updated: 5/11/2012 12:27:22 PM
The chairman of Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) says the company could be ready to grow again after paying down debt. Jeff Smulyan made the comments after Emmis reported a wider loss for its fiscal fourth quarter, but posted a profit for the recently completed fiscal year.
Smulyan says Emmis has emerged as a radio company with a significant publishing division.
Emmis has filed an application with the FCC to sell a Los Angeles radio station for $88.5 million.
That follows a deal involving Chicago radio stations in the past year with Merlin Media and the recently announced lease agreement with ESPN and Disney involving an FM frequency in New York.
The industry website Radio-info.com reports the company still has radio clusters in Indianapolis, St. Louis, Austin and Terre Haute along with stand alone stations in Los Angeles and New York City.
You can view Emmis fourth quarter financial data by clicking here.
Source: Emmis Communications Corp. Radio-info.com