We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
|
¨
|
|
Accelerated filer
|
|
¨
|
|
|
|
|
|
||
Non-accelerated filer
|
|
¨
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
|
ý
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Growth Company
|
|
¨
|
11,626,611
|
|
|
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
November 30, |
|
Nine Months Ended
November 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
NET REVENUES
|
$
|
56,299
|
|
|
$
|
35,345
|
|
|
$
|
171,075
|
|
|
$
|
118,357
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Station operating expenses excluding depreciation and amortization expense of $934, $700, $3,129 and $2,195, respectively
|
45,426
|
|
|
27,986
|
|
|
135,406
|
|
|
93,120
|
|
||||
Corporate expenses excluding depreciation and amortization expense of $198, $180, $617, and $544, respectively
|
3,397
|
|
|
2,500
|
|
|
8,894
|
|
|
7,781
|
|
||||
Impairment loss on intangible assets
|
—
|
|
|
—
|
|
|
2,988
|
|
|
—
|
|
||||
Depreciation and amortization
|
1,132
|
|
|
880
|
|
|
3,746
|
|
|
2,739
|
|
||||
(Gain) loss on sale of assets, net of disposition costs
|
(17,491
|
)
|
|
46
|
|
|
(17,491
|
)
|
|
(76,660
|
)
|
||||
Loss on disposal of property and equipment
|
—
|
|
|
1
|
|
|
125
|
|
|
13
|
|
||||
Total operating expenses
|
32,464
|
|
|
31,413
|
|
|
133,668
|
|
|
26,993
|
|
||||
OPERATING INCOME
|
23,835
|
|
|
3,932
|
|
|
37,407
|
|
|
91,364
|
|
||||
OTHER EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(4,481
|
)
|
|
(3,000
|
)
|
|
(13,929
|
)
|
|
(12,214
|
)
|
||||
Loss on debt extinguishment
|
(478
|
)
|
|
(139
|
)
|
|
(478
|
)
|
|
(2,662
|
)
|
||||
Other income, net
|
10
|
|
|
10
|
|
|
142
|
|
|
24
|
|
||||
Total other expense
|
(4,949
|
)
|
|
(3,129
|
)
|
|
(14,265
|
)
|
|
(14,852
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
18,886
|
|
|
803
|
|
|
23,142
|
|
|
76,512
|
|
||||
PROVISION FOR INCOME TAXES
|
629
|
|
|
371
|
|
|
1,968
|
|
|
4,743
|
|
||||
CONSOLIDATED NET INCOME
|
18,257
|
|
|
432
|
|
|
21,174
|
|
|
71,769
|
|
||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
581
|
|
|
711
|
|
|
477
|
|
|
2,358
|
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
|
$
|
17,676
|
|
|
$
|
(279
|
)
|
|
$
|
20,697
|
|
|
$
|
69,411
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE - BASIC
|
$
|
1.46
|
|
|
$
|
(0.02
|
)
|
|
$
|
1.73
|
|
|
$
|
5.63
|
|
NET INCOME (LOSS) PER SHARE - DILUTED
|
$
|
1.43
|
|
|
$
|
(0.02
|
)
|
|
$
|
1.70
|
|
|
$
|
5.53
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
||||||||
Basic
|
12,114
|
|
|
12,347
|
|
|
11,989
|
|
|
12,321
|
|
||||
Diluted
|
12,387
|
|
|
12,347
|
|
|
12,163
|
|
|
12,554
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
Nine Months Ended
November 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
CONSOLIDATED NET INCOME
|
$
|
18,257
|
|
|
$
|
432
|
|
|
$
|
21,174
|
|
|
$
|
71,769
|
|
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
581
|
|
|
711
|
|
|
477
|
|
|
2,358
|
|
||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
17,676
|
|
|
$
|
(279
|
)
|
|
$
|
20,697
|
|
|
$
|
69,411
|
|
|
February 28,
2017 |
|
November 30,
2017 |
||||
|
|
(Unaudited)
|
|||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
11,349
|
|
|
$
|
3,897
|
|
Restricted cash
|
2,323
|
|
|
2,362
|
|
||
Accounts receivable, net
|
26,484
|
|
|
23,274
|
|
||
Prepaid expenses
|
4,798
|
|
|
4,250
|
|
||
Other current assets
|
1,503
|
|
|
1,457
|
|
||
Total current assets
|
46,457
|
|
|
35,240
|
