Emmis Communications Corp. (NasdaqGS:EMMS) is planning to make acquisition after announcing strong results in the first quarter of 2013. Emmis Communications reported that total radio revenues increased 3% from $25.8 million in the first quarter of 2012 to $26.5 million in the first quarter of 2013. Jeff Smulyan, Chief Executive Officer of Emmis Communications said, Emmis Communications solid financial footing puts it in a position to begin making acquisitions, presumably to build its current portfolio of 18 FM and three AM stations around the country. "We're talking about buying, not selling," Jeff Smulyan added.

Emmis Communications Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended February 28, 2013. For the quarter, the company's total net revenue was $43.301 million against $42.358 million a year ago. Operating loss was $0.350 million against $1.152 million a year ago. Loss before income taxes and discontinued operations was $6.767 million against $21.136 million a year ago. Loss from continuing operations was $4.676 million or $0.14 per diluted share against $20.512 million or $0.42 per diluted share a year ago. Net income attributable to common shareholders was $4.316 million or $0.11 per diluted share against net loss attributable to common shareholders of $18.226 million or $0.47 per diluted share a year ago. Pro forma net revenue was $40.718 million against $39.796 million a year ago. For the year, total net revenue was $196.084 million against $202.218 million a year ago. Operating income was $16.549 million against $9.434 million a year ago. Loss before income taxes and discontinued operations was $8.868 million against income before income taxes and discontinued operations of $3.438 million a year ago. Loss from continuing operations was $1.829 million or $0.21 per diluted share against income from continuing operations of $35.725 million or $0.69 per diluted share a year ago. Net income attributable to common shareholders was $41.966 million or $1.08 per diluted share against $26.193 million or $0.58 per diluted share a year ago. Pro forma net revenue was $185.461 million against $181.289 million a year ago. Capex was $3.4 million. The company provided capex guidance for the year 2014. For the year, $3.4 million on CapEx in fiscal year 2013 and The company expects to spend slightly less than that amount in fiscal year 2014.

On May 2, 2013, the Board of Emmis Communications Corp. adopted an amendment to the company's second amended and restated code of by-laws, effective immediately. The amendment added a new Section 3.16 of the By-Laws to provide for the use of electronic signatures in connection with board actions by written consent.