Indianapolis Plunging revenues and a major one-time impairment charge related to a decline in the value of the company led Indianapolis-based Emmis Communications to a $135.56 million loss during the second quarter, the FM and AM radio station operator said Friday. Revenues dropped 27 percent to $67.9 million, down from $93.6 million in 2008.

In an e-mail to employees, CEO Jeff Smulyan said the “noncash technical tax issue . . . has no impact on our operations. While there might be big numbers involved and a lot of paperwork being filed, I don’t see anything to worry about.”

Smulyan also said he expects advertising revenue from automakers to rise as General Motors and Chrysler emerge from bankruptcy. Toyota also has announced a major marketing campaign for later this year. (Star report)