Emmis Communications Q1 Profit Falls - Quick Facts

(RTTNews) - Emmis Communications Corp. (EMMS) reported that its first-quarter net income attributable to common shareholders declined to $956 thousand from $3.73 million in the previous year. Net income per share for the quarter fell to $0.02 from $0.08 last year.

Emmis' radio net revenues for the first fiscal quarter were up 22%, from $36.9 million to $45.0 million. This includes reported revenue from New York's WBLS 107.5 FM and WLIB 1190 AM, which Emmis began operating pursuant to a Local Marketing Agreement ("LMA") on March 1, 2014. On a pro forma basis, assuming results for WBLS and WLIB were included in the same quarter of the prior year, radio revenues would have been flat.

Publishing net revenues were up 7% in the first fiscal quarter, driven by higher advertising rates and an increase in custom publishing business.

Total net revenues for the quarter rose to $59.72 million from $50.59 million last year.