Earnings: Clear Channel Q1 Revs Up 4 Percent; Radio Down
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Summary: The long slog in the courts continues, but in the meantime, Clear Channel ( NYSE: CCU ) reported Q1 revenue of $1.6 billion, a 4 percent increase over $1.5 billion in the year-ago quarter. Excluding a sale gain and various discontinued ops, income... Click to expand...
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The long slog in the courts continues, but in the meantime, Clear Channel (NYSE: CCU) reported Q1 revenue of $1.6 billion, a 4 percent increase over $1.5 billion in the year-ago quarter. Excluding a sale gain and various discontinued ops, income was $94.2 million ($.19 per share), a subtle dip from $95.1 ($.19 per share) million in the year-ago quarter. Radio broadcasting fell 4 percent to $769.6 million, while outdoor advertising grew 12 percent to $775.5, meaning it's the largest business unit at the company. The filing notes a trial date of June 2nd for its merger, and offers no timetable for when that will conclude. Seems likely this won't be Clear Channel's last quarterly.
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