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Emmis Communications Corp. Message Board

  • guygroovy54 guygroovy54 Jul 9, 2009 12:05 PM Flag

    Fidelity has confirmed......

    earnings will be released on friday 7/10 before the market opens.....

    good luck to all shareholders....


    PEACE

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    • Apparently that was just an estimated time.
      Earnings.com is still showing a release date between 7/6 to 7/16. Since they didn't release this morning it will probably be next Thur or Fri because they seem to favor releasing at the end of the week.

      http://www.fulldisclosure.com/company.asp?client=cb&ticker=emms

      • 5 Replies to david_a_rankin
      • I stand corrected. I don't know why Yahoo's Headlines failed to link to your stories. Here's the link to the 10Q filed on 7/10.
        If it's not a misprint the 10Q says that EMMS sold their Belgain radio operation for 100 Euro or about $140.00 (One Hundred Forty Dollars).

        http://www.sec.gov/Archives/edgar/data/783005/000095012309021356/c52200e10vq.htm

      • http://www.insideindianabusiness.com/newsitem.asp?ID=36574#middle

        updated: 7/10/2009 2:32:35 PM

        Emmis CEO: Company Putting Itself Into "a Position to Survive"
        InsideINdianaBusiness.com Report

        Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting a first quarter profit of $7.5 million after buying back some debt, compared to a loss of $1 million for the same period a year ago. In a letter to employees before the results were released, Emmis Chief Executive Officer Jeff Smulyan says he believes the company has hit the bottom of the economic downturn, but is not sure how long it will take "to climb out of the trough."
        Emmis has taken several actions to deal with the tough economy including layoffs, salary reductions and the sale of assets including its unprofitable Belgium operation.

        Smulyan also says the company's cash flow is considerably greater than its interest payments and all debt obligations are being met.

        He adds "the fight isn't over" and "we are putting ourselves in a position to survive."

        Emmis owns several radio stations throughout the U.S., including WIBC-FM in Indianapolis and Network Indiana, which are partners of Inside INdiana Business.

        Source: Emmis Communications Corp.

      • http://www.fmqb.com/article.asp?id=1407842

        Emmis' Smulyan Optimistic About Q1 Finances

        July 10, 2009
        With Emmis Communications set to release its fiscal first quarter results, CEO Jeff Smulyan is optimistic about the company's financial prospects. He sent an email to all Emmis employees discussing the state of the company, saying that its strategy for fiscal stability is working.

        Smulyan wrote, "The headline, I suppose, is what you would expect: We continue to fight against the impact of a remarkably difficult economy. While I believe we have seen the bottom of this downturn, what no one can say is how long it will take to climb out of the trough. Therefore, we continue to do what’s necessary to survive and prepare for better times."

        "The good news is that our strategy is working. By focusing on debt reduction, maintaining compliance with our banking agreements and reducing expenses, Emmis is protecting itself from the financial failure that threatens so many others these days."

        "Specifically, in the first quarter we hit our budget, or, rather, you hit our budget. You did what we asked, aggressively managing costs and hustling for every available revenue dollar. At the same time, we reduced our debt by nearly 20 percent, continued making interest payments, sold our unprofitable Belgium radio operation and made the difficult decisions to cut positions and reduce salaries. While I can’t point to any big shifts in the outlook, I do see encouraging, incremental improvements in pacings and ratings in radio."

        "One point I would like to make emphatically: While some of you have voiced concern over Emmis' being downgraded by rating agencies, or by talk of bankruptcies in our sectors, I can tell you this: We are putting ourselves in a position to survive. Even in these difficult times, for example, our cash flow is considerably greater than our interest payments and we are meeting all of our debt obligations -- a key variable in times like these."

        "The fight isn’t over, so I ask you to focus on what Emmis will be when this downturn passes: an organization with the resources to regain its position as a world-class media company. I thank you for the work you do every day to make that possible, and for your patience in these hard times."

      • http://www.radioink.com/Article.asp?id=1407755&spid=24698#Scene_1

        Emmis Revenues Down Sharply In Q1
        INDIANAPOLIS -- July 10, 2009: Emmis Communications reports results for its fiscal second quarter, with radio revenues down about 27 percent, to $46.2 million from $63.6 million in the same period a year ago. Publishing revenues fell by about 25 percent, to $16.3 million from $21.8 million, and for Emmis overall, revenues came in at $62.4 million, down 27 percent from $85.4 million.

        After debt buybacks, Emmis saw net income of $7.5 million (20 cents per share), compared to a net loss of $1 million; the company has repurchased $78 million in debt for about $45 million in Dutch auctions, the Indianapolis Business Journal notes. The company saw an operating loss of $6 million in the quarter, down from operating income of $13.9 million a year before. Station operating income was $8.1 million, off by 67 percent from $24.4 million a year ago.

        Emmis Chairman/CEO Jeff Smulyan said in a memo to employees ahead of the release of the Q2 numbers, "We continue to fight against the impact of a remarkably difficult economy. While I believe we have seen the bottom of this downturn, what no one can say is how long it will take to climb out of the trough. Therefore, we continue to do what’s necessary to survive and prepare for better times. The good news is that our strategy is working. By focusing on debt reduction, maintaining compliance with our banking agreements and reducing expenses, Emmis is protecting itself from the financial failure that threatens so many others these days."

      • http://www.ibj.com/html/detail_page.asp?content=41397

        Debt maneuvers help Emmis turn profit
        Fri. July 10 - 2009

        IBJ Staff

        Emmis Communications Corp. reported a quarterly profit today after buying back a big chunk of its own debt on the cheap, but the outlook for the company remains grim. The radio broadcaster and magazine publisher saw revenue plunge 27 percent.

        Indianapolis-based Emmis turned a profit of $7.5 million, or 20 cents per share, for the fiscal first quarter ended May 31, compared to a loss of $1 million, or 3 cents per share, a year earlier.

        Revenue, however, dropped from $85.4 million to $62.4 million. And the company suffered an operating loss of nearly $6 million compared to a gain of $13.9 million in the same period last year.

        Radio revenue fell from $63.6 million to $46.2 million and publishing revenue dropped from $20 million to $16.6 million.

        Emmis realized $31.9 million in gains by purchasing $78 million of its own debt for about $45 million through a series of one-time Dutch auction tenders. The company said it would not be able to pursue further tenders under its credit agreement.

        “We continue to fight against the impact of a remarkably difficult economy,” CEO Jeff Smulyan said in a public letter to employees. “While I believe we have seen the bottom of this downturn, what no one can say is how long it will take to climb out of the trough. Therefore, we continue to do what’s necessary to survive and prepare for better times.

        “The good news is that our strategy is working. By focusing on debt reduction, maintaining compliance with our banking agreements and reducing expenses, Emmis is protecting itself from the financial failure that threatens so many others these days.”

        Emmis also announced that it sold its unprofitable Belgium radio operations during the quarter to Belgium company Alfacam Group NV for about $139. The operation lost $682,000 last year and $561,000 in the first quarter.

        Emmis has experienced tough times in recent years. The company lost $283.9 million, or $7.81 per share, in its fiscal year ended Feb. 28, and $10.3 million, or 74 cents per share, the previous fiscal year.

 
EMMS
3.33+0.02(+0.60%)Apr 17 4:00 PMEDT

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