Clear Channel Income Down

By staff-author

October 29, 2006

75

Clear Channel Communications Inc., the largest operator of radio stations in the country, reported an 11-percent dip in third-quarter earnings due to higher expenses and the sale of some operations that generated profit last year.

The San Antonio-based media company reported net income of $186 million (38 cents per share), down 11 percent from $206 million (38 cents) from the same period a year earlier. Analysts’ predictions came in around 37 cents per share, according to Thomson Financial.

Revenue gained 7 percent to $1.79 billion, which beat Wall Street expectations of $1.78 billion. Radio revenue rose 5 percent on higher selling prices for national advertising, while its outdoor advertising unit saw revenue rise 8 percent.

Last week the company’s board said it hired Goldman Sachs to review “strategic alternatives,” which analysts said could include a sale of the company to a private equity firm. Clear Channel owns several L.A.-area radio stations, including KIIS-FM (102.7) and KBIG-FM (104.3).

Shares in Clear Channel rose 50 cents to $35.20 in morning trading.

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