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.
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.