Clear Channel earnings up 19 pct |
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Fri, 27 Jul 2007 12:50
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SAN ANTONIO (AP) - Radio and billboard giant Clear Channel Communications Inc. earned $236 million during the second quarter, 19 percent more than the same period last year, as outdoor advertising continued to post strong growth.Revenue from the company's radio business, which has faced stiff competition from satellite and digital music players in the last several years, continued to be flat, but billboards and outdoor displays posted 12 percent gains, according to the earnings report released Friday.The company said second quarter revenue totaled $1.8 billion, up from $1.7 billion last year.Net income of $236 million, or 48 cents a share, was up from $197.5 million, or 39 cents a share.Not including income from discontinued operations during the quarter, the company earned $208.7 million, or 42 cents a share. Analysts surveyed by Thomson Financial had projected 44 cents per share in earnings on revenue of $1.88 billion.The company planned no conference call on earnings because of a pending $19.45 billion buyout offer from a private equity group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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