Losses grow for Emmis

Advertiser Staff

Emmis Communications Corp., owner of Honolulu television stations KHON and KGMB, said its fiscal first-quarter loss widened because of write-downs on the value of acquired assets.

The Indianapolis-based company, which owns 21 radio and 15 television stations, said its net loss in the period ending May 31 widened to $165.6 million, or $3.28 a share, from $13.5 million, or 33 cents, a year earlier. Sales fell to $136.8 million from $138.3 million, the company said in a statement.

Emmis sold two Denver FM radio stations this year and offered 4.6 million Class A shares to the public, raising $120.2 million, to pay off debt and cut costs.

Emmis shares have fallen 23 percent in the past year.