Emmis declares “profit”… Emmis actually lost $6 million for the quarter, plus an additional $6 million in interest expense. The only reason they appear to have a profit is Emmis bought up a lot of its worthless debt at less than face value, and made a one time paper “profit” of $31 million on debt they won’t have to repay in the future.
I’m so glad I decided not to become a CPA
