The US media corporation Clear Channel yesterday announced a return to profit with each of its major businesses reporting growth in the final three months of 2002.
Revenues in the fourth quarter were up by 19% year on year to $2.21 billion with earnings before interest, tax, depreciation and amortisation (EBITDA) rising from $345 million to $579 million.
In comparison to other media, the radio industry is in good health (see US Radio Revenue Grows 6% In 2002) and this was reflected at Clear Channel where revenues were up by almost 10% to $979 billion.
The company also saw growth in its live entertainment business with revenues surging 28% to $562 billion while outdoor advertising increased by 17% to $538 billion.
Full year revenues climbed to $8.42 billion from $7.97 billion in 2001 enabling Clear Channel to report a net profit of $725 million, a significant improvement on the $1.14 billion loss reported twelve months earlier.
“I am very proud of the financial results that we delivered to our shareholders this year, despite a challenging industry and economic environment,” said Lowry Mays, Chairman and Chief Executive Officer of Clear Channel. “We are also proud of the value we have created not just for our investors but for our listeners and advertisers/customers over the past thirty years.”
