Clear Channel Radio Revenue Up 11% in Q3

Clear Channel Communications reported Q3 revenues of $2.34 billion, an increase of 2% compared with the same period a year earlier.
Radio revenues were $964 million, an increase of 11% over the same period in 2001, and EBITDA up 18%. It was John Hogan’s first quarter as CEO for radio.
“During the third quarter, (the radio business unit) restructured its programming initiatives to provide more resources to the local markets and empowered them more fully to make local programming decisions,” the company stated. “Clear Channel Radio’s stations saw significant audience growth in key markets such as New York and Los Angeles.”
Outdoor revenues were up 12% in the quarter. Entertainment was down 16%. Overall company EBITDA was $616 million, up 11%. Free cash flow increased 108% to $419 million or 66 cents per share. Chairman/CEO Lowry Mays said the company is “on a strong and steady course” and its fundamentals are sound.