Emmis Communications reports Q2 earnings dip
Emmis Communications Corp. (Nasdaq: EMMS) announced before the opening that its second-quarter earnings fell 89%. Earnings during the three month period ended Aug. 31 fell to $11.8 million, or $0.31 a share, from $110.1 million, or $2.95 per share, in the year-ago period. Revenue sagged to $96.4 million, from $99.9 million during the same quarter of 2006.
Lower profits were caused by weak radio sales, the broadcasting company said in a press release.
"Expected weakness in our radio division persisted,” CEO Jeff Smulyan said in a statement. “Our results were in line with our guidance for the quarter, and we continue to face a challenging market environment."
Operating income fell to $16.5 million, from $22.1 million a year earlier.
In morning trading, EMMS shares are up 1.51%, or $0.08, at $5.38. Over the last 52 weeks, shares have ranged from $4.75 to $13.22.
