Clear Channel Moves Back Into the Black

23 February 2006

    SAN ANTONIO, TEXAS - The US outdoor advertising and radio group swung to a profit for the fourth quarter, but declining revenue in its radio division and a number of strategic changes in that unit eroded the results.
    Clear Channel Communications reported net income of $461.6 million (€387.74m; £264.9m) compared with a loss of $4.67 billion a year earlier, when the company took big charges because of an accounting change. Fourth-quarter revenue fell 1.1% to $1.76bn.
    Without operations it spun off last year - mainly its live entertainment business - and without the year-earlier accounting change, year-on-year profit would have fallen to $183m from $228.7m.