• by Erik Sass  @eriksass1, April 14, 2009

Reflecting general weakness in the radio category combined with a sharp economic downturn, Emmis Communications said its fiscal fourth-quarter revenues fell 20.7% compared to the same period last year, dropping from $48.8 million to $38.7 million.

For fiscal 2008, its total domestic radio revenues were $202.9 million, down about 10% from $225 million. The results were disclosed in an 8-K filing with the SEC. Emmis said in January that it would no longer host quarterly conference calls, presumably to avoid drawing attention to bad news.

Like many other big broadcasters, Emmis took a non-cash impairment charge reflecting the declining value of its assets, including broadcasting licenses and goodwill. What's more, the declines have been accelerating: The fourth-quarter drop in domestic radio revenues follows losses of 3%, 8.4% and 8% in the first, second and third quarters, respectively.

Looking to the future, Emmis sees a 32% drop in April revenues and a 37% drop in May revenues.

The steep declines and worsening outlook have forced Emmis to borrow substantially, maxing out a $75 million credit facility earlier this month, while also seeking to restructure its debts.

Last month, Emmis appeared on Moody's Investor Services' "Bottom Rung" list, which highlighted the companies that Moody's considers to be at greatest risk of default in the next year. While it's small consolation, it had plenty of company, including radio groups like Citadel, Cumulus, Radio One and Salem.

The decision to stop hosting quarterly conference calls is part of a general move toward less corporate transparency about financial performance in the ailing traditional media. Faced with sustained declines in advertising revenue, in recent years the Radio Advertising Bureau and the Magazine Publishers of America both stopped posting monthly figures that had come to seem unrelentingly negative.