Emmis Communications Corp. turned in a profitable fiscal first quarter, it announced Thursday, rebounding from a loss in the same period a year ago.
Company shares rose 42 cents, or 23 percent, early Friday morning, to $2.23 each.
The Indianapolis-based media company earned $3.7 million, or 9 cents per share, in the quarter ended May 31, compared with a loss of $5 million, or 13 cents a share, last year.
Revenue rose slightly in the period, from $50 million last year to $50.6 million this year.
Revenue in the key radio segment rose 6 percent, from $34.9 million to $36.9 million. Publishing revenue ticked up slightly, from $14.3 million to $14.8 million.
Emmis owns 21 radio stations, including four locally, and six magazines, including Indianapolis Monthly.