Emmis Communications Corporation F2Q09 (Qtr End 08/31/08) Earnings Call Transcript

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2008-10-10 11:15:25.0

Tags: Seeking Alpha, Emmis Communications Corp.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Lee Westerfield - BMO Capital.

Lee Westerfield - BMO Capital

Foreign exchange in the quarter in dollar terms, how much did that help in revenue and SOI in the Radio Division?

Secondly, you gave us the 5.89 times leverage at the end of the quarter. I just wanted to understand what the differences are, if you can help us in understanding how the adjustments to the calculation of that leverage will differ from, if you will, standard [EBITDA] calculations so that we can project better where your leverage would be in a few quarters.

Patrick Walsh

Lee, I tell you, it's a long schedule that we actually post on the website, and I would encourage you and the other analysts to probably seek that out rather than spend a great deal of time kind of walking through each of those adjustments to get to kind of what EBITDA is per the credit agreement.

Lee Westerfield - BMO Capital

Okay, that's fine. I will seek it out there.

And then finally, you mentioned pacings in the Domestic Radio excluding guarantees from National Media. What would they be with the guarantees?

Patrick Walsh

We're still trying to work through what that would be. It will obviously be additive. It'll add a few points improvement to where we would be given where pacings are right now.

Lee Westerfield - BMO Capital

And then the foreign exchange?

Patrick Walsh

It's about 60%, so if you take our results we were up in local currency about half that, about 20%, I think, for International. And we actually don't break out their cash flow for the International entities.

Operator

Your next question comes from Marci Ryvicker - Wachovia.

Marci Ryvicker - Wachovia

Are you seeing a lot of cancellations at this point or is it just difficult to actually make the sale?

And then secondly, I think you have a share buyback plan in place. Any activity on that? Any comments on that?

Patrick Walsh

Why don't I knock the second one out, and then Jeff and Rick can talk about cancellations and just business.

But we do have authorization and have a buyback program in place for our common and our preferred, but during the quarter we didn't repurchase any shares under that program.

Lee Westerfield - BMO Capital

Rick, do you want to talk about the cancellations?

 

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