|
||
PROPERTY AND EQUIPMENT, NET
|
30,845
|
|
|
28,161
|
|
||
INTANGIBLE ASSETS (NOTE 3):
|
|
|
|
||||
Indefinite-lived intangibles
|
197,666
|
|
|
195,648
|
|
||
Goodwill
|
4,603
|
|
|
4,603
|
|
||
Other intangibles, net
|
1,523
|
|
|
1,202
|
|
||
Total intangible assets
|
203,792
|
|
|
201,453
|
|
||
OTHER ASSETS, NET
|
8,244
|
|
|
8,501
|
|
||
Total assets
|
$
|
289,338
|
|
|
$
|
273,355
|
|
|
February 28,
2017 |
|
November 30,
2017 |
||||
|
|
(Unaudited)
|
|||||
LIABILITIES AND (DEFICIT) EQUITY
|
|||||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
13,398
|
|
|
$
|
5,276
|
|
Current maturities of long-term debt (Note 4)
|
23,600
|
|
|
16,101
|
|
||
Accrued salaries and commissions
|
6,238
|
|
|
2,839
|
|
||
Deferred revenue
|
4,560
|
|
|
4,602
|
|
||
Other current liabilities
|
6,807
|
|
|
3,528
|
|
||
Total current liabilities
|
54,603
|
|
|
32,346
|
|
||
LONG-TERM DEBT, NET OF CURRENT MATURITIES (NOTE 4)
|
190,372
|
|
|
123,792
|
|
||
OTHER NONCURRENT LIABILITIES
|
4,842
|
|
|
5,728
|
|
||
DEFERRED INCOME TAXES
|
43,537
|
|
|
45,418
|
|
||
Total liabilities
|
293,354
|
|
|
207,284
|
|
||
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 11,626,611 shares at November 30, 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 November 30, 2017
|
11
|
|
|
11
|
|
||
Additional paid-in capital
|
592,320
|
|
|
594,191
|
|
||
Accumulated deficit
|
(629,381
|
)
|
|
(559,970
|
)
|
||
Total shareholders’ (deficit) equity
|
(36,937
|
)
|
|
34,348
|
|
||
NONCONTROLLING INTERESTS
|
32,921
|
|
|
31,723
|
|
||
Total (deficit) equity
|
(4,016
|
)
|
|
66,071
|
|
||
Total liabilities and (deficit) equity
|
$
|
289,338
|
|
|
$
|
273,355
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
69,411
|
|
|
2,358
|
|
|
71,769
|
|
|||||||||||
Issuance of common stock to employees and officers
|
296,296
|
|
|
3
|
|
|
|
|
|
|
1,740
|
|
|
|
|
|
|
1,743
|
|
||||||||||
Exercise of stock options
|
52,250
|
|
|
|
|
|
|
|
|
|
131
|
|
|
|
|
|
|
131
|
|
||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,556
|
)
|
|
(3,556
|
)
|
||||||||||||
Balance, November 30, 2017
|
11,626,611
|
|
|
$
|
116
|
|
|
1,142,366
|
|
|
$
|
11
|
|
|
$
|
594,191
|
|
|
$
|
(559,970
|
)
|
|
$
|
31,723
|
|
|
$
|
66,071
|
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Nine Months Ended November 30,
|
||||||
|
2016
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net income
|
$
|
21,174
|
|
|
$
|
71,769
|
|
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
|
(17,491
|
)
|
|
(76,660
|
)
|
||
Depreciation and amortization
|
3,746
|
|
|
2,739
|
|
||
Amortization of debt discount
|
1,270
|
|
|
2,011
|
|
||
Noncash accretion of debt
|
557
|
|
|
474
|
|
||
Loss on debt extinguishment
|
478
|
|
|
2,662
|
|
||
Provision for bad debts
|
161
|
|
|
743
|
|
||
Provision for deferred income taxes
|
1,900
|
|
|
1,881
|
|
||
Noncash compensation
|
2,217
|
|
|
2,016
|
|
||
Loss on disposal of property and equipment
|
125
|
|
|
13
|
|
||
Changes in assets and liabilities -
|
|
|
|
||||
Restricted cash
|
(631
|
)
|
|
(39
|
)
|
||
Accounts receivable
|
(2,732
|
)
|
|
2,467
|
|
||
Prepaid expenses and other current assets
|
532
|
|
|
576
|
|
||
Other assets
|
(715
|
)
|
|
(483
|
)
|
||
Accounts payable and accrued liabilities
|
(2,728
|
)
|
|
(11,521
|
)
|
||
Deferred revenue
|
(146
|
)
|
|
109
|
|
||
Income taxes
|
(87
|
)
|
|
(129
|
)
|
||
Other liabilities
|
(916
|
)
|
|
(2,092
|
)
|
||
Net cash provided by (used in) operating activities
|
9,702
|
