Emmis Communications has reported its financial results for the company's fiscal second quarter, which ended August 31. While the company's reported results were negatively impacted by station divestitures over the past 12 months, on a pro forma basis, net revenue for the second fiscal quarter increased one percent, from $54.4 million to $55 million. Pro forma radio net revenues increased two percent, from $41.4 million to $42 million. This growth in radio revenues outpaced market revenue growth in the quarter, which was less than one percent.

"Emmis has continued its strong operating performance, with our revenue growth exceeding the revenue growth of our markets in every month this calendar year," Emmis Chairman/CEO Jeff Smulyan said. "Ratings remain very strong. In the month of September, our two most-listened-to stations, Hot97 in New York and Power 106 in Los Angeles, were #1 in their target 18-34 demographic."

"We are actively pursuing a refinancing of our entire capital structure that will dramatically reduce our interest expense and increase our free cash flow going forward," Smulyan added.

Station operating income during the quarter was $13.8 million, compared to $10.7 million for Q2 a year ago. Diluted net income per common share from continuing operations was ($0.08), compared to ($0.15) for the same quarter of the prior year.