Media company Emmis Communications ( EMMS - Get Report) swung to a first-quarter profit but missed analysts' estimates by a penny.

The company also said that on Tuesday it expects to complete the acquisition of a 50.1% stake in a six-station radio cluster in Austin, Texas, for about $105 million. Additionally, Emmis provided second-quarter revenue guidance above Wall Street's consensus estimate.

In the quarter ended May 31, the company earned $2.6 million, or 1 cent a share, compared with a loss of $165.6 million, or $3.28 a share, in the prior-year period. Analysts, however, were expecting the company to earn 2 cents a share in the latest quarter.

Emmis said sales were $142.4 million, up from last year's $136.8 million. International radio revenue was $2.6 million.

For the second quarter, the company expects total sales of $154.7 million, while analysts are looking for $150.1 million. Revenue in the second quarter last year was $143.2 million.