Clear Channel reports profit and revenue jump
Radio broadcaster Clear Channel Communications Inc. says its profit soared in the first quarter while revenues rose 4%.
The San Antonio-based company said Friday it earned $799.7 million or $1.61 per share in the first three months of the year. That is well above the $102.2 million or 21 cents per share it earned in the same period a year ago.
Clear Channel (CCU, Fortune 500) just completed the sale of a TV station group and is in the process of trying to go private same day payday loans.
Without discontinued operations, earnings rose 70% to $161.4 million or 32 cents a share from $95.1 million or 19 cents per share a year earlier.
Revenues rose 4% to $1.56 billion from $1.51 billion.