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EMMIS COMMUNICATIONS CORP (Form: 10-Q, Received: 01/10/2019

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EMMIS COMMUNICATIONS CORP (Form: 10-Q, Received: 01/10/2019 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2019 EMMIS COMMUNICATIONS CORPORATION (Exact name of registrant as specified in its charter) INDIANA (State of incorporation or organization) 0-23264 (Commission file number) 35-1542018 (I.R.S. Employer Identification No.) ONE EMMIS PLAZA 40 MONUMENT CIRCLE, SUITE 700 INDIANAPOLIS, INDIANA 46204 (Address of principal executive offices) (317) 266-0100 (Registrant’s Telephone Number, Including Area Code) NOT APPLICABLE (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” and “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐(Do not check if a smaller reporting company) Smaller reporting company ☒ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Class A common stock, $0.01 par value EMMS Nasdaq Global Select Market The number of shares outstanding of each of Emmis Communications Corporation’s classes of common stock, as of October 2, 2019, was: 11,930,824 Shares of Class A Common Stock, $.01 Par Value 1,242,366 Shares of Class B Common Stock, $.01 Par Value — Shares of Class C Common Stock, $.01 Par Value Table of Contents INDEX Page PART I — FINANCIAL INFORMATION Item 1. Financial Statements 3 Condensed Consolidated Statements of Operations for the three-month and six-month periods ended August 31, 2018 and 2019 3 Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended August 31, 2018 and 2019 5 Condensed Consolidated Balance Sheets as of February 28, 2019 and August 31, 2019 6 Condensed Consolidated Statement of Changes in Equity for the three-month and six-month periods ended August 31, 2018 and 2019 7 Condensed Consolidated Statements of Cash Flows for the six-month periods ended August 31, 2018 and 2019 9 Notes to Condensed Consolidated Financial Statements 10 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3. Quantitative and Qualitative Disclosures about Market Risk 36 Item 4. Controls and Procedures 36 PART II — OTHER INFORMATION Item 1. Legal Proceedings 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 6. Exhibits 38 Signatures 39 Table of Contents PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended Six Months Ended August 31, August 31, 2018 2019 2018 2019 NET REVENUES $ 9,404 $ 8,883 $ 20,086 $ 18,529 OPERATING EXPENSES: Station operating expenses excluding depreciation and amortization expense of $159, $101, $326 and $211, respectively 9,008 7,799 19,685 15,468 Corporate expenses excluding depreciation and amortization expense of $198, $195, $397 and $392, respectively 2,802 2,216 5,310 4,774 Impairment loss 205 4,022 205 4,022 Depreciation and amortization 357 296 723 603 Loss (gain) on sale of assets, net of disposition costs 15 31 (32,052) 31 Total operating expenses 12,387 14,364 (6,129) 24,898 OPERATING (LOSS) INCOME (2,983) (5,481) 26,215 (6,369) OTHER EXPENSE: Interest expense (1,483) (976) (3,899) (2,171) Loss on debt extinguishment — — (771) — Other income, net 36 14 52 26 Total other expense (1,447) (962) (4,618) (2,145) (LOSS) INCOME BEFORE INCOME TAXES (4,430) (6,443) 21,597 (8,514) (BENEFIT) PROVISION FOR INCOME TAXES (1,150) (337) 8,960 (583) (LOSS) INCOME FROM CONTINUING OPERATIONS (3,280) (6,106) 12,637 (7,931) DISCONTINUED OPERATIONS, NET OF TAX 3,712 13,951 12,034 18,292 CONSOLIDATED NET INCOME 432 7,845 24,671 10,361 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 805 832 1,559 1,678 NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY $ (373) $ 7,013 $ 23,112 $ 8,683 The accompanying notes are an integral part of these unaudited condensed consolidated statements. - 3 - Table of Contents EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (Unaudited) (In thousands, except per share data) Three Months Ended Six Months Ended August 31, August 31, 2018 2019 2018 2019 AMOUNTS ATTRIBUTABLE TO COMMON SHAREHOLDERS: Net (loss) income attributable to common shareholders - continuing operations $ (2,714) $ (5,606) $ 13,821 $ (6,930) Net income attributable to common shareholders - discontinued operations 2,341 12,619 9,291 15,613 Net (loss) income attributable to common shareholders $ (373) $ 7,013 $ 23,112 $ 8,683 BASIC NET (LOSS) INCOME PER SHARE: Continuing operations $ (0.22) $ (0.44) $ 1.10 $ (0.54) Discontinued operations 0.19 0.98 0.74 1.22 Basic net (loss) income per share $ (0.03) $ 0.55 $ 1.85 $ 0.68 Basic weighted average shares outstanding 12,522 12,830 12,521 12,802 DILUTED NET (LOSS) INCOME PER SHARE: Continuing operations $ (0.22) $ (0.44) $ 1.02 $ (0.54) Discontinued operations 0.19 0.98 0.69 1.22 Diluted net (loss) income per share $ (0.03) $ 0.55 $ 1.71 $ 0.68 Diluted weighted average shares outstanding 12,522 12,830 13,495 12,802 The accompanying notes are an integral part of these unaudited condensed consolidated statements. - 4 - Table of Contents EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) (In thousands) Three Months Ended Six Months Ended August 31, August 31, 2018 2019 2018 2019 CONSOLIDATED NET INCOME $ 432 $ 7,845 $ 24,671 $ 10,361 LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 805 832 1,559 1,678 COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (373) $ 7,013 $ 23,112 $ 8,683 The accompanying notes are an integral part of these unaudited condensed consolidated statements. - 5 - Table of Contents EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) February 28, August 31, 2019 2019 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,343 $ 1,574 Restricted cash 2,504 1,503 Accounts receivable, net 11,919 13,788 Prepaid expenses 3,374 3,950 Other current assets 1,225 1,697 Current assets held for sale 6,629 7,886 Total current assets 29,994 30,398 PROPERTY AND EQUIPMENT, NET 16,061 15,515 INDEFINITE-LIVED INTANGIBLE ASSETS 72,562 68,540 OPERATING LEASE RIGHT-OF-USE ASSETS — 8,844 OTHER ASSETS, NET 8,462 8,072 LONG-TERM ASSETS HELD FOR SALE 110,667 124,871 Total assets $ 237,746 $ 256,240 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 4,160 $ 5,405 Current maturities of long-term debt 32,150 9,078 Accrued salaries and commissions 1,919 984 Deferred revenue 3,464 3,866 Income taxes payable 11,200 7,497 Operating lease liabilities — 858 Other current liabilities 2,401 1,762 Current liabilities held for sale 2,072 4,509 Total current liabilities 57,366 33,959 LONG-TERM DEBT, NET OF CURRENT MATURITIES AND UNAMORTIZED DISCOUNT 48,757 69,196 OPERATING LEASE LIABILITIES, NET OF CURRENT — 9,567 OTHER NONCURRENT LIABILITIES 3,914 2,367 DEFERRED INCOME TAXES 25,232 18,156 NONCURRENT LIABILITIES HELD FOR SALE 2,110 13,683 Total liabilities 137,379 146,928 COMMITMENTS AND CONTINGENCIES EQUITY: Class A common stock, $.01 par value; authorized 42,500,000 shares; issued and outstanding 11,809,291 shares at February 28, 2019 and 11,913,170 shares at August 31, 2019 118 119 Class B common stock, $.01 par value; authorized 7,500,000 shares; issued and outstanding 1,242,366 shares at February 28, 2019 and August 31, 2019 12 12 Additional paid-in capital 595,984 596,512 Accumulated deficit (523,900) (515,217) Total shareholders’ equity 72,214 81,426 NONCONTROLLING INTERESTS 28,153 27,886 Total equity 100,367 109,312 Total liabilities and equity $ 237,746 $ 256,240 The accompanying notes are an integral part of these unaudited condensed consolidated statements. - 6 - Table of Contents EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (In thousands,
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