|
|
(3,464
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(1,403
|
)
|
|
(1,191
|
)
|
||
Net proceeds from the sale of assets
|
23,466
|
|
|
80,130
|
|
||
Distributions from investments, net
|
66
|
|
|
—
|
|
||
Proceeds from the sale of property and equipment
|
283
|
|
|
—
|
|
||
Other
|
(35
|
)
|
|
—
|
|
||
Net cash provided by investing activities
|
22,377
|
|
|
78,939
|
|
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|||||||
|
Nine Months Ended November 30,
|
||||||
|
2016
|
|
2017
|
||||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on long-term debt
|
(45,862
|
)
|
|
(98,281
|
)
|
||
Proceeds from long-term debt
|
16,000
|
|
|
20,690
|
|
||
Debt-related costs
|
(32
|
)
|
|
(1,636
|
)
|
||
Distributions to noncontrolling interests
|
(4,263
|
)
|
|
(3,556
|
)
|
||
Proceeds from the exercise of stock options
|
115
|
|
|
131
|
|
||
Purchase of Class A common stock
|
(5
|
)
|
|
—
|
|
||
Settlement of tax withholding obligations on stock issued to employees
|
(431
|
)
|
|
(275
|
)
|
||
Net cash used in financing activities
|
(34,478
|
)
|
|
(82,927
|
)
|
||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(2,399
|
)
|
|
(7,452
|
)
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
4,456
|
|
|
11,349
|
|
||
End of period
|
$
|
2,057
|
|
|
$
|
3,897
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
||||
Cash paid for interest
|
$
|
12,082
|
|
|
$
|
10,558
|
|
Cash paid for income taxes, net
|
112
|
|
|
2,178
|
|
||
Noncash financing transactions-
|
|
|
|
||||
Stock issued to employees and directors
|
2,217
|
|
|
2,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the three months ended
|
||||||||||||||||||||
|
November 30, 2016
|
|
November 30, 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
|
$
|
17,676
|
|
|
12,114
|
|
|
$
|
1.46
|
|
|
$
|
(279
|
)
|
|
12,347
|
|
|
$
|
(0.02
|
)
|
Impact of equity awards
|
—
|
|
|
273
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Diluted net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) available to common shareholders
|
$
|
17,676
|
|
|
12,387
|
|
|
$
|
1.43
|
|
|
$
|
(279
|
)
|
|
12,347
|
|
|
$
|
(0.02
|
)
|
|
For the nine months ended
|
||||||||||||||||||||
|
November 30, 2016
|
|
November 30, 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
|
$
|
20,697
|
|
|
11,989
|
|
|
$
|
1.73
|
|
|
$
|
69,411
|
|
|
12,321
|
|
|
$
|
5.63
|
|
Impact of equity awards
|
—
|
|
|
174
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
—
|
|
||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
20,697
|
|
|
12,163
|
|
|
$
|
1.70
|
|
|
$
|
69,411
|
|
|
12,554
|
|
|
$
|
5.53
|
|
|
For the three months ended
November 30,
|
|
For the nine months ended
November 30,
|
||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||
|
(shares in 000’s )
|
||||||||||
Equity awards
|
1,237
|
|
|
1,703
|
|
|
1,362
|
|
|
1,948
|
|
Antidilutive common share equivalents
|
1,237
|
|
|
1,703
|
|
|
1,362
|
|
|
1,948
|
|
|
For the three months ended November 30,
|
|
For the nine months
ended November 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
|
(amounts in 000's)
|
||||||||||||||
Net revenues
|
$
|
2,582
|
|
|
$
|
2,582
|
|
|
$
|
7,748
|
|
|
$
|
7,748
|
|
Station operating expenses, excluding depreciation and amortization expense
|
346
|
|
|
293
|
|
|
960
|
|
|
882
|
|
||||
Interest expense
|
699
|
|
|
640
|
|
|
2,142
|
|
|
1,968
|
|
|
As of February 28,
|
|
As of November 30,
|
||||
|
2017
|
|
2017
|
||||
|
(amounts in 000's)
|
||||||
