Clear Channel Q2 Revenues Exceed $2B

Clear Channel Q2 Revenues Exceed $2B
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"It's my hope and desire that accelerating this release will put the recent innuendos to rest so that we can get them behind us," said Clear Channel Communications, Inc. Chairman/CEO Lowry Mays as the company moved up its Q2 earnings release one week. "We are doing what's most important for this company, focusing on the fundamentals of our business and operating (as we have done historically) to create shareholder value. Further, despite the recent performance of our stock and the overall volatility of the stock market, we believe the fundamentals of our business remain sound."
Mays is referring to Clear Channels stock price volatility since the company made public the news that Randy Michaels, former CEO of the radio division, has been transferred to a newly created position as head of the New Technologies Division.
For the second quarter of this year, Clear Channel reported revenues of $2.17 billion, which it said was essentially flat compared to the same period last year. Operating cash flow less corporate expenses was $627 million compared to $611 million for Q2 2001.
Clear Channel reported Q2 net earnings of $238 million, compared to a net loss of $237 million for Q2 2001. Free cash flow for the second quarter was $365 million.

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