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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): May 5, 1999
EMMIS COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Indiana 0-23264 35-1542018
(State or jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
40 Monument Circle, Suite 700
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (317) 266-0100
Not applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On March 31, 1999, Emmis Communications Corporation issued a press release
regarding its financial performance for the fiscal year ended February 28,
1999. As amended by a subsequent press release, the financial information
released was substantially as follows:
For the fourth quarter, Emmis posted net broadcasting revenue of $49.7
million vs. $27.2 million, an 83% increase over the same quarter in 1997.
Broadcast cash flow grew to a fourth quarter record of $16.8 million, a
64% increase over the prior year. On a same-station basis for radio and
television, net revenue in the quarter increased 16% and broadcast cash
flow was up 24%. Specifically on a same-station basis, domestic radio
revenue increased 17% for the quarter. Broadcast cash flow is equal to net
revenue less station operating expenses, exclusive of non cash charges
and time brokerage fees.
For the full year, net revenue climbed 65.6% to $232.8 million, up from
$140.6 million in 1997. Broadcast cash flow increased to $83.9 million,
an increase of 44% over the full year 1997. On a same-station basis for
radio and television, net revenue for the year grew 11% and broadcast cash
flow increased 16%.
In this report, ``same-station basis'' means all stations owned by Emmis
as of February 28, 1999, and compares those stations' results for the prior
year. For periods when the stations were not operated by Emmis, the revenues
and broadcast cash flows for the stations represent historical operating
results under previous ownership.
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL DATA
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended Year ended
February 28, February 28,
1999 1999
(Unaudited)
----------------- -----------
<S> <C> <C>
OPERATING DATA:
Net revenues $58,704 $232,836
Operating expenses 40,827 143,348
International expenses 503 1,477
Corporate expenses 4,048 10,427
Time Brokerage Fee - 2,220
Depreciation and amortization 9,719 28,314
Non-cash compensation 1,891 4,269
-------- ---------
Operating income 1,716 42,781
-------- ---------
Interest expense (10,708) (35,650)
Other income
(expense), net (2,274) 1,914
-------- ---------
(12,982) (33,736)
-------- ---------
Income before taxes
and extraordinary item (11,266) 9,045
Provision (benefit) for
income taxes (5,150) 6,200
-------- ---------
Income (loss) before
extraordinary item (6,116) 2,845
Extraordinary item,
net of tax - 1,597
-------- ---------
Net income (loss) $(6,116) $1,248
======== =========
Basic net income (loss)
per share ($0.39) $0.09
Diluted net income
(loss) per share ($0.39) $0.08
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
EMMIS COMMUNICATIONS CORPORATION
Date: May 5, 1999 By: /s/ Walter Z. Berger
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Walter Z. Berger
Executive Vice
President, Chief
Financial Officer
and Treasurer
