Clear Channel Q3 Radio Revenues Fall
November 8, 2007 at 5:47 AM (PT)
CLEAR CHANNEL COMMUNICATIONS net revenues rose 5% to $1.7 billion for third quarter, with 2% ($32.4 million) credited to foreign exchange movements. However, radio revenue fell 1% to $882.152 million, offset by a 14% jump in outdoor ad revenue.
Radio's decline was blamed on declines in the automotive, retail and political advertising categories, partially offset by increases in network, traffic, syndicated radio and online revenues. CC increased its average unit rates year-to-year, but total minutes sold declined during the same period.
Net income increased 51% to $279.7 million, with diluted earnings per share up 47% to 56 cents/share.
CEO MARK MAYS said, "Our third-quarter revenue and OIBDAN growth was fueled by another exceptional performance from our outdoor advertising business, which continues to post consistent growth on a global basis. Once again, our radio management team delivered results that outperformed the rest of the industry. Going forward, we remain committed to strengthening the value proposition we deliver to our audiences and advertisers as we continue to prudently invest in our brands, our content and our multi-channel distribution."
As of NOVEMBER 2nd, the company says radio revenues are pacing down 4.7% for fourth quarter on a year-to-year basis.