Emmis Profit Jumps

Diversified media firm EMMIS Communications(EMMS Quote) said its second-quarter profit rose.

The Indianapolis-based media company earned $4.3 million, or 5 cents a share, from continuing operations for the quarter ended Aug. 31. That compares with a year-ago continuing operations profit of $3.6 million, or 3 cents a share.

On that basis, analysts polled by Thomson First Call were expecting earnings of 11 cents a share.

Second-quarter revenue fell 4.6% from a year ago to $99.9 million, hurt by weakness in the New York and Los Angeles radio markets.

The company expects its radio net revenues in third quarter on pro forma basis to decline by low double digits and its radio station operating expenses to increase by low single digits compared to the same period year ago.

During the second quarter, the company closed on its sale of WBPG-TV, KKFR-FM and WKCF-TV businesses.