$73 Million Loss for Fiscal Year

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CHICAGO (AdAge.com) -- Broadcasting and publishing company Emmis Communications posted a net loss for its fiscal year following gains made the previous year.

For its fiscal year ended Feb. 28, Emmis reported a net loss of $73 million, or $1.54 per share, compared with the $4.7 million income gain, or 10 cents per share, the previous year.

The company attributed the downturn to the difficult economic environment.

Emmis also reported fourth-quarter net losses of $34 million, from $22.6 million in the year-earlier period. The quarter ended Feb. 28.

Multiple holdings
The company, which operates 24 domestic radio stations and owns two radio networks, 15 TV stations and specialty magazines, posted a 13.4% gain in fiscal-year 2002 net revenue to $533.8 million from $470.6 million in fiscal year 2001.

Fourth-quarter net revenue was down to $116.9 million from $117.4 million, but in line with raised guidance. Last month, Emmis said it expected revenue to top $114 million for the quarter.

During the fourth quarter, Emmis sold its two Denver radio stations to Entercom Communications Corp. and Entravision Communications Corp. for $88 million and $47.5 million, respectively. The transactions are expected to close next month.

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