Clear Channel Radio Revenue Up 5% in First Quarter

Clear Channel Radio Revenue Up 5% in First Quarter
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Radio may have been posting pretty flat performance in recent months, but now the biggest company in the U.S. radio industry said it saw radio revenue grow 5% in its first quarter compared to the same period last year, to about $808.9 million.
Clear Channel said its radio broadcasting revenues were up thanks to an increase in both local and national advertising revenues. "This growth was driven by an increase in revenue per minute and average unit rates," it stated. "The number of 30-second and 15-second commercials broadcast as a percent of total minutes sold increased in the first quarter of 2006 as compared to the first quarter of 2005."
Clear Channel said its top 50 markets were the main drivers, and the strongest ad categories were services, entertainment and health and beauty.
Overall, the parent company, Clear Channel Communications, said revenue in the first quarter was $1.5 billion, up 4% from last year at this time. Setting aside foreign exchange movements, the company said, its revenue performance was up 6%.
"We are off to an impressive start in 2006," said CEO Mark P. Mays. He portrayed Clear Channel as having "largely made the transition from a company focused on strategic realignment and investment to an invigorated organization committed to aggressive execution, strong operating performance and increased cash generation."

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