Indianapolis-based Emmis Communications today said fourth-quarter losses widened as revenue plunged 19 percent.The radio broadcaster and magazine publisher, which terminated 100 employees and reduced salaries by 5 percent in March to help the bottom line, reported revenue in the period ending Feb. 28 fell to $68.5 million from $85.4 million a year ago.

For common shareholders, net loss was $158 million, or $4.29 per share, compared to a loss of $18.06 million, or 52 cents in the same period a year ago.The loss is principally due to a non-cash impairment charge of $163.2 million, a valuation allowance for deferred tax assets of $29.4 million and lower net revenues, Emmis said.

“Across our properties, we see signs that the operating environment is slowly improving,” Emmis Chairman and CEO Jeff Smulyan said in a news release. “These improvements coupled with recent actions to LMA KMVN-FM in Los Angeles and repurchase and retire $78.5 million of our bank debt for $44.7 million position Emmis well for the inevitable rebound in our radio and publishing operations.”

Emmis owns 20 FM and 2 AM domestic radio stations serving the nation’s largest markets of New York, Los Angeles and Chicago, as well as St. Louis, Austin, Indianapolis and Terre Haute, Ind. Emmis also owns a radio network, international radio stations, regional and specialty magazines, and an interactive business.