Clear Channel’s annual revenue rises 7% in ’06

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SAN ANTONIO – Clear Channel Communications Inc. (NYSE: CCU), a global media and entertainment company whose properties include properties include local radio stations WHJY-FM, WHJJ-FM, WSNE-FM and WHJJ-AM, today posted a 7-percent gain in annual revenue to $7.07 billion, from $6.58 billion in 2005.

Income from continuing operations grew 8.7 percent to $688.8 million, compared with $633.6 million in 2005; diluted earnings grew 18 percent to $1.37 per share, from 2005’s $1.16. Excluding pre-tax gains of $35.7 million, mostly from radio divestitures and outdoor asset swaps, income before discontinued operations would have been $667.7 million or $1.33 per share.

Annual expenses grew 6 percent to $4.6 billion, including $35.2 million in non-cash compensation charges.

For the quarter ended Dec. 31, revenue increased 11 percent to $1.94 billion from the year-ago $1.75 billion, as ad sales rose. That beat the $1.89 billion estimate from a survey of 15 analysts by Bloomberg News.

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Income from continuing operations grew 15 percent to $210.1 million; diluted earnings grew 26 percent, to 43 cents per share, beating analysts’ 41-cent estimate, Bloomberg said. Expenses rose 8 percent to $1.2 billion.

Fourth-quarter highlights included Clear Channel’s Nov. 16 agreement to be acquired by a group of private equity funds for $37.60 per share or $19 billion. The deal is subject to shareholder and regulatory approval and other customary conditions. Clear Channel’s shareholder vote is set for March 21; the deal is opposed by Fidelity Investments, which Bloomberg said owns 9.8 percent of the shares.

The company’s full report is available at www.clearchannel.com.

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