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SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Feb. 28, 2014
Quarterly Financial Information Disclosure [Abstract]  
SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year. The Company’s financial results are also not comparable from quarter to quarter due to: (1) the seasonality of revenues, with revenues usually the lowest in the last quarter of each fiscal year; (2) the refinancing of our Credit Agreement in December 2012, which resulted in lower overall borrowing rates as described in Note 5, Long-Term Debt; (3) the impairment of a broadcast license in New York recorded in the first quarter of fiscal 2013 as described in Note 10, Intangible Assets and Goodwill; (4) the Company’s gain on sale of the intellectual property of WRKS-FM to YMF of $10.0 million as discussed in Note 9, Other Significant Transactions; (5) the Company's various dispositions as discussed in Note 8, Acquisitions and Dispositions; and (6) the reversal of a valuation allowance on most of Emmis' deferred tax assets due to improved operating results during the quarter ended February 28, 2014, as discussed in Note 13, Income Taxes.
 
Year ended February 28, 2014
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
(in 000's except per share data)
Net revenues
$
50,586

 
$
54,967

 
$
52,621

 
$
46,972

Operating income
$
7,046

 
$
5,704

 
$
8,711

 
$
736

Consolidated net income
$
4,957

 
$
3,925

 
$
5,668

 
$
34,105

Basic earnings (loss) per common share
$
0.09

 
$
0.06

 
$
0.11

 
$
0.82

Diluted earnings (loss) per common share
$
0.08

 
$
0.05

 
$
0.09

 
$
0.71

 
Year ended February 28, 2013
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
(in 000's except per share data)
Net revenues
$
48,968

 
$
52,929

 
$
50,886

 
$
43,301

Operating income (loss)
$
1,124

 
$
7,617

 
$
8,158

 
$
(350
)
Consolidated net (loss) income
$
(2,873
)
 
$
40,208

 
$
5,636

 
$
5,280

Basic (loss) earnings per common share:
 
 
 
 
 
 
 
  Continuing operations
$
(0.07
)
 
$
(0.02
)
 
$
0.02

 
$
(0.14
)
  Discontinued operations
$
(0.06
)
 
$
1.00

 
$
0.10

 
$
0.25

  Net (loss) income available to common shareholders
$
(0.13
)
 
$
0.98

 
$
0.12

 
$
0.11

Diluted (loss) earnings per common share:
 
 
 
 
 
 
 
  Continuing operations
$
(0.07
)
 
$
(0.02
)
 
$
0.02

 
$
(0.14
)
  Discontinued operations
$
(0.06
)
 
$
1.00

 
$
0.08

 
$
0.25

  Net (loss) income available to common shareholders
$
(0.13
)
 
$
0.98

 
$
0.10

 
$
0.11