Clear Channel Radio Q1 Up 3%

Clear Channel Communications reported revenues of $1.7 billion in the first three months of this year, up 4 % over the same period in 2001.
Radio revenues were up 3 %, to $783 million. Outdoor business revenues dropped 11 %, while entertainment was up 19 %.
“Considering the current environment, we are pleased with our first-quarter performance, which was better than anticipated,” stated Lowry Mays, chairman and CEO, saying the latest numbers represented “moderate” growth. “We firmly believe that this is a good beginning to what should be a very good year for Clear Channel.”
Clear Channel’s operating cash flow less corporate expenses was $370 million, down from $404 million. Attributable EBITDA as adjusted – which includes non-consolidated affiliates owned in both periods – was $381 million compared to $416 million last year.