Mark Mays says Clear Channel’s latest overall financial statements show “excellent results with record earnings per share in 2007.”
The CEO said the numbers for the year and fourth quarter “reflected continued strength throughout our outdoor operations,” and he said its radio business “continued its successful track record of out-performing our competitors.”
“As we enter 2008, we remain optimistic across all our businesses. We have seen improving trends in the current year in our radio division and would expect that to continue through the end of the year.”
Clear Channel overall brought in $1.84 billion in the final quarter of 2007, up 4% over the same period a year earlier. Without movements in foreign exchange, revenue growth would have been 1%. For the full year, CC had revenues of $6.82 billion, up 6%.
Of its pending acquisition, Clear Channel wrote, “There are no remaining regulatory approvals needed to close the transaction. The company anticipates closing on or before March 31.”
Of 448 radio stations it set out to sell beginning in late 2006, it had sold 160 with purchase agreements for another 73 as of the end of December 2007; of those 73, it has since completed the sale of 57.
Radio revenue was down 3% in the last quarter and essentially flat overall; for the year, Clear Channel Radio brought in $3.4 billion.
“Increases in network, traffic, syndicated radio and on-line revenues were partially offset by declines in local and national revenues. Local and national revenues were down partially as a result of overall weakness in advertising as well as declines in automotive, retail and political advertising categories,” it stated.
Radio revenues for the first quarter are pacing down 4% compared to last year, it said.