UPDATE: Emmis shares slide after report

Stock in Emmis Communications Corp. dropped 15 percent this morning, to $1.70, after the Indianapolis radio broadcaster and magazine publisher reported a loss greater than Wall Street expected.

The Indianapolis radio and magazine publishing company said its net loss narrowed to $1.1 million in its first fiscal quarter ended May 31 from $1.9 million in the same period a year earlier.

However, the net loss of 5 cents per share from continuing operations was a penny worse than analysts expected.

The Indianapolis company said rising international sales helped trim the first-quarter loss. Radio sales increased 14 percent.

Revenue slipped to $86.9 million from $87.3 million.

Radio revenue fell 1 percent, while publishing revenue at its magazines, which includes Indianapolis Monthly, rose 2 percent.

Emmis shares peaked above $60 in late 1999 and traded near $20 as recently as 2006 as it and other radio companies struggle to find profit in a soft industry.

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