Emmis ekes out 2Q profit, beats expectations

October 10, 2008
Revenue from its overseas radio stations helped Emmis Communications Corp. post a $1.2 million profit in its second quarter following three consecutive quarterly losses.

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.
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