Clear Channel’s $1.7 Billion Quarter

Revenue was up 5% for Clear Channel Communications in the first three months of the year, to $1.78 billion, compared to the same period last year. Net earnings were $71 million or $0.12 per diluted share. On a pro forma basis, first quarter 2003 revenues of $1.73 billion were flat compared with last year.
Radio-only revenue increased 1.6% or $12.2 million for the quarter, attributable largely to acquisitions including four Ackerley stations. It said national revenue grew faster than local compared to last year; strong national categories were retail, telecom/utility, entertainment, auto and finance.
Lowry Mays, chairman and CEO, said, “We delivered impressive financial results in what proved to be a challenging first quarter.”
President and COO Mark Mays said, Looking ahead, we are seeing a gradual improvement in the economy and believe that we are in an excellent position to capitalize on this given our unique collection of assets.”