text: Dear Shareholders, 
  
  tion, we gained revenue share at 11 of our 13 measured 
  stations and held the line on expenses, giving us a 1.2 
  percent increase in fiscal-year cash flow. 
  
  On our year-end conference call, I said that last year was the 
  best in Emmis Communications’ history. And while that might 
  have sounded like the usual Wall Street hyperbole – like any 
  other CEO bragging about his company’s performance – the 
  difference is, I believed it. And I still do. 
  
  Our publishing and international divisions also posted strong 
  results. In a tough publishing market, our magazines boosted 
  their division’s revenues by 4.6 percent over last year and 
  increased cash flow by 3.3 percent. Our international division 
  turned in a revenue increase of 27 percent and a cash flow 
  increase of 31 percent. 
  
  But I’ve been in this business long enough to know two 
  things for sure: What I believe is not as important as what I 
  can prove, and what we did last year is only meaningful if it 
  reflects on how we will do in the coming year. The good 
  news is, Emmis does have the results to back up my high 
  praise, and what we did to perform last year does directly 
  relate to how we’ll perform in the year ahead. 