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Emmis posts quarterly profit on higher radio revenue

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Emmis Communications Corp. reported a profit in its latest quarter as revenue from its radio stations increased slightly.

The Indianapolis-based media company said Thursday morning that it earned $4.6 million, or 10 cents per share, in the fiscal third quarter ended Nov. 30 compared with a profit of $110 million, or $1.26 per share, in the same period of the previous year.

Profit in the third quarter of 2011, however, was unusually high due to the sale of three major radio stations and the repurchase of company preferred stock.

Revenue of $53.4 million in the latest quarter was flat compared to the same period in 2011. But revenue from Emmis’ 19 FM and three AM radio stations increased slightly, to $37.2 million.

Revenue from publishing operations dipped 4 percent, to $16.9 million.

In December, Emmis CEO Jeff Smulyan completed his years-long quest to strengthen the company’s balance sheet by pulling off a $100 million debt refinancing.

The new financing—an $80 million term loan and a $20 million credit line—won't come due until December 2017.

Emmis stock rose 11 cents Thursday morning, to $2 per share, down from a 52-week high of $2.57 reached in August.


 

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