Mark Mays Foresees Better Second Half

Communications giant Clear Channel expects an improving economy and better second half.
Mark Mays, president and COO, stated, “Our second-quarter results were driven by operating improvements across many of our divisions. We delivered significant free cash flow and continued to focus on strengthening our balance sheet and investing in our future growth. We are seeing a gradual improvement in the economy and are looking for a stronger second half as the environment improves.”
The company said overall revenue was up in the second quarter to $2.32 billion, 6.6 percent higher than the same period last year. Net earnings were $251.3 million or 41 cents per diluted share, compared to $238 million or 39 cents last year. On a pro forma basis, second-quarter revenues were “essentially flat.”
For the six months ending June 30, cash flow from operating activities was $943.7 million, cash flow used in investing activities was $197.9 million, and cash flow used in financing activities was $720.3 million for a net increase in cash of $25.5 million. Free cash flow increased 21.4 percent to $443.5 million for the second quarter of 2003.
The radio division reported weaker sales.