Emmis Communications ( EMMS - Get Report) lowered its guidance for the second half of 2002 due to poor economic conditions. The company now expects pretax earnings of $42.8 million in the third quarter and $23.2 million in the fourth quarter. For the full fiscal year, the company expects to earn $162.2 million before charges.

The company expects third-quarter 2002 revenue to be $136.5 million, fourth-quarter revenue to be $114.0 million, and full fiscal year 2002 revenue to be $530.2 million.

The diversified media company also announced that it had negotiated an extension and a higher leverage ratio for its $1.29 billion secured credit facility.