text: Outperform. 
  
  emmis communications 2004 abbreviated financial highlights 
  *in thousands except where noted*
  
  ’00 
  325,265 
  125,477 
  38.6% 
  2.5x  ’01 
  473,345 
  174,213 
  36.8% 
  6.8x  ’02 
  539,822 
  185,665 
  34.4% 
  9.3x  ’03 
  562,363 
  213,112 
  37.9% 
  6.5x  ’04 
  591,868 
  220,445 
  37.2% 
  6.7x  *year ended Feb. 28 (29)*
  net revenues 
  station operating income*
  station op income margin 
  leverage 
  
  **excluding noncash compensation*