CLEAR CHANNEL FEELS
THE BIG SQUEEZE

Radio Giant Fails to Meet Wall Street
Expectations for Q3

Clear Channel Communications on Wednesday issued a larger-than-expected third-quarter loss, claiming the continued downturn in the advertising market and the fallout from the Sept. 11 terrorist attacks were to blame. The radio conglom said that, prior 9/11, trends in the third quarter had been showing some improvement.

Clear Channel posted a loss of $232.2 million, or 39 cents a share, in the third quarter, compared to a profit of $448.9 million, or 96 cents a share, in Q3 2000. On average, analysts had expected the company to report a loss of 35 cents a share, with forecasts ranging from losses of 32 to 37 cents. During the period, revenues rose 46% to $2.3 billion.

CC execs told analysts that the company expects to report fiscal 2001 earnings before interest, taxes, depreciation and amortization (oh, so that's what EBITDA stands for) of $2 billion on a reported basis for the full year 2001. This would represent a 16% increase from fiscal 2000 EBITDA of $1.7 billion, the company said.

BACK TO RUMOR MILL

		UMG AND TIKTOK WORK IT OUT The kerfuffle is in the past. (5/2a) Check It Out Now LUCIAN SOUNDS OFF ON UMG/TIKTOK DEAL A breakdown from the boss (5/2a) Check It Out Now HITS LIST: HANGIN' OUT With extra relish (5/2a) Check It Out Now TOP 20: IT’S STILL TAYLOR’S WORLD Large and in charge (5/2a) Check It Out Now THE MUSIC OF CLIVE COMES ALIVE AT CARNEGIE HALL That's what friends are for. (5/1a) Check It Out Now
		THE NEW UMG Gosh, we hope there are more press releases. TIKTOK BANNED! Unless the Senate manages to make this whole thing go away, that is. THE NEW HUGE COUNTRY ACT No, not that one. TRUMP'S CAMPAIGN PLAYLIST Now 100% unlicensed!

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CLEAR CHANNEL FEELS THE BIG SQUEEZE

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CLEAR CHANNEL FEELS
THE BIG SQUEEZE