-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NoJjCglkApOqC0WncwrJt5wxcLcKPUZa1wnEF+IIFI80AqYnXS449I32yqjbYCa0 OAM1YWRHUKoBOSU4ZAuQ+A== 0000783005-99-000013.txt : 19990507 0000783005-99-000013.hdr.sgml : 19990507 ACCESSION NUMBER: 0000783005-99-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990505 ITEM INFORMATION: FILED AS OF DATE: 19990506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMMIS COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000783005 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 351542018 STATE OF INCORPORATION: IN FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23264 FILM NUMBER: 99611668 BUSINESS ADDRESS: STREET 1: ONE EMMIS PLAZA STREET 2: 40 MONUMENT CIRCLE SUITE 700 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 3172660100 MAIL ADDRESS: STREET 1: ONE EMMIS PLZ STREET 2: 40 MONUMENT CIRCLE #700 CITY: INDIAPOLIS STATE: IN ZIP: 46204 FORMER COMPANY: FORMER CONFORMED NAME: EMMIS BROADCASTING CORPORATION DATE OF NAME CHANGE: 19920703 8-K 1 ============================================================================== 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) ============================================================================== 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)
Three months ended Year ended February 28, February 28, 1999 1999 (Unaudited) ----------------- ----------- 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
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 ------------------------ Walter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----