The Indianapolis radio and magazine publishing company this morning reported financial results for the period ended Aug. 31, beating analysts' estimates but down significantly from the $11.8 million reported for the same quarter last year.
Sales at the company's stations in Slovakia, Hungary, Bulgaria and Belgium grew 38 percent during the quarter, to $14.9 million, performance Chairman and CEO Jeff Smulyan called "amazing" in a news release.
He is scheduled to discuss the results with analysts during a conference call this morning. Emmis' 3-cents-per share return was better than the consensus estimate of analysts, who predicted no profit.
Also during the quarter, Emmis completed the $41 million sale of its final television station, WVUE-TV in New Orleans to Louisiana Media Co. After-tax proceeds were about $38.1 million.
Emmis' shares have been battered of late, losing more than 84 percent of their value since early 2007. Shares closed yesterday at 71 cents. Investors - and advertisers - have lost enthusiasm for radio as competition intensifies from other media options, including the iPod, satellite radio and the Internet.
The company employs more than 1,100 workers - including 245 in Indiana, most of those at its Monument Circle headquarters.