Emmis Communications Corp. (EMMS, Financial) filed Amended Annual Report for the period ended 2009-02-28.
Emmis Communications Corporation is a diversified media company with radio broadcasting and magazine publishing operations and pending approval from the FCC television broadcasting operations. Emmis is an owner and operator of radio stations in the nation's largest markets. Its international division operates Slager Radio in Hungary. Emmis Publishing holdings include Indianapolis Monthly Atlanta Cincinnati and Texas Monthly magazines. Emmis also owns Revenue Development Systems a broadcast sales consulting company. (Press Release) Emmis Communications Corp. has a market cap of $35.9 million; its shares were traded at around $0.97 with a P/E ratio of 3.2 and P/S ratio of 0.1.
Emmis Communications Corporation is filing this amendment to its Annual Report on Form 10-K for the year ended February 28, 2009 (Original Report) to amend and restate its financial statements and other financial information for the year then ended. In addition, we are filing an amendment to our Quarterly Report on Form 10-Q for the period ended May 31, 2009 to amend and restate financial statements for the quarter then ended. During the year ended February 28, 2009, we recorded a valuation allowance on substantially all of our domestic deferred tax assets as it was more likely than not that the domestic deferred tax assets would not be realized. In determining the valuation allowance of our deferred tax assets, the Company netted deferred tax assets related to indefinite-lived intangible assets and deferred tax liabilities related to indefinite-lived intangible assets. In accordance with generally accepted accounting principles, deferred tax assets and deferred tax liabilities associated with indefinite-lived intangible assets should not be netted because the timing of the reversal of the deferred tax liabilities is unknown. We have recorded additional valuation allowance equal to the amount of deferred tax assets we had erroneously netted against deferred tax liabilities. As a result of the foregoing, the Company overstated the benefit for income taxes and understated deferred tax liabilities by $25.3 million. In connection with this restatement, the Company also increased the balance of a deferred tax liability related to an indefinite-lived intangible asset by $6.1 million, with a corresponding reduction to the beginning balance of retained earnings as this matter related to a prior period. The restatements have no effect on our cash flows in any period.
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Emmis Communications Corporation is a diversified media company with radio broadcasting and magazine publishing operations and pending approval from the FCC television broadcasting operations. Emmis is an owner and operator of radio stations in the nation's largest markets. Its international division operates Slager Radio in Hungary. Emmis Publishing holdings include Indianapolis Monthly Atlanta Cincinnati and Texas Monthly magazines. Emmis also owns Revenue Development Systems a broadcast sales consulting company. (Press Release) Emmis Communications Corp. has a market cap of $35.9 million; its shares were traded at around $0.97 with a P/E ratio of 3.2 and P/S ratio of 0.1.
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SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: Class A common stock, $.01 par value of Emmis Communications Corporation; 6.25% Series A Cumulative Convertible Preferred Stock, $.01 par value of Emmis Communications Corporation.Emmis Communications Corporation is filing this amendment to its Annual Report on Form 10-K for the year ended February 28, 2009 (Original Report) to amend and restate its financial statements and other financial information for the year then ended. In addition, we are filing an amendment to our Quarterly Report on Form 10-Q for the period ended May 31, 2009 to amend and restate financial statements for the quarter then ended. During the year ended February 28, 2009, we recorded a valuation allowance on substantially all of our domestic deferred tax assets as it was more likely than not that the domestic deferred tax assets would not be realized. In determining the valuation allowance of our deferred tax assets, the Company netted deferred tax assets related to indefinite-lived intangible assets and deferred tax liabilities related to indefinite-lived intangible assets. In accordance with generally accepted accounting principles, deferred tax assets and deferred tax liabilities associated with indefinite-lived intangible assets should not be netted because the timing of the reversal of the deferred tax liabilities is unknown. We have recorded additional valuation allowance equal to the amount of deferred tax assets we had erroneously netted against deferred tax liabilities. As a result of the foregoing, the Company overstated the benefit for income taxes and understated deferred tax liabilities by $25.3 million. In connection with this restatement, the Company also increased the balance of a deferred tax liability related to an indefinite-lived intangible asset by $6.1 million, with a corresponding reduction to the beginning balance of retained earnings as this matter related to a prior period. The restatements have no effect on our cash flows in any period.
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