text: In addition to boosting performance in our divisions, we 
  honed our corporate operations by continuing to build one 
  of the most adept and hardest-working corporate groups in 
  American media. With this team in place, we’ve brought 
  our leverage and cost of capital down to more manageable 
  levels, found ways to combat the continually increasing 
  costs of health insurance and, in a truly top-notch effort, 
  smoothly integrated our new Austin radio properties – in just 
  under a year as a part of Emmis, the Austin properties are 
  enjoying significant ratings and revenue increases.  **The best year**
  The bottom line is this: Emmis Communications turned in a 
  remarkable performance last year. Again and again, and by a 
  number of measures, we outperformed our peers, our mar- 
  kets and our own solid track record. 
  
  And we did this in a year that was challenging in just about 
  every way. The economy was unstable, public companies 
  came under continuing scrutiny, indecency issues hounded 
  broadcasters, competition for tight ad dollars increased and 
  technology continued to reshape the media world.  Of course, for you, the real bottom line on our performance is 
  its impact on your investment. I’m proud to say that we saw 
  a 27 percent increase in our share price over the course of 
  the last fiscal year – we ended fiscal ’03 at 19.79, and closed 
  the book on fiscal ’04 at 25.17. 