The radio, outdoor and entertainment company earned $71 million, or 12 cents per diluted share for the quarter ended March 31, down from $90.3 million and 15 cents per diluted share for the year-earlier period. A pre-tax gain of $28.2 million from the sale of a TV license, departure of long-term debt and the sale of a marketable security buoyed the first quarter 2002.
The company reported revenue of $1.78 billion for the period, up from $1.7 billion the year-earlier.
Radio ad revenue up
Radio advertising revenue rose 1.6%, to $795 million from $783 million, largely attributed to the acquisition of radio, TV and out-of-home media company Ackerley Group, Seattle, which included four radio stations.
Clear Channel's outdoor division reported an increase in revenue of 22%, to $451 million from $369 million. Acquisitions, as well as the positive impact of a weak dollar, explain the rise.
Clear Channel Communications, based in San Antonio, operates about 1,200 radio stations and 19 TV stations in the U.S., and has an ownership stake in 250 radio stations overseas. The company is also the world's largest producer of concerts and other live events, and has major interests in outdoor advertising.