CLEAR CHANNEL’S VALENTINE
TO INVESTORS

Clear Channel Communications posted a wider Q4 loss from higher acquisition costs but beat Wall Street expectations with a 13% increase in cash flow per share.

The company, which operates over 1,100 radio stations, said after-tax cash flow per share rose to $479.1 million (77 cents a share), compared with $252.4 million (or 68 cents a share) for the same period last year. Wall Street analysts had estimated the cash flow at 75 cents a share.

Average outstanding shares totaled 624.6 million for the quarter, up from 369.1 million in the previous year.

Clear Channel CFO Randall Mays warned analysts that the company's first half 2001 numbers would face a tough comparison with the same period last year, which had the benefit of aggressive advertising from pre-crash dot-coms.

Earlier this year, Clear Channel completed its acquisition of competitor AMFM and entertainment promoter SFX Entertainment. Those acquisitions fueled the wide losses the company reported--$2.02 billion in revenue, compared with $887.5 million last year.

Shares closed Tuesday (2/13) up 1 cent at $58.02, with a 52-week high of $88.50 and a 52-week low of $44 in November.