Emmis Communications Corp. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended November 30, 2016; Provides Earnings Guidance for the Full Year of 2017
January 05, 2017 at 04:36 pm IST
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Emmis Communications Corp. announced unaudited consolidated earnings results for third quarter and nine months ended November 30, 2016. For the quarter, the company reported total net revenues of $56,299,000 against total net revenues of $59,614,000 a year ago. Operating income was $23,835,000 against operating income of $11,618,000 a year ago. Income before income taxes was $18,886,000 against income before income taxes of $6,857,000 a year ago. Net income attributable to the company was $17,676,000 against net income attributable to the company of $5,548,000 a year ago. Diluted per share of $1.43 against diluted per share of $0.47 a year ago. Capital expenditures were $692,000 against capital expenditures of $662,000 a year ago. Operating income rose due to a gain on the sale of Texas Monthly, which closed during the third quarter.
For the nine months, the company reported Total net revenues of $171,075,000 against total net revenues of $180,549,000 a year ago. Operating income of $37,407,000 against operating income of $29,117,000 a year ago. Income before income taxes of $23,142,000 against income before income taxes of $15,703,000 a year ago. Net income attributable to the company of $20,697,000 against net income attributable to the company of $11,467,000 a year ago. Diluted per share of $1.7 against diluted per share of $0.97 a year ago. Capital expenditures of $1,403,000 against capital expenditures of $1,943,000 a year ago.
For the full year of 2017, the company expects to invest approximately $3.5 million in capital expenditures.
Emmis Corporation (Emmis), formerly Emmis Communications Corporation, is an entrepreneurial company. The Company is an owner and operator of media, sports, entertainment, and other diversified operations. The Company owns and operates Lencore Acoustics, a sound masking technology for professional environments and operates one amplitude modulation (AM) radio station in New York, and an additional frequency modulation (FM) station in New York operated by Entertainment and Sports Programming Network (ESPN). Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions to national brands across multiple industries. It also has an investment in Anzu, an intrinsic in-game advertising solution for personal computer (PC), console, mobile, and cloud-based video games.
Emmis Communications Corp. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended November 30, 2016; Provides Earnings Guidance for the Full Year of 2017