Item 9: Regulation FD Disclosure
Emmis Communications Corporation ("Emmis") has included in this filing
selected unaudited pro forma financial information for the year ended February
29, 2000 and for the six months ended August 31, 2000. This unaudited pro forma
information includes the effect of all pending and consummated acquisitions,
including (i) radio stations KPNT-FM, KIHT-FM, and KFTK-FM (formerly KXOK-FM)
from Sinclair Broadcast Group, Inc., (ii) radio station KZLA-FM from Bonneville
International Corporation, (iii) radio stations KXPK-FM and KKFR-FM from Clear
Channel Communications, Inc., (iv) radio station KALC-FM from Salem
Communications Corporation, (v) radio stations KKLT-FM, KTAR-AM and KMVP-AM from
Hearst-Argyle Television, Inc., (vi) a 75% ownership interest in two radio
stations in Buenos Aires, Argentina, (vii) television station WKCF-TV from Press
Communications, LLC, (viii) eight network-affiliated television stations from
Lee Enterprises, Inc., and (ix) Los Angeles Magazine, Inc., from ABC Holding
Company, Inc.,as if each had occurred at March 1, 1999 and carried forward.
On October 16, 2000, Emmis filed an 8-K that included unaudited
combined condensed pro forma financial statements for its consummated
significant acquisitions as defined by the Securities and Exchange Commission's
Regulation S-X, Rule 3-05. However, these unaudited pro forma financial
statements only required the impact of the consummated significant acquisitions
to be disclosed.
With the recent adoption by the Securities and Exchange Commission of
Regulation FD, Emmis is making the pro forma information listed below available
for broad dissemination and expects to provide guidance with respect to future
periods as part of its scheduled conference call on January 10, 2001 to discuss
the results of the three and nine months ended November 30, 2000.
The pro forma summary information presented below is not necessarily
indicative of the results that actually would have occurred if the transactions
indicated above had been consummated at the beginning of the periods presented,
and is not intended to be a projection of future results.
Certain statements included in this 8-K which are not statements of
historical fact, including but not limited to those identified with the words
"expect," "will" or "look" are intended to be, and are, identified as
"forward-looking statements," as defined in the Securities and Exchange Act of
1934, as amended, and involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements of Emmis
to be materially different from any future result, performance or achievement
expressed or implied by such forward-looking statement. Such factors include,
among others, general economic and business conditions; fluctuations in the
demand for advertising; increased competition in the broadcasting industry;
inability to obtain necessary approvals for purchases or sale transactions or to
complete the transactions; changes in the costs of programming; inability to
grow through suitable acquisitions and other factors mentioned in other
documents filed by Emmis with the Securities and Exchange Commission.
Emmis Communications Corporation
Selected Unaudited Pro Forma Financial Information
<TABLE>
<CAPTION>
Three Months Three Months Three Months Three Months Three Months Three Months
Ended Ended Ended Ended Ended Ended
May 31, 1999 August 31, 1999 November 30, 1999 February 29, 2000 May 31, 2000 August 31, 2000
------------- -------------- ----------------- ---------------- ------------- ---------------
Net Revenues:
<S> <C> <C> <C> <C> <C> <C>
Radio $ 57,741 $ 69,007 $ 70,346 $ 57,065 $ 71,477 $ 75,362
Television 57,204 52,512 60,339 51,180 59,630 55,355
Publishing 16,783 16,794 19,579 15,287 17,522 19,963
Interactive - - - - - 33
------------- -------------- ----------------- ---------------- ------------- ---------------
Total net revenues 131,728 138,313 150,264 123,532 148,629 150,713
Operating Expenses:
Radio 34,546 34,202 36,415 35,946 39,539 36,172
Television 37,091 35,645 38,734 37,716 37,625 35,963
Publishing 14,569 14,949 15,127 14,877 15,775 17,256
Interactive - - - - 120 148
------------- -------------- ----------------- ---------------- ------------- ---------------
Total operating expenses 86,206 84,796 90,276 88,539 93,059 89,539
Broadcast/Publishing Cash Flow:
Radio 23,195 34,805 33,931 21,119 31,938 39,190
Television 20,113 16,867 21,605 13,464 22,005 19,392
Publishing 2,214 1,845 4,452 410 1,747 2,707
Interactive - - - - (120) (115)
------------- -------------- ----------------- ---------------- ------------- ---------------
Total broadcast/publishing
cash flow 45,522 53,517 59,988 34,993 55,570 61,174
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