Revenue falls 20% for Indianapolis-based Emmis in 4Q 2009

The IBJ

Emmis Communications this morning reported big fiscal fourth-quarter loss as revenue fell 20 percent from a year ago.

The Indianapolis-based radio-broadcasting and magazine-publishing company lost $158.5 million, or $4.29 per share, in the fourth quarter ended Feb. 28 on revenue of $68.5 million. That compares to a loss of $18 million, or 52 cents per share, on revenue of $85.4 million in last year's fourth quarter.

The loss was primarily due to a "non-cash impairment charge of $163.2 million, a valuation allowance for deferred tax assets of $29.4 million and lower net revenues," Emmis said.

The company's quarterly net radio revenues decreased 18 percent and its publishing net revenues fell 26 percent compared to the same period a year ago.

For the fiscal year, the company lost $283.9 million, or $7.81 per share, compared to a loss of $10.3 million, or 74 cents per share, the previous year.

Fiscal-year revenue fell to $333.9 million, down 7 percent from the year before.

Despite the growing losses, Emmis CEO Jeff Smulyan said the company was well-positioned "for the inevitable rebound in our radio and publishing operations."

"Across our properties, we see signs that the operating environment is slowly improving," he said in a prepared statement.