Clear Channel Communications had revenues of $1.94 billion in the fourth quarter, an 11% increase over the period a year earlier.
Expenses increased 8% to $1.2 billion. For the year 2006, the big communications company had revenues of $7.07 billion, an increase of 7%.
Its radio revenue increased 6% to $3.7 billion during 2006, “primarily from an increase in both local and national advertising revenues. This growth was driven by an increase in yield and average unit rates.” It said the number of 30- and 15-second commercials broadcast as a percent of total minutes sold increased.
Reuters said the company posted a lower profit from a year ago, before it spun off its entertainment unit.
Profit fell to $211.3 million, or 43 cents per share, in the fourth quarter, still better than Wall Street estimates.
Analysts for J.P. Morgan Securities said radio revenue was below their forecast, while outdoor business was better than expected.
The company has agreed to be acquired by a group of private equity funds and plans to sell 448 of its 1,176 radio stations.
The company said revenues for radio are pacing up 1.8% for the first quarter compared to last year, but down 0.5% for the year.
