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Clear Channel Q2 Revenue Up Slightly From Q1

Clear Channel Q2 Revenue Up Slightly From Q1

The second quarter was one of modest growth in radio, judging by the financials from a couple of radio’s biggest groups.
Although radio revenue was up for Clear Channel, that piece of the company’s business grew less than its other divisions. Radio was up 3%; outdoor advertising was up 12%, live entertainment was up 9% – all compared to the second quarter of 2003.
Clear Channel credited its small and mid-sized markets, those outside the top 25, for the increase, as better local, syndicated and traffic revenues were partly offset by a decline in national ad dollars.
Earlier this week, competitor Viacom said its radio revenue was up 2% in Q2.
Overall, Clear Channel’s revenue was $2.5 billion. That compares to $2 billion in Q1.
Radio makes up $996.8 million of the $2.5 billion.
The company reported revenues of $2 billion in the first quarter of the year.
It also declared a quarterly dividend of 12-1/2 cents per common share, up from 10 cents previously. And the company plans to repurchase another $1 billion of its stock in the coming year.
Interim CEO Mark Mays credited 12% earnings growth and “significant” free cash flow to allow the company to increase the dividend and implement another share repurchase.