Emmis Communications Q2 Profit From Cont. Opns Rises - Quick Facts

(RTTNews) - Emmis Communications Corp. (EMMS) reported that its second-quarter Income from continuing operations improved to $3.92 million from $1.43 million in the same quarter last year.

Net income per common share from continuing operations for the quarter was $0.05, compared to a net loss per common share from continuing operations of $0.02 in the prior year.

There was no income for the latest-quarter from discontinued operations, while it was $38.78 million last year.

Net income attributable to common shareholders for the quarter plunged to $2.65 million from the prior year's $38.08 million, with earnings per share significantly decreasing to $0.05 from $0.98 last year.

For the second fiscal quarter, operating income decreased to $5.7 million from $7.6 million for the same quarter of the prior year due to higher noncash compensation expense, principally due to Emmis' 2012 Retention Trust, and higher legal costs related to the company's Hungarian ICSID claim. Emmis' station operating income for the second fiscal quarter was flat compared to the same quarter of the prior year at $13.2 million.

Total revenues for the quarter were $55.0 million, compared to $52.9 million in the same quarter of the prior year.