Clear Channel Q2 Revenue Up Slightly From Q1

Clear Channel Q2 Revenue Up Slightly From Q1
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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.