Clear Channel Earnings Drop 21% For Q3
October 24, 2005 at 2:17 PM (PT)
CLEAR CHANNEL COMMUNICATIONS today reported a Q3 net income of $205.5 million, or 38 cents per share, compared with $261.2 million, or 44 cents per share a year earlier, for an earnings drop of 21%. Despite falling earnings, revenue in the latest quarter was $2.68 billion, up about 1% percent from the same period in 2004. The company's radio revenues continued to drop (falling 4.3% to $919.2 million) in the quarter following the implementation of its "Less Is More" commercial-shortening inititative, but the company has said the move was attracting listeners.
CLEAR CHANNEL's live entertainment division had sales of $983.5 million, up 1%, and outdoor advertising revenue rose 11.3% to $668 million.