hweb, I'm listening to the CC right now. On a normalized tax basis, they earned around .05 or .06/share.
They are starting off by saying Radio continues to be pressured...and next quarter is pacing down 4%. However they do think this is a turning point qtr for NextRadio. ATT and T-Mobile have joined Sprint in having it. Verizon still doesnt have it, but they feel confident. And while I agree its growing dramatically, the question is how they will be able to monetize it, I'm still not sure. They did just say that they will start getting revenues from NextRadio in 2016.
I think all radio can be seen as a flat to down industry...and I'm not talking cyclically. EMMS' earnings have been helped by a large reduction to its legal costs (their lawsuits are done) recently. B/c of its large debt, and declining market, I think it deserves a low p/e.
best.
