EMMIS COMMUNICATIONS REPORTS 2ND Q RESULTS

EMMIS OUTPERFORMS ITS RADIO MARKETS FOR 5TH STRAIGHT QUARTER

Indianapolis – EMMIS Communications Corporation (NASDAQ: EMMS) today announced revenues and cash flow results for its second fiscal quarter ending August 31, 2001.

For its second fiscal quarter, EMMIS’ broadcast cash flow (BCF) grew to $57.1 million from $47.4 million, a 20.6% increase over the same quarter in the previous year. EMMIS’ after-tax cash flow (ATCF) was $22.6 million, a decrease of 17.9% from the same quarter of the prior year. ATCF per share in the second quarter was $0.47, down from $0.57 in the same quarter of the prior year.

For the second quarter, EMMIS’ net revenue grew to $142.4 million from $109.1 million, a 30.6% increase over the same quarter of the prior year.

“For the fifth straight quarter, EMMIS outperformed its radio markets – despite facing a difficult advertising environment and tough prior year comps,” EMMIS Chairman and CEO Jeff Smulyan said. “We are delivering on our goal of growing market share, which is the result of our continued operational focus and over-allocation to sales, including our recent hiring initiatives. In this very uncertain environment, all we can do is have the best people and the most focused operations across the board.”

“The tragic events of September 11 have had an adverse impact on our expectations for both the third and fourth quarters,” EMMIS Chief Financial Officer Walter Berger said. “We are continuing to evaluate the impact on our sales forecast and determining how to mitigate the impact on our cash flow. While the plan to separate our radio and television businesses has also been affected, we remain committed to the separation as a long-term strategy.”

EMMIS will host a conference call regarding this information on Wednesday, Sept. 26 at 9 a.m. Eastern at 1.888.877.0131, with a replay available until Wednesday, Oct. 3rd, at 1.888.566.0488, or listen on-line by logging on to www.emmis.com.

The information in this news release is being widely disseminated in accordance with Regulation FD, recently adopted by the Securities and Exchange Commission.

Emmis Communications –
Great Media, Great People, Great Service
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EMMIS Communications is an Indianapolis based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis’ 18 FM and 3 AM domestic radio stations serve the nation’s largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Indianapolis and Terre Haute, IN. In addition, Emmis owns two radio networks, three international radio stations, 16 television stations, award winning regional and specialty magazines, and ancillary businesses in broadcast sales and publishing. Emmis has announced the acquisition of a majority interest in six radio stations in Austin, Texas. Pending approvals from the Federal Communications Commission and other regulatory agencies, the transaction is expected to close in the company’s second fiscal quarter. After the close of the transaction, Emmis will own 27 radio stations in eight markets.

The information in this news release is being widely disseminated in accordance with Regulation FD, recently adopted by the Securities and Exchange Commission.

Certain statements included above which are not statements of historical fact, including financial data for quarters or other periods for which quarterly or annual reports have not yet been filed with the Securities & Exchange Commission and statements identified with the words “continues,” “expect,” “will,” or “would” are intended to be, and are, identified as “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended, and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of EMMIS to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others, general economic and business conditions; fluctuations in the demand for advertising; increased competition in the broadcasting industry; inability to obtain necessary approvals for our pending acquisitions or to complete our pending acquisitions; changes in the costs of programming; inability to grow through suitable acquisitions, including the desired radio; and other factors mentioned in documents filed by EMMIS with the Securities and Exchange Commission.

Emmis does not undertake any obligation to publicly update or revise any statements in this news release because of new information, future events or otherwise.