4th Q Earnings Release Table

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL DATA

(Unaudited, dollars in thousands, except per share data)

Three months ended February 28, Twelve months ended February 28,

2003 2002 2003 2002

OPERATING DATA:

Net revenues:

Radio $56,494 $55,209 $254,818 $262,077

Television 52,259 47,112 234,752 206,529

Publishing 18,038 16,312 72,793 71,216

Total net revenues (a) 126,791 118,633 562,363 539,822

Station operating expenses, excluding noncash compensation:

Radio 34,592 37,836 138,385 149,059

Television 38,225 34,491 148,041 140,325

Publishing 16,358 15,728 62,825 64,773

Total station operating expenses, excluding

noncash compensation (a) 89,175 88,055 349,251 354,157

Time brokerage agreement fees – – – 479

Corporate expenses, excluding noncash compensation 5,609 5,404 21,359 20,283

Noncash compensation 4,928 3,205 22,528 9,095

Depreciation and amortization 11,280 25,101 43,370 100,258

Impairment loss – 10,672 – 10,672

Restructuring fees and other – – – 768

Operating income (loss) 15,799 (13,804) 125,855 44,110

Interest expense (23,224) (29,896) (103,835) (129,100)

Loss from unconsolidated affiliates (336) (1,541) (4,544) (b) (5,003)

Gain (loss) on sale of assets 413 – 9,313 (c) –

Other income (expense), net (347) (384) 525 1,346

Income (loss) before income taxes, extraordinary

loss and accounting change (7,695) (45,625) 27,314 (88,647)

Provision (benefit) for income taxes (2,543) (13,846) 13,265 (25,623)

Income (loss) before extraordinary

loss and accounting change (5,152) (31,779) 14,049 (63,024)

Cumulative effect of accounting change,

net of taxes of $102,600 in 2003 – – 167,400 –

Extraordinary loss, net of taxes of $2,389 and $664

in 2003 and 2002, respectively – – 11,117 1,084

Net loss (5,152) (31,779) (164,468) (64,108)

Preferred stock dividends 2,246 2,246 8,984 8,984

Net loss available to common shareholders $(7,398) $(34,025) $(173,452) $(73,092)

Basic net income (loss) per common share:

Before accounting change and extraordinary loss $(0.14) $(0.72) $0.10 $(1.52)

Cumulative effect of accounting change, net of tax – – (3.16) –

Extraordinary loss, net of tax – – (0.21) (0.02)

Net income (loss) available to common shareholders $(0.14) $(0.72) $(3.27) $(1.54)

Diluted net income (loss) per common share:

Before accounting change and extraordinary loss $(0.14) $(0.72) $0.09 $(1.52)

Cumulative effect of accounting change, net of tax – – (3.14) –

Extraordinary loss, net of tax – – (0.21) (0.02)

Net income (loss) available to common shareholders $(0.14) $(0.72) $(3.27) $(1.54)

Weighted average shares outstanding:

Basic 53,680 47,531 53,014 47,334

Diluted 53,680 47,531 53,247 47,334

OTHER DATA:

Station operating income (See below) 37,616 30,578 213,112 185,665

Cash paid for taxes 257 32 887 1,281

Capital expenditures 9,514 4,346 30,549 30,132

COMPUTATION OF STATION OPERATING INCOME:

Operating income (loss) $15,799 $(13,804) $125,855 $44,110

Plus: Depreciation and amortization 11,280 25,101 43,370 100,258

Plus: Corporate expenses, excluding noncash compensation 5,609 5,404 21,359 20,283

Plus: Noncash compensation 4,928 3,205 22,528 9,095

Plus: Time brokerage fees – – – 479

Plus: Restructuring fees – – – 768

Plus: Impairment loss – 10,672 – 10,672

Station operating income $37,616 $30,578 $213,112 $185,665

SELECTED BALANCE SHEET INFORMATION: February 28, 2003 February 28, 2002

Total Cash and Cash Equivalents 16,079 6,362

Total Senior, Senior Subordinated

and Senior Discount Debt 1,194,789 1,478,507

(a) Revenues and expenses have been adjusted to reflect the reclassification of expenses related to non-traditional revenue.

(b) Includes $2.1 million noncash charge related to shut-down of LMIV.

(c) Reflects gain on sale of Denver radio assets in May 2002.