• by Erik Sass  @eriksass1, January 12, 2011

Emmis Communications, which owns a publishing business as well as radio stations around the country, said revenues rose 2.9% in the company's first fiscal quarter, which ended November 30, 2010 -- increasing from $64.6 million last year to $66.5 million this year.

This was due entirely to growth at the radio business, where revenues increased 5% from $45.7 million to $48 million; Emmis' publishing business saw revenues decline 2.2% from $18.9 million to $18.5 million. The company posted a $1.6 million quarterly loss.

For the nine-month period ending November 30, Emmis said total revenues were up 2.7% from $188.6 million in 2009 to $193.7 million in 2010. Again, this was due to growth at the radio division, where revenues for the nine-month period increased 3.7% from $138.9 million to $144 million.

Over the same period, publishing revenues were basically flat at $49.7 million.

The radio business itself saw significant variation in the performance of radio stations in different markets, with Emmis stations in St. Louis, Indianapolis and Austin outpacing the overall market average, while flagship stations in New York, Los Angeles, and Chicago failed to keep up with competitors.

Emmis is said to be considering selling WRXP, an alternative rock format station.

In December, Emmis Communication boss Jeff Smulyan tried -- and failed -- to take the company private after dissident investors rebuffed his offer of $2.40 per share as too low. This offer would have valued the company at around $90 million.

Financier Alden Global Capital then got cold feet about a more generous offer, citing continued uncertainty in the radio business. Emmis stocks plunged in the wake of the failed buyout, from $2.50 to about $0.50 per share, before recovering somewhat to about $1.25 currently.

This was Smulyan's second attempt to take the company private, following a failed 2006 bid priced at $15.25 per share.