CFO Ryan Hornaday told investors national revenue was down 12% in September, October, and November while local was down 5.5% and digital was up over 8%. September finished down 2%, October was off 11%, and November was off 1%. Austin, St. Louis, and Indianapolis all grew market share for Emmis while Los Angeles, market #2, was the market that dragged the company down. Automotive is still Emmis’ largest category, representing 12% of overall revenue, however that category was off 9% in the quarter. Wireless, financial, and service categories were up double digits while beverage and media were down double digits.
