Outperform.
emmis communications 2004 abbreviated financial highlights
in thousands except where noted 
year ended Feb. 28 (29) ’00 ’01 ’02 ’03 ’04
net revenues 325,265 473,345 539,822 562,363 591,868
station operating income* 125,477 174,213 185,665 213,112 220,445
station op income margin 38.6% 36.8% 34.4% 37.9% 37.2%
leverage 2.5x 6.8x 9.3x 6.5x 6.7x
*excluding noncash compensation
publishingtvradio
5
4
3
2
1
0 1% 2.7% 4.5%
INDUSTRY
MARKETS
EMMIS
radio division revenue growth fiscal 2004
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 00 01 02 03 04
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0 00 01 02 03 04
325,265
473,345
539,822
562,363
591,868
125,447
174,213
185,665
213,112
220,445
net revenue station operating income, 
excluding noncash compensation
4
2
0
-2
-4
-6 -4.7% -2.3% 0.5%
INDUSTRY
MARKETS
EMMIS
tv division revenue growth calendar 2003