Emmis reports $1.6 million quarterly loss

Emmis Communications Corp. said on Tuesday that it lost $1.6 million in its most recent quarter, compared with a profit of $1.6 million during the same period in 2009.

The Indianapolis-based media company’s loss for the fiscal third quarter ended Nov. 30 equaled 4 cents per share, compared with a profit of 5 cents per share in the year-ago quarter.

Overall revenue for the quarter rose nearly 3 percent from a year ago, to $66.5 million.

The company’s radio stations, which operate in such markets as New York, Los Angeles and Indianapolis, boosted their operating profit by 33 percent in the quarter compared to the year-ago period. They earned $13.5 million, up from $10.1 million.

Emmis shares were trading at 86 cents each late Tuesday morning, up from their opening price of 84 cents.

On Nov. 1, the NASDAQ stock exchange notified Emmis that it no longer complies with an exchange rule that requires members to carry a minimum stock price of $1 per share. Emmis shares had closed below $1 per share for 30 consecutive business days, the notification said.

In order to regain compliance, Emmis stock must trade above the $1 per share minimum bid price for 10 consecutive business days before May 2, or it faces delisting.

The stock plummeted in the wake of a failed attempt by Emmis CEO Jeff Smulyan to take the company private last summer.

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