1-13-2012
We get our first look at real revenue from late 2011 and the bad news comes from Emmis. The company reported it was down 5% in markets that were only down 2%. And the word "down" for yet another quarter could signal more negative revenue news is on the way from major markets as we get into the heart of earnings season. Emmis operates in NY, LA, St. Louis, Indianapolis, Austin and Terre Haute. Journal, Entercom, Clear Channel, Radio One and Salem should all be reporting within the next 30 days. Analysts at Radio Ink's Forecast last month said they "needed to see more" from radio. Emmis CEO Jeff Smulyan used many words to describe his latest quarter, unfortunately not one of them was "outstanding."
Smulyan said his latest quarter was "interesting, unusual, transformative, tough and disappointing." Smulyan said January is off to a very good start and February is even more encouraging. For the quarter that ended November 30th, Emmis generated $39.7 million in radio revenue compared to $47.8 million in 2010.
Smulyan had high praise for Power 106 in Los Angeles stating they had their best ratings ever. In New York Smulyan said HOT 97 has shown consistent strength and KISS-FM is locked in a major battle with WBLS despite the fact WBLS is in bankruptcy. Smulyan says he hopes 2012 will be a breakout year for Emmis.
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