Current assets:
|
|
|
|
||||
Restricted cash
|
$
|
1,550
|
|
|
$
|
1,712
|
|
Prepaid expenses
|
445
|
|
|
464
|
|
||
Other current assets
|
7
|
|
|
22
|
|
||
Total current assets
|
2,002
|
|
|
2,198
|
|
||
Noncurrent assets:
|
|
|
|
||||
Property and equipment, net
|
229
|
|
|
291
|
|
||
Indefinite lived intangibles
|
46,390
|
|
|
46,390
|
|
||
Deposits and other
|
6,205
|
|
|
6,475
|
|
||
Total noncurrent assets
|
52,824
|
|
|
53,156
|
|
||
Total assets
|
$
|
54,826
|
|
|
$
|
55,354
|
|
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
54
|
|
|
$
|
19
|
|
Current maturities of long-term debt
|
6,039
|
|
|
6,451
|
|
||
Deferred revenue
|
807
|
|
|
835
|
|
||
Other current liabilities
|
205
|
|
|
190
|
|
||
Total current liabilities
|
7,105
|
|
|
7,495
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Long-term debt, net of current portion and unamortized debt discount
|
51,954
|
|
|
47,255
|
|
||
Total noncurrent liabilities
|
51,954
|
|
|
47,255
|
|
||
Total liabilities
|
$
|
59,059
|
|
|
$
|
54,750
|
|
|
As of February 28,
|
|
As of November 30,
|
||||
|
2017
|
|
2017
|
||||
98.7FM LMA restricted cash
|
$
|
1,550
|
|
|
$
|
1,712
|
|
NextRadio LLC restricted cash
|
123
|
|
|
—
|
|
||
Cash held in escrow from sale of magazines restricted cash
|
650
|
|
|
650
|
|
||
Total restricted cash
|
$
|
2,323
|
|
|
$
|
2,362
|
|
|
|
Austin radio partnership
|
|
Digonex
|
|
Total noncontrolling interests
|
||||||
Balance, February 29, 2016
|
|
$
|
47,556
|
|
|
$
|
(9,159
|
)
|
|
$
|
38,397
|
|
Net income (loss)
|
|
4,453
|
|
|
(3,976
|
)
|
|
477
|
|
|||
Distributions to noncontrolling interests
|
|
(4,263
|
)
|
|
—
|
|
|
(4,263
|
)
|
|||
Balance, November 30, 2016
|
|
$
|
47,746
|
|
|
$
|
(13,135
|
)
|
|
$
|
34,611
|
|
|
|
|
|
|
|
|
||||||
Balance, February 28, 2017
|
|
$
|
46,830
|
|
|
$
|
(13,909
|
)
|
|
$
|
32,921
|
|
Net income (loss)
|
|
4,602
|
|
|
(2,244
|
)
|
|
2,358
|
|
|||
Distributions to noncontrolling interests
|
|
(3,556
|
)
|
|
—
|
|
|
(3,556
|
)
|
|||
Balance, November 30, 2017
|
|
$
|
47,876
|
|
|
$
|
(16,153
|
)
|
|
$
|
31,723
|
|
|
Nine Months Ended November 30,
|
||
|
2016
|
|
2017
|
Risk-Free Interest Rate:
|
0.9% - 1.2%
|
|
1.7% - 2.0%
|
Expected Dividend Yield:
|
0%
|
|
0%
|
Expected Life (Years):
|
4.3
|
|
4.4
|
Expected Volatility:
|
55.5% - 60.0%
|
|
52.9% - 53.9%
|
|
Options
|
|
Price
|
|
Weighted Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, beginning of period
|
2,559,643
|
|
|
$
|
5.17
|
|
|
|
|
|
||
Granted
|
341,250
|
|
|
2.79
|
|
|
|
|
|
|||
Exercised
|
52,250
|
|
|
2.51
|
|
|
|
|
|
|||
Forfeited
|
24,581
|
|
|
3.34
|
|
|
|
|
|
|||
Expired
|
118,984
|
|
|
11.18
|
|
|
|
|
|
|||
Outstanding, end of period
|
2,705,078
|
|
|
4.67
|
|
|
6.7
|
|
$
|
1,778
|
|
|
Exercisable, end of period
|
1,444,799
|
|
|
5.49
|
|
|
4.8
|
|
$
|
777
|
|
|
Options
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested, beginning of period
|
1,090,375
|
|
|
$
|
2.26
|
|
Granted
|
341,250
|
|
|
1.25
|
|
|
Vested
|
146,765
|
|
|
4.22
|
|
|
Forfeited
|
24,581
|
|
|
1.60
|
|
|
Nonvested, end of period
|
1,260,279
|
|
|
1.77
|
|
|
Three Months Ended November 30,
|
|
Nine Months Ended November 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Station operating expenses
|
$
|
221
|
|
|
$
|
94
|
|
|
$
|
755
|
|
|
$
|
420
|
|
Corporate expenses
|
480
|
|
|
526
|
|
|
1,462
|
|
|
1,596
|
|
||||
Stock-based compensation expense included in operating expenses
|
$
|
701
|
|
|
$
|
620
|
|
|
$
|
2,217
