Emmis Swings to a Profit

At 14 cents a share, earnings are a penny light.
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Emmis Communications

(EMMS) - Get Report

, which is in the process of spinning off its TV station group, swung to a profit last quarter.

The Indianapolis-based owner of radio and TV properties said net revenue was $161.8 million, compared with $153 million during the same period a year before, a 6% rise. Income per share was 14 cents vs. a loss of $1.36 for the same quarter last year. That period in 2004 included a loss on debt extinguishment of $97 million.

Analysts polled by Thomson had expected earnings of 15 cents a share on $160 million in revenue.

Emmis owns 27 radio stations in major markets across the country and some magazine publishing assets along with its 16 TV stations. In May, Emmis announced it was seeking strategic alternatives for its TV division. The company says it has engaged the Blackstone Group to facilitate this process and that memoranda have been sent to interested parties.

The TV asset sale could raise funds to make future radio station purchases -- it is a possible suitor for

Disney's

(DIS) - Get Report

ABC radio units, which are also said to be coming on the block.

"Exploring strategic alternatives for our television group and buying back stock are designed to give Emmis more flexibility to grow as opportunities become available in our core areas," said Emmis Chairman and CEO Jeff Smulyan in a statement.