Emmis' radio net revenues for the second fiscal quarter were $41.8 million, compared to $46.0 million in the prior year. The company cites the sale of our Terre Haute radio stations in January 2017 and KPWR-FM in Los Angeles in August 2017. Had those two stations been included in this earnings report, Emmis says revenue would have been up 2%. Emmis' New York, Austin and St. Louis clusters gained market share in the quarter.
The sale of KPWR closed on August 1, 2017. Net proceeds of $73.6 million were used to reduce credit facility term loans outstanding by nearly one-half. The balance of term loans outstanding as of quarter-end was $74.4 million.
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| Jeff Smulyan |
"Rapid progress continues on multiple fronts with NextRadio. Streaming versions for Android and Apple devices launched in July, making the NextRadio app available on every smartphone," Smulyan continued. "Usage has jumped sharply following this product enhancement. We recently introduced the revamped Dial Report, which provides unique data insights and attribution measurement for radio users. In August, NextRadio announced an agreement with LG for FM-enablement across North and South America. Look for other major announcements on this front in the coming months.
"And in the wake of the destruction caused by Hurricanes Harvey, Irma and Maria, Federal Communications Chairman Ajit Pai and other industry leaders have publicly called upon Apple to activate the FM chips inside iPhones. Apple is the only major device manufacturer yet to do so. We remain optimistic they will see the public safety necessity of this step," Smulyan concluded.
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