|
|
|
$
|
2,016
|
|
|
|
|
|
As of February 28, 2017
|
|
As of November 30, 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
|
|
7.6
|
|
$
|
696
|
|
$
|
545
|
|
$
|
151
|
|
|
$
|
397
|
|
$
|
321
|
|
$
|
76
|
|
Customer lists
|
|
N/A
|
|
315
|
|
289
|
|
26
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Programming agreement
|
|
3.8
|
|
2,154
|
|
808
|
|
1,346
|
|
|
2,154
|
|
1,028
|
|
1,126
|
|
||||||
Total
|
|
|
|
$
|
3,165
|
|
$
|
1,642
|
|
$
|
1,523
|
|
|
$
|
2,551
|
|
$
|
1,349
|
|
$
|
1,202
|
|
Year ended February 28 (29),
|
|
Expected Amortization Expense
|
||
|
|
(in 000's)
|
||
Remainder of 2018
|
|
$
|
77
|
|
2019
|
|
304
|
|
|
2020
|
|
304
|
|
|
2021
|
|
304
|
|
|
2022
|
|
181
|
|
|
Thereafter
|
|
32
|
|
|
Total
|
|
$
|
1,202
|
|
|
February 28,
2017 |
|
November 30,
2017 |
||||
2014 Credit Agreement debt :
|
|
|
|
||||
Revolver
|
$
|
—
|
|
|
$
|
9,000
|
|
Term Loan
|
152,245
|
|
|
69,451
|
|
||
Total 2014 Credit Agreement debt
|
152,245
|
|
|
78,451
|
|
||
|
|
|
|
||||
98.7FM non-recourse debt
|
59,958
|
|
|
55,471
|
|
||
Other non-recourse debt
(1)
|
8,807
|
|
|
9,971
|
|
||
Less: Current maturities
|
(23,600
|
)
|
|
(16,101
|
)
|
||
Less: Unamortized original issue discount
|
(7,038
|
)
|
|
(4,000
|
)
|
||
Total long-term debt
|
$
|
190,372
|
|
|
$
|
123,792
|
|
|
As of November 30, 2017
|
||||||
|
Covenant Requirement
|
|
Actual Results
|
||||
Minimum Consolidated EBITDA
|
$
|
13.6
|
million
|
|
$
|
16.4
|
million
|
Minimum Interest Coverage Ratio
|
1.60 : 1.00
|
|
|
2.51 : 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
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,552
|
|
|
$
|
—
|
|
|
$
|
1,552
|
|
2019
|
|
9,000
|
|
|
—
|
|
|
6,587
|
|
|
—
|
|
|
15,587
|
|
|||||
2020
|
|
—
|
|
|
69,451
|
|
|
7,150
|
|
|
—
|
|
|
76,601
|
|
|||||
2021
|
|
—
|
|
|
—
|
|
|
7,755
|
|
|
6,239
|
|
|
13,994
|
|
|||||
2022
|
|
—
|
|
|
—
|
|
|
8,394
|
|
|
4,000
|
|
|
12,394
|
|
|||||
Thereafter
|
|
—
|
|
|
—
|
|
|
24,033
|
|
|
—
|
|
|
24,033
|
|
|||||
Total
|
|
$
|
9,000
|
|
|
$
|
69,451
|
|
|
$
|
55,471
|
|
|
$
|
10,239
|
|
|
$
|
144,161
|
|
|
As of November 30, 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 November 30, 2017
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
33,980
|
|
|
$
|
1,129
|
|
|
$
|
236
|
|
|
$
|
35,345
|
|
Station operating expenses excluding and depreciation and amortization expense
|
23,933
|
|
|
1,131
|
|
|
2,922
|
|
|
27,986
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
2,500
|
|
|
2,500
|
|
||||
Depreciation and amortization
|
675
|
|
|
4
|
|
|
201
|
|
|
880
|
|
||||
Loss on sale of assets, including disposition costs
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
||||
Loss on disposal of property and equipment
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Operating income (loss)
|
$
|
9,372
|
|
|
$
|
(53
|
)
|
|
$
|
(5,387
|
)
|
|
$
|
3,932
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended November 30, 2016
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
42,462
|
|
|
$
|
13,633
|
|
|
$
|
204
|
|
|
$
|
56,299
|
|
Station operating expenses excluding LMA fees and depreciation and amortization expense
|
28,979
|
|
|
13,828
|
|
|
2,619
|
|
|
45,426
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
3,397
|
|
|
3,397
|
|
||||
Depreciation and amortization
|
854
|
|
|
59
|
|
|
219
|
|
|
1,132
|
|
||||
Gain on sale of assets, net of disposition costs
|
—
|
|
|
(17,491
|
)
|
|
—
|
|
|
(17,491
|
)
|
||||
Operating income (loss)
