CLEAR CHANNEL TRIPLES Q3 EARNINGS

Clear Channel announced its third quarter earnings today, with good news that it earned $636 million, or $1.03 per share, for the three months ended Sept. 30. That compares to last year’s $212.5 million, or 34 cents/share, for the same period last year.

Most of the earnings were related to the appreciation and sale of the company’s shares in Univision. CC acquired the Univision shares when Univision purchased Hispanic Broadcasting. The company sold its 8.25 million shares in September.

Clear Channel reported $686 million in pre-tax sales; without the Univision sale, its earning would have been $236 million, or 38 cents/share, still better than Q3 2002.

The company reported revenue of $2.54 billion for the quarter, up from $2.34 billion last year. After-tax cash flow was up 14% from last year, to $475.6 million. Radio revenue was similar to last year, at $963.6 million. Clear Channel reported that its top 50 markets showed a 2% increase in the quarter because of a single-digit price increase in national advertising.

The live entertainment division’s revenue was up 19% to $936.2 million.

Said President/CEO Mark Mays: “Looking ahead, we expect 2004 to be an especially promising year as we expect the full growth potential of Clear Channel will be realized in an improving economic environment.”.