
For the six months ended August 31,
(unaudited)
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net revenues
|
$
|
39,856
|
|
|
$
|
40,451
|
|
|
$
|
76,686
|
|
|
$
|
75,201
|
|
Station operating expenses, excluding depreciation and amortization expense
|
30,316
|
|
|
31,275
|
|
|
56,348
|
|
|
58,113
|
|
||||
Consolidated net (loss) income
|
(41
|
)
|
|
1,335
|
|
|
2,119
|
|
|
1,948
|
|
||||
Net income attributable to the Company
|
692
|
|
|
527
|
|
|
2,223
|
|
|
301
|
|
||||
Net income per share - basic
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
Net income per share - diluted
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
$
|
0.18
|
|
|
$
|
0.02
|
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
45,972
|
|
|
$
|
41,764
|
|
|
$
|
(4,208
|
)
|
|
(9.2
|
)%
|
|
$
|
88,671
|
|
|
$
|
80,470
|
|
|
$
|
(8,201
|
)
|
|
(9.2
|
)%
|
Publishing
|
12,619
|
|
|
846
|
|
|
(11,773
|
)
|
|
(93.3
|
)%
|
|
25,711
|
|
|
1,990
|
|
|
(23,721
|
)
|
|
(92.3
|
)%
|
||||||
Emerging Technologies
|
183
|
|
|
238
|
|
|
55
|
|
|
30.1
|
%
|
|
394
|
|
|
552
|
|
|
158
|
|
|
40.1
|
%
|
||||||
Total net revenues
|
$
|
58,774
|
|
|
$
|
42,848
|
|
|
$
|
(15,926
|
)
|
|
(27.1
|
)%
|
|
$
|
114,776
|
|
|
$
|
83,012
|
|
|
$
|
(31,764
|
)
|
|
(27.7
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Station operating expenses excluding depreciation and amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
31,661
|
|
|
$
|
29,881
|
|
|
$
|
(1,780
|
)
|
|
(5.6
|
)%
|
|
$
|
58,936
|
|
|
$
|
56,015
|
|
|
$
|
(2,921
|
)
|
|
(5.0
|
)%
|
Publishing
|
12,959
|
|
|
1,104
|
|
|
(11,855
|
)
|
|
(91.5
|
)%
|
|
26,437
|
|
|
2,459
|
|
|
(23,978
|
)
|
|
(90.7
|
)%
|
||||||
Emerging Technologies
|
2,371
|
|
|
2,919
|
|
|
548
|
|
|
23.1
|
%
|
|
4,607
|
|
|
6,660
|
|
|
2,053
|
|
|
44.6
|
%
|
||||||
Total station operating expenses excluding depreciation and amortization expense
|
$
|
46,991
|
|
|
$
|
33,904
|
|
|
$
|
(13,087
|
)
|
|
(27.9
|
)%
|
|
$
|
89,980
|
|
|
$
|
65,134
|
|
|
$
|
(24,846
|
)
|
|
(27.6
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Corporate expenses excluding depreciation and amortization expense
|
$
|
2,453
|
|
|
$
|
2,538
|
|
|
$
|
85
|
|
|
3.5
|
%
|
|
$
|
5,497
|
|
|
$
|
5,281
|
|
|
$
|
(216
|
)
|
|
(3.9
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Impairment loss on intangible assets
|
$
|
2,988
|
|
|
$
|
—
|
|
|
$
|
(2,988
|
)
|
|
(100.0
|
)%
|
|
$
|
2,988
|
|
|
$
|
—
|
|
|
$
|
(2,988
|
)
|
|
(100.0
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
881
|
|
|
$
|
676
|
|
|
$
|
(205
|
)
|
|
(23.3
|
)%
|
|
$
|
1,788
|
|
|
$
|
1,444
|
|
|
$
|
(344
|
)
|
|
(19.2
|
)%
|
Publishing
|
69
|
|
|
5
|
|
|
(64
|
)
|
|
(92.8
|
)%
|
|
142
|
|
|
10
|
|
|
(132
|
)
|
|
(93.0
|
)%
|
||||||
Corporate & Emerging Technologies
|
332
|
|
|
200
|
|
|
(132
|
)
|
|
(39.8
|
)%
|
|
684
|
|
|
405
|
|
|
(279
|
)
|
|
(40.8
|
)%
|
||||||
Total depreciation and amortization
|
$
|
1,282
|
|
|
$
|
881
|
|
|
$
|
(401
|
)
|
|
(31.3
|
)%
|
|
$
|
2,614
|
|
|
$
|
1,859
|
|
|
$
|
(755
|
)
|
|
