Today before the opening bell, Emmis Communications Corp. reported its third fiscal quarter results ended November 30, 2008. For the quarter, net revenue was $85.1 million, compared to $90.6 million for the same quarter of 2007. Diluted net income per common share from continuing operations was ($3.45), compared to ($0.21) for the same quarter of the prior year. Without a non-cash impairment charge of $3.51 per share, the company's diluted net income per common share from continuing operations would have been $0.06.

Following the announcement of the financial results, Emmis' stock rose over 46% in morning trading hours. Emmis Chairman and CEO Jeff Smulyan said, While the economy in the United States and abroad continues to struggle, at Emmis we are working diligently to take the necessary steps to successfully navigate through these difficult times. Despite crises at other media companies, Emmis continues to generate cash flow that is greater than two times its annual interest costs and had $63.6 million of cash on hand at the end of the third quarter.

He continued, I am confident that we are well-positioned for this downturn, and will remain focused on managing our expenses and balance sheet while delivering the best product to our advertisers, listeners and readers.”