Emmis profit plummets on weak radio sales

Continued weak sales in its radio segment caused profit from continuing operations in Emmis Communications Corp.’s second fiscal quarter to plunge to 3 cents per share from 6 cents per share a year earlier, the Indianapolis media company reported today.

Revenue in the quarter ended Aug. 31 also slumped, to $96.4 million from $99.9 million, mostly due to softness in its New York and Los Angeles radio properties.

Radio revenue across markets where Emmis operates fell 6 percent.

However, the company’s publishing arm, which includes such magazines as Indianapolis Monthly, saw revenue rise 5.3 percent.

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