Emmis Communications Q2 profit slips

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INDIANAPOLIS -- Broadcasting company Emmis Communications Corp. said Friday its fiscal second-quarter profit slid 89% as the prior-year period benefited from a hefty gain from discontinued operations.

Earnings after preferred dividends sagged to $11.8 million, or 31 cents per share, from $110.1 million, or $2.95 per share, in the year-ago period.

Income from continuing operations fell to 3 cents per share from 6 cents per share in the previous year.

Analysts polled by Thomson Financial predicted net income of 5 cents per share.

The prior-year period included a $108 million gain from discontinued operations compared with a $10.6 million gain in the current period.

Quarterly revenue slipped 4% to $96.4 million from $99.9 million in the previous year.

Analysts put sales at $96.1 million.

Radio revenue declined to $74.4 million from $79.1 million, while publishing revenue grew to $22 million from $20.8 million.
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