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CLEAR CHANNEL FEELS
THE BIG SQUEEZE
Radio Giant Fails to Meet Wall Street
Expectations for Q3

Clear Channel Communications on Wednesday issued a larger-than-expected third-quarter loss, claiming the continued downturn in the advertising market and the fallout from the Sept. 11 terrorist attacks were to blame. The radio conglom said that, prior 9/11, trends in the third quarter had been showing some improvement.

Clear Channel posted a loss of $232.2 million, or 39 cents a share, in the third quarter, compared to a profit of $448.9 million, or 96 cents a share, in Q3 2000. On average, analysts had expected the company to report a loss of 35 cents a share, with forecasts ranging from losses of 32 to 37 cents. During the period, revenues rose 46% to $2.3 billion.

CC execs told analysts that the company expects to report fiscal 2001 earnings before interest, taxes, depreciation and amortization (oh, so that's what EBITDA stands for) of $2 billion on a reported basis for the full year 2001. This would represent a 16% increase from fiscal 2000 EBITDA of $1.7 billion, the company said.

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