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CLEAR CHANNEL ROLLS Q3 NUMBERS

Texas Behemoth Show Profit for Quarter as Radio, TV, Billboard Advertising Rebounds
San Antonio, Texas-based Clear Channel Communications posted a profit for the third quarter thanks to the recovering health of radio and television advertising and beating Wall Street estimates.

Those who crunch numbers on the Street called Wall were expecting earnings of 32 cents per share. The Texans outdid themselves by reporting net income of 34 cents per share.

That’s $212.5 million in total net income for the quarter, compared to a net loss of $232.2 million for the same period a year ago, which worked out a loss of 39 cents per share. By way of further comparison, net income for Q2 2002 was $238 million, or 39 cents per share.

Q3 revenue was $2.34 billion, up from $2.3 billion a year ago and $2.17 billion for the previous quarter. EBITDA rose 11% to $616 million compared to a year ago.

Radio, under new chief John Hogan, saw revenue increase 11% to $964 million; outdoor advertising revenue was up 12% to $478 million. However, revenue for Clear Channel Entertainment, the company’s live-events arm, fell 16% to $790 million compared to year-ago figures due to declining event attendance.

Shares in Clear Channel (CCU) rose to $38.30 in early trading today on the NYSE. That’s up from around $25 after the company’s Q2 results.

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