Emmis Communications Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended February 28, 2018. For the quarter, the company reported total net revenues of $30,130,000 compared to $43,493,000 a year ago. Operating loss was $567,000 compared to $5,499,000 a year ago. Loss before income taxes was $3,485,000 compared to loss of $10,032,000 a year ago. Net income attributable to the company was $12,718,000 or $0.99 per diluted share compared to loss of $7,578,000 or $0.62 per basic and diluted share a year ago. The company invested $0.6 million in CapEx.

For the year, the company reported total net revenues of $148,487,000 compared to $214,568,000 a year ago. Operating income was $90,797,000 compared to $31,908,000 a year ago. Income before income taxes was $73,027,000 compared to $13,110,000 a year ago. Net income attributable to the company was $82,129,000 or $6.50 per diluted share compared to $13,119,000 or $1.07 per diluted share a year ago. The company invested $1.8 million in CapEx.

For the fourth quarter ended February 28, 2018, the company reported impairment loss on intangible assets of $265,000 compared to $6,855,000 a year ago.

For the first quarter of 2018, the company expects radio revenues pro forma for all asset divestitures to be down low to mid-single digits as compared to the prior year.

The company expects capital expenditures in fiscal 2019 to be less than $1 million.