Emmis Swings to First Quarter Profit

Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) is reporting fiscal first quarter net income of $23.5 million, compared to a net loss of $267,000 during the same period last year. Chief Executive Officer Jeff Smulyan says the company has made "tremendous strides" in paying down its debt and creating financial flexibility.

Emmis says its earnings were boosted by the $40.5 million sales of its St. Louis radio stations. The company used the proceeds of the sales to continue to repay its debt, and now has about $20 million in outstanding debt. 

In a news release, Smulyan says the company is looking to leverage its financial flexibility to pursue new areas of growth. "We see opportunities both inside and outside of traditional media as we look to transform the company in the coming months and years."

Emmis recently signed Smulyan to a new contract to continue his role with the company. You can view the full fiscal first quarter earnings report by clicking here.