Clear Channel Q1 Revenues Rise
May 3, 2006 at 6:07 AM (PT)
CLEAR CHANNEL COMMUNICATIONS first quarter revenues rose 4% to $1.5 billion (6% excluding the effects of foreign exchange rates), income before discontinued operations rose 44% to $96.8 million (including $39.6 million of pre-tax gains on sale of some radio assets and swap of some outdoor assets), and earnings per share before discontinued operations rose 58% to 19 cents/share.
Radio revenues rose 5% to $808.896 million, driven by incrreases in local and national ad sales and increases in revenue per minute and average unit rates. 15 and 30 second spot sales increased as a percentage of total minutes sold; the growth came from the top 50 markets and the services, entertainment, and health and beauty ad categories.
we're in the content creation business
CEO MARK MAYS told analysts on the company conference call that CLEAR CHANNEL has moved "beyond just being in the radio business... we're in the content creation business," citing the company's "Format Lab" and PREMIERE's development of new shows as examples.