Hang on, Fools. This one could be somewhat complicated. Last week, Radio broadcaster Emmis Communications (NASDAQ:EMMS) reported quarterly results that, depending on whether or not you include the results of divested operations, were either bad or very bad.

Including those discontinued operations, losses after preferred dividends were $12.7 million, or $0.34 per share, compared with a year-ago profit of $136.7 million, or $3.69 a share, which included $174.3 million in income from discontinued operations. But if you back out the jettisoned stuff, Emmis' loss for the quarter was $6.2 million, or $0.23 a share, versus a loss of $35.3 million, or $1.01 per share, last year. Last year's results, however, also included a $35.7 million asset impairment hickey that renders comparisons between the two years somewhat dicey.   

As noted, Emmis is largely a radio company -- nearly three-fourths of its total of $78.6 million in revenues was generated by its radio operations -- that also publishes specialty magazines. It operates 21 FM and two AM stations. At the same time, it has operated 16 television stations, about which it said two years ago that it "plans to seek options." It has announced the sale of 15 of those stations. During the quarter, the company also increased its ownership in Radio Fresh! in Bulgaria, and after the quarter Emmis announced an investment in Exponentia, a mobile and online games application developer based in Vancouver.

It seems to me that Emmis is something of a much smaller Clear Channel Communications (NYSE:CCU), which itself is trying to discover what its next manifestation will be. Indeed, it may or may not be the subject of a private equity buyout. As to Emmis, however, I'm not really certain where that company is headed, but based on its changing composition of assets, I'd urge Fools to take a pass on looking at its shares as a viable investment opportunity.

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Fool contributor David Lee Smith does not own shares in the companies mentioned. He welcomes your questions or comments. The Motley Fool has a disclosure policy.