Emmis (EMMS) 8-K Entry into a Material Definitive Agreement

EXHIBIT 99.1

Unaudited financial information for WLUP, WKQX and WRXP.

Unaudited combined balance sheet as of May 31, 2011 and February 28, 2011

	As of
	February 28, 2011			May 31, 2011
		(000’s	)		(000’s	)
Current assets:
Cash and cash equivalents	$	1		$	1
Accounts receivable, net		4,215			4,464
Prepaid expenses		323			276
Other		281			257
Total current assets		4,820			4,998
Noncurrent assets:
Property and equipment, net		2,469			2,305
Intangible assets, net		115,788			115,788
Other noncurrent assets		126			126
Total noncurrent assets		118,383			118,219
Total assets	$	123,203		$	123,217
Current liabilities:
Accounts payable and accrued expenses	$	243		$	161
Accrued salaries and commissions		525			582
Deferred revenue		336			288
Other		364			350
Total current liabilities		1,468			1,381
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Other noncurrent liabilities		1,397			1,437
Total liabilities	$	2,865		$	2,818

Unaudited combined operating income (loss) for the fiscal years ended February 28, 2009, 2010 and 2011

	For the year ended February 28,
	2009			2010			2011
		(000’s	)		(000’s	)		(000’s	)
Net revenues	$	24,402		$	22,939		$	25,257
Station operating expenses, excluding   depreciation and amortization expense		29,124			25,013			22,731
Restructuring charge		268			262			-
Depreciation and amortization		1,181			1,206			1,090
Loss on disposal of assets		-			-			7
Impairment loss		155,500			78,246			-
Operating income (loss)		(161,671	)		(81,788	)		1,429

Unaudited combined operating income (loss) for the fiscal quarter ended May 31, 2011

	For the three months ended May 31,
	2010			2011
		(000’s	)		(000’s	)
Net revenues	$	5,910		$	5,724
Station operating expenses, excluding   depreciation and amortization expense		5,427			5,228
Restructuring charge		262			-
Depreciation and amortization		290			234
Operating income (loss)		(69	)		262