|
$
|
12,629
|
|
|
$
|
17,237
|
|
|
$
|
(6,031
|
)
|
|
$
|
23,835
|
|
Nine Months Ended November 30, 2017
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
114,450
|
|
|
$
|
3,119
|
|
|
$
|
788
|
|
|
$
|
118,357
|
|
Station operating expenses excluding depreciation and amortization expense
|
79,948
|
|
|
3,590
|
|
|
9,582
|
|
|
93,120
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
7,781
|
|
|
7,781
|
|
||||
Depreciation and amortization
|
2,119
|
|
|
14
|
|
|
606
|
|
|
2,739
|
|
||||
(Gain) loss on sale of assets, net of disposition costs
|
(76,745
|
)
|
|
85
|
|
|
—
|
|
|
(76,660
|
)
|
||||
Loss on disposal of property and equipment
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Operating income (loss)
|
$
|
109,128
|
|
|
$
|
(583
|
)
|
|
$
|
(17,181
|
)
|
|
$
|
91,364
|
|
|
|
|
|
|
|
|
|
Nine Months Ended November 30, 2016
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
Net revenues
|
$
|
131,133
|
|
|
$
|
39,344
|
|
|
$
|
598
|
|
|
$
|
171,075
|
|
Station operating expenses excluding depreciation and amortization expense
|
87,915
|
|
|
40,265
|
|
|
7,226
|
|
|
135,406
|
|
||||
Corporate expenses excluding depreciation and amortization expense
|
—
|
|
|
—
|
|
|
8,894
|
|
|
8,894
|
|
||||
Impairment loss
|
—
|
|
|
—
|
|
|
2,988
|
|
|
2,988
|
|
||||
Depreciation and amortization
|
2,642
|
|
|
201
|
|
|
903
|
|
|
3,746
|
|
||||
Gain on sale of assets, net of disposition costs
|
—
|
|
|
(17,491
|
)
|
|
—
|
|
|
(17,491
|
)
|
||||
Loss on disposal of property and equipment
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||
Operating income (loss)
|
$
|
40,451
|
|
|
$
|
16,369
|
|
|
$
|
(19,413
|
)
|
|
$
|
37,407
|
|
Total Assets
|
Radio
|
|
Publishing
|
|
Corporate & Emerging Technologies
|
|
Consolidated
|
||||||||
As of February 28, 2017
|
$
|
260,228
|
|
|
$
|
1,746
|
|
|
$
|
27,364
|
|
|
$
|
289,338
|
|
As of November 30, 2017
|
$
|
254,026
|
|
|
$
|
711
|
|
|
$
|
18,618
|
|
|
$
|
273,355
|
|
|
For the three months ended November 30,
|
|
For the nine months ended November 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net revenues
|
$
|
6,058
|
|
|
$
|
—
|
|
|
$
|
19,443
|
|
|
$
|
7,818
|
|
Station operating expenses, excluding depreciation and amortization expense
|
4,367
|
|
|
177
|
|
|
13,096
|
|
|
7,105
|
|
||||
Depreciation and amortization
|
99
|
|
|
—
|
|
|
306
|
|
|
63
|
|
||||
Gain on sale of assets, net of disposition costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(76,745
|
)
|
||||
Operating income (loss)
|
1,592
|
|
|
(177
|
)
|
|
6,041
|
|
|
77,395
|
|
||||
Interest expense
|
1,302
|
|
|
—
|
|
|
3,935
|
|
|
2,479
|
|
||||
Income (loss) before income taxes
|
290
|
|
|
(177
|
)
|
|
2,106
|
|
|
74,916
|
|
|
For the three months ended November 30,
(unaudited)
|
|
For the nine months ended November 30,
(unaudited)
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net revenues
|
$
|
36,935
|
|
|
$
|
35,344
|
|
|
$
|
113,621
|
|
|
$
|
110,545
|
|
Station operating expenses, excluding depreciation and amortization expense
|
27,786
|
|
|
27,802
|
|
|
84,134
|
|
|
85,915
|
|
||||
Consolidated net income
|
925
|
|
|
732
|
|
|
3,148
|
|
|
2,790
|
|
||||
Net income attributable to the Company
|
344
|
|
|
21
|
|
|
2,671
|
|
|
432
|
|
||||
Net income per share - basic
|
$
|
0.03
|
|
|
$
|
0.00
|
|
|
$
|
0.22
|
|
|
$
|
0.04
|
|
Net income per share - diluted
|
$
|
0.03
|
|
|
$
|
0.00
|
|
|
$
|
0.22
|
|
|
$
|
0.03
|
|
•
|
