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Mays Seeks to Assure Investors

Mays Seeks to Assure Investors

Clear Channel Communications beat some analyst’s estimates for Q2 earnings by reporting revenues of $2.17 billion. That’s essentially flat compared to the same period last year.
Clear Channel executives decided to release the earnings report a week early “because of negative rumors that are being suggested in the market which have no basis,” said Chairman/CEO Lowry Mays. “This is not a family company.” It’s not run for just a few shareholders, but for all shareholders, said Mays.
He said the management of the company has integrity. “We would never even remotely consider borrowing any money from this company.”
Mark Mays, Clear Channel’s president and now acting radio division CEO, said the decision to move Randy Michaels from radio to head up a new technology division was mutual and there was no sudden event or poor performance within the group that prompted the move.
Operating cash flow less corporate expenses was $627 million compared to $611 million for Q2 2001. Clear Channel reported Q2 net earnings of $238 million, compared to a net loss of $237 million for Q2 2001. Free cash flow for the second quarter was $365 million.