Emmis Communications said its net revenue for the first quarter was off about 1% from a year earlier. Net revenue was $136.8 million. Radio revenues alone were off about 5% in the first three months of the year. The company also has television and publishing arms. The company said broadcast cash flow and after-tax cash flow both improved. “With the bulk of our leverage issues addressed, we look forward to being opportunistic in the near term,” said Chairman and CEO Jeff Smulyan. In the first quarter, Emmis sold shares and completed the sale of two stations, using the proceeds to reduce debt.