Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting fiscal second quarter net income of $335,000, down from $4.4 million during the same period last year. The earnings report comes as Chief Executive Officer Jeff Smulyan is attempting to purchase outstanding shares of the company’s stock and take it private.
"Across the board, this was a difficult quarter," said Smulyan. "Third quarter radio revenues are currently pacing flat to the prior year. We are hopeful that we will see political advertising tailwinds strengthen as we move through October. We are increasing marketing spend at some of our largest brands to boost ratings and to give us a competitive advantage."
Smulyan added there is "marked and deserved" interest in the company’s magazine properties. "While it is early in the process, I’m optimistic about the reaction to these marquee brand."
Smulyan made the initial offer to take the company private in August and has made several extensions to the deadline for the offer. Currently, the offer is set to expire Friday.