• by Erik Sass  @eriksass1, January 11, 2007

Emmis Communications, one of the nation's leading radio-station owners, announced disappointing returns in its third-quarter results press conference on Tuesday.

While Emmis' numbers were down, they weren't far out of line with other big industry players, which have suffered several years of anemic ad demand.

In the third quarter, Emmis' total radio and publishing revenue was $91.2 million, versus $97.9 million for the same period last year--a 6.9% decline. Radio revenue took a bigger hit in percentage terms, falling 9.2%--resulting in a big drop in station operating income, which fell 18.8% to $30.2 million.

According to Emmis, the drop was due mostly to slow ad markets in New York and Philadelphia.

Emmis Chairman and CEO Jeff Smulyan conceded: "We have been disappointed with the continued softness in our New York and Los Angeles markets," but pointed to a potential turnaround in 2007: "I'm confident that programming and management actions taken in recent months are beginning to deliver and point to better results in 2007."