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 November 30,
|
|
Nine Months Ended November 30,
|
||||||||||||||||||||||||
|
2016
|
|
% of Total
|
|
2017
|
|
% of Total
|
|
2016
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||||||||
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Local
|
$
|
31,636
|
|
|
56.2
|
%
|
|
$
|
19,727
|
|
|
55.8
|
%
|
|
$
|
96,153
|
|
|
56.2
|
%
|
|
$
|
65,210
|
|
|
55.1
|
%
|
National
|
5,842
|
|
|
10.4
|
%
|
|
4,111
|
|
|
11.6
|
%
|
|
17,349
|
|
|
10.1
|
%
|
|
12,898
|
|
|
10.9
|
%
|
||||
Political
|
927
|
|
|
1.6
|
%
|
|
167
|
|
|
0.5
|
%
|
|
2,091
|
|
|
1.2
|
%
|
|
336
|
|
|
0.3
|
%
|
||||
Publication Sales
|
1,048
|
|
|
1.9
|
%
|
|
103
|
|
|
0.3
|
%
|
|
3,742
|
|
|
2.2
|
%
|
|
312
|
|
|
0.3
|
%
|
||||
Non Traditional
|
6,208
|
|
|
11.0
|
%
|
|
3,580
|
|
|
10.1
|
%
|
|
19,772
|
|
|
11.6
|
%
|
|
14,831
|
|
|
12.5
|
%
|
||||
LMA Fees
|
2,582
|
|
|
4.6
|
%
|
|
2,582
|
|
|
7.3
|
%
|
|
7,748
|
|
|
4.5
|
%
|
|
8,169
|
|
|
6.9
|
%
|
||||
Digital
|
3,713
|
|
|
6.6
|
%
|
|
2,350
|
|
|
6.6
|
%
|
|
11,828
|
|
|
6.9
|
%
|
|
8,150
|
|
|
6.9
|
%
|
||||
Other
|
4,343
|
|
|
7.7
|
%
|
|
2,725
|
|
|
7.8
|
%
|
|
12,392
|
|
|
7.3
|
%
|
|
8,451
|
|
|
7.1
|
%
|
||||
Total net revenues
|
$
|
56,299
|
|
|
|
|
$
|
35,345
|
|
|
|
|
$
|
171,075
|
|
|
|
|
$
|
118,357
|
|
|
|
|
For the three months ended November 30,
(unaudited)
|
|
For the nine months ended November 30,
(unaudited)
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net revenues
|
$
|
36,935
|
|
|
$
|
35,344
|
|
|
$
|
113,621
|
|
|
$
|
110,545
|
|
Station operating expenses, excluding depreciation and amortization expense
|
27,786
|
|
|
27,802
|
|
|
84,134
|
|
|
85,915
|
|
||||
Consolidated net income
|
925
|
|
|
732
|
|
|
3,148
|
|
|
2,790
|
|
||||
Net income attributable to the Company
|
344
|
|
|
21
|
|
|
2,671
|
|
|
432
|
|
||||
Net income per share - basic
|
$
|
0.03
|
|
|
$
|
0.00
|
|
|
$
|
0.22
|
|
|
$
|
0.04
|
|
Net income per share - diluted
|
$
|
0.03
|
|
|
$
|
0.00
|
|
|
$
|
0.22
|
|
|
$
|
0.03
|
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
42,462
|
|
|
$
|
33,980
|
|
|
$
|
(8,482
|
)
|
|
(20.0
|
)%
|
|
$
|
131,133
|
|
|
$
|
114,450
|
|
|
$
|
(16,683
|
)
|
|
(12.7
|
)%
|
Publishing
|
13,633
|
|
|
1,129
|
|
|
(12,504
|
)
|
|
(91.7
|
)%
|
|
39,344
|
|
|
3,119
|
|
|
(36,225
|
)
|
|
(92.1
|
)%
|
||||||
Emerging Technologies
|
204
|
|
|
236
|
|
|
32
|
|
|
15.7
|
%
|
|
598
|
|
|
788
|
|
|
190
|
|
|
31.8
|
%
|
||||||
Total net revenues
|
$
|
56,299
|
|
|
$
|
35,345
|
|
|
$
|
(20,954
|
)
|
|
(37.2
|
)%
|
|
$
|
171,075
|
|
|
$
|
118,357
|
|
|
$
|
(52,718
|
)
|
|
(30.8
|
)%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Station operating expenses excluding depreciation and amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
28,979
|
|
|
$
|
23,933
|
|
|
$
|
(5,046
|
)
|
|
(17.4
|
)%
|
|
$
|
87,915
|
|
|
$
|
79,948
|
|
|
$
|
(7,967
|
)
|
|
(9.1
|
)%
|
Publishing
|
13,828
|
|
|
1,131
|
|
|
(12,697
|
)
|
|
(91.8
|
)%
|
|
40,265
|
|
|
3,590
|
|
|
(36,675
|
)
|
|
(91.1
|
)%
|
||||||
Emerging Technologies
|
2,619
|
|
|
2,922
|
|
|
303
|
|
|
11.6
|
%
|
|
7,226
|
|
|
9,582
|
|
|
2,356
|
|
|
32.6
|
%
|
||||||
Total station operating expenses excluding depreciation and amortization expense
|
$
|
45,426
|
|
|
$
|
27,986
|
|
|
$
|
(17,440
|
)
|
|
(38.4
|
)%
|
|
$
|
135,406
|
|
|
$
|
93,120
|
|
|
$
|
(42,286
|
)
|
|
(31.2
|
)%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Corporate expenses excluding depreciation and amortization expense
