Emmis Communications ( EMMS - Get Report) posted a wider first-quarter loss, but on a pro forma basis, the company beat estimates by a substantial margin.

The broadcasting company said it lost $167.8 million, or $3.28 a share, including $167.4 million in accounting charges relating to goodwill amortization and license writedown in the quarter, compared to a loss of $15.7 million, or 33 cents a share, in the year-ago period. Excluding the one-time charges, the company said it earned 4 cents a share, compared to the consensus estimate of a loss of 6 cents provided by Thomson Financial/First Call.

Emmis said revenue dropped to $136.8 million from $137.3 million a year ago. After tax cash flow was up 34% to $22.9 million, or 44 cents a share.

The company also provided new guidance for the second quarter, saying it expects revenue of $138.8 million, down from $141.4 million a year ago and below the First Call consensus estimate of $143.82 million. Emmis also sees second-quarter EBITDA before certain charges of $49.5 million, down from $51.2 million last year.

Shares of Emmis Communications closed at $22.50 before the news Monday.