(28.9
|
)%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||
Gain on sale of assets, net of disposition costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Radio
|
$
|
—
|
|
|
(76,745
|
)
|
|
$
|
(76,745
|
)
|
|
N/A
|
|
$
|
—
|
|
|
(76,745
|
)
|
|
$
|
(76,745
|
)
|
|
N/A
|
||
Publishing
|
—
|
|
|
39
|
|
|
39
|
|
|
N/A
|
|
—
|
|
|
39
|
|
|
39
|
|
|
N/A
|
||||||
Total gain on sale of assets, net of disposition costs
|
$
|
—
|
|
|
$
|
(76,706
|
)
|
|
$
|
(76,706
|
)
|
|
N/A
|
|
$
|
—
|
|
|
$
|
(76,706
|
)
|
|
$
|
(76,706
|
)
|
|
N/A
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
13,305
|
|
|
$
|
87,952
|
|
|
$
|
74,647
|
|
|
561.0
|
%
|
|
$
|
27,822
|
|
|
$
|
99,756
|
|
|
$
|
71,934
|
|
|
258.6
|
%
|
Publishing
|
(409
|
)
|
|
(314
|
)
|
|
95
|
|
|
23.2
|
%
|
|
(868
|
)
|
|
(530
|
)
|
|
338
|
|
|
38.9
|
%
|
||||||
Corporate & Emerging Technologies
|
(7,961
|
)
|
|
(5,419
|
)
|
|
2,542
|
|
|
31.9
|
%
|
|
(13,382
|
)
|
|
(11,794
|
)
|
|
1,588
|
|
|
11.9
|
%
|
||||||
Total operating income:
|
$
|
4,935
|
|
|
$
|
82,219
|
|
|
$
|
77,284
|
|
|
1,566.0
|
%
|
|
$
|
13,572
|
|
|
$
|
87,432
|
|
|
$
|
73,860
|
|
|
544.2
|
%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
|||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||||||||
|
(As reported, amounts in thousands)
|
|||||||||||||||||||||||||||
Provision for income taxes
|
$
|
664
|
|
|
$
|
4,394
|
|
|
$
|
3,730
|
|
|
561.7%
|
|
$
|
1,339
|
|
|
$
|
4,372
|
|
|
$
|
3,033
|
|
|
226.5
|
%
|
|
For the Three Months Ended August 31,
|
|
|
|
|
|
For the Six Months Ended August 31,
|
|
|
|
|
|||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||||||||
|
(As reported, amounts in thousands)
|
|||||||||||||||||||||||||||
Consolidated net (loss) income
|
$
|
(398
|
)
|
|
$
|
70,765
|
|
|
$
|
71,163
|
|
|
N/M
|
|
$
|
2,917
|
|
|
$
|
71,337
|
|
|
$
|
68,420
|
|
|
2,345.6
|
%
|
(a)
|
Exhibits.
|
Exhibit
|
|
Filed Herewith
|
|
Incorporated by Reference
|
||||||
Number
|
Exhibit Description
|
|
Form
|
|
Period Ending
|
|
Exhibit
|
|
Filing Date
|
|
3.1
|
|
|
8-K
|
|
|
|
3.1
|
|
7/7/2016
|
|
3.2
|
|
|
10-K
|
|
2/28/2013
|
|
3.2
|
|
5/8/2013
|
|
4.1
|
Form of stock certificate for Class A common stock
|
|
|
S-1
|
|
|
|
3.5
|
|
12/22/1993
|
10.1
|
|
|
8-K
|
|
|
|
10.1
|
|
7/13/2017
|
|
10.2
|
|
|
8-K
|
|
|
|
10.2
|
|
7/13/2017
|
|
10.3
|
|
|
8-K
|
|
|
|
10.1
|
|
8/3/2017
|
|
31.1
|
X
|
|
|
|
|
|
|
|
|
|
31.2
|
X
|
|
|
|
|
|
|
|
|
|
32.1
|
X
|
|
|
|
|
|
|
|
|
|
32.2
|
X
|
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
X
|
|
|
|
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
X
|
|
|
|
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
X
|
|
|
|
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
X
|
|
|
|
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
X
|
|
|
|
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
X
|
|
|
|
|
|
|
|
|
|
EMMIS COMMUNICATIONS CORPORATION
|
|
Date: October 12, 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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