The company reported pro forma revenue for December, January and February was down 4% in markets that were up 3%. For the full year pro forma radio revenue was down 2% in markets that were down 1%.
In prepared remarks CEO Jeff Smulyan said, “While the fourth quarter didn’t finish as strongly as we would have liked, we are seeing significant strength as we commence the new fiscal year. Emmis’ first fiscal quarter is pacing up 5%, and ticket and sponsorship sales for Hot 97’s Summer Jam, Emmis’ largest event which occurs in June, are pacing well ahead of last year. Our renewed focus on digital is bearing immediate fruit, with Q1 digital revenues pacing up 50%. Ratings remain strong across all our brands and I’m confident that our ratings success will allow us to sustain this growth.
Emmis owns 11 FM and 3 AM radio stations in New York, Austin (Emmis has a 50.1% controlling interest in Emmis’ 6 radio stations located there) and Indianapolis.