Emmis' US radio revenues down 7%, as expected


From this morning’s company announcement: Emmis Communications Corporation (Nasdaq: EMMS) today announced results for its third fiscal quarter ended Nov. 30, 2007. "Along with everyone in the radio business, we face unprecedented challenges, particularly in our largest radio markets," Emmis Chairman and CEO Jeff Smulyan said.  "However, in the third quarter we closed the gap between our performance and that of our markets.  Excluding KMVN in Los Angeles, we actually outperformed our markets.  Coupled with a continued strong showing in our international stations and publishing operations, I’m hopeful about the new year."
For the third fiscal quarter, net revenue was $91.7 million, compared to $91.2 million for the same quarter of the prior year. Diluted net loss per common share from continuing operations was ($0.22), compared to ($0.09) for the same quarter of the prior year.

For the third quarter, radio net revenues decreased 3.2%, while pro forma publishing net revenues were up 4.6%.  Domestic radio net revenues decreased 7.0% during the quarter, primarily as a result of continuing weakness in the Company’s New York and Los Angeles clusters.