|
$
|
3,397
|
|
|
$
|
2,500
|
|
|
$
|
(897
|
)
|
|
(26.4
|
)%
|
|
$
|
8,894
|
|
|
$
|
7,781
|
|
|
$
|
(1,113
|
)
|
|
(12.5
|
)%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
|||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||||||||
|
(As reported, amounts in thousands)
|
|||||||||||||||||||||||||||
Impairment loss on intangible assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
N/A
|
|
$
|
2,988
|
|
|
$
|
—
|
|
|
$
|
(2,988
|
)
|
|
(100.0
|
)%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
854
|
|
|
$
|
675
|
|
|
$
|
(179
|
)
|
|
(21.0
|
)%
|
|
$
|
2,642
|
|
|
$
|
2,119
|
|
|
$
|
(523
|
)
|
|
(19.8
|
)%
|
Publishing
|
59
|
|
|
4
|
|
|
(55
|
)
|
|
(93.2
|
)%
|
|
201
|
|
|
14
|
|
|
(187
|
)
|
|
(93.0
|
)%
|
||||||
Corporate & Emerging Technologies
|
219
|
|
|
201
|
|
|
(18
|
)
|
|
(8.2
|
)%
|
|
903
|
|
|
606
|
|
|
(297
|
)
|
|
(32.9
|
)%
|
||||||
Total depreciation and amortization
|
$
|
1,132
|
|
|
$
|
880
|
|
|
$
|
(252
|
)
|
|
(22.3
|
)%
|
|
$
|
3,746
|
|
|
$
|
2,739
|
|
|
$
|
(1,007
|
)
|
|
(26.9
|
)%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||
(Gain) loss on sale of assets, net of disposition costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Radio
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
N/A
|
|
$
|
—
|
|
|
(76,745
|
)
|
|
$
|
(76,745
|
)
|
|
N/A
|
||
Publishing
|
(17,491
|
)
|
|
46
|
|
|
17,537
|
|
|
N/M
|
|
(17,491
|
)
|
|
85
|
|
|
17,576
|
|
|
N/M
|
||||||
Total (gain) loss on sale of assets, net of disposition costs
|
$
|
(17,491
|
)
|
|
$
|
46
|
|
|
$
|
17,537
|
|
|
N/M
|
|
$
|
(17,491
|
)
|
|
$
|
(76,660
|
)
|
|
$
|
(59,169
|
)
|
|
338.3%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Radio
|
$
|
12,629
|
|
|
$
|
9,372
|
|
|
$
|
(3,257
|
)
|
|
(25.8
|
)%
|
|
$
|
40,451
|
|
|
$
|
109,128
|
|
|
$
|
68,677
|
|
|
169.8
|
%
|
Publishing
|
17,237
|
|
|
(53
|
)
|
|
(17,290
|
)
|
|
100.3
|
%
|
|
16,369
|
|
|
(583
|
)
|
|
(16,952
|
)
|
|
103.6
|
%
|
||||||
Corporate & Emerging Technologies
|
(6,031
|
)
|
|
(5,387
|
)
|
|
644
|
|
|
10.7
|
%
|
|
(19,413
|
)
|
|
(17,181
|
)
|
|
2,232
|
|
|
11.5
|
%
|
||||||
Total operating income:
|
$
|
23,835
|
|
|
$
|
3,932
|
|
|
$
|
(19,903
|
)
|
|
(83.5
|
)%
|
|
$
|
37,407
|
|
|
$
|
91,364
|
|
|
$
|
53,957
|
|
|
144.2
|
%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
(As reported, amounts in thousands)
|
||||||||||||||||||||||||||||
Loss on debt extinguishment
|
$
|
(478
|
)
|
|
$
|
(139
|
)
|
|
$
|
339
|
|
|
(70.9
|
)%
|
|
$
|
(478
|
)
|
|
$
|
(2,662
|
)
|
|
$
|
(2,184
|
)
|
|
456.9
|
%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
|||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||||||||
|
(As reported, amounts in thousands)
|
|||||||||||||||||||||||||||
Provision for income taxes
|
$
|
629
|
|
|
$
|
371
|
|
|
$
|
(258
|
)
|
|
(41.0)%
|
|
$
|
1,968
|
|
|
$
|
4,743
|
|
|
$
|
2,775
|
|
|
141.0
|
%
|
|
For the Three Months Ended November 30,
|
|
|
|
|
|
For the Nine Months Ended November 30,
|
|
|
|
|
|||||||||||||||||
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||||||||
|
(As reported, amounts in thousands)
|
|||||||||||||||||||||||||||
Consolidated net income
|
$
|
18,257
|
|
|
$
|
432
|
|
|
$
|
(17,825
|
)
|
|
N/M
|
|
$
|
21,174
|
|
|
$
|
71,769
|
|
|
$
|
50,595
|
|
|
238.9
|
%
|
(a)
|
Exhibits.
|
|
EMMIS COMMUNICATIONS CORPORATION
|
|
Date: January 11, 2018
|
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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions