Clear Channel Swings to 4th-Quarter Profit
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Clear Channel Communications Inc., the nation’s largest radio-station owner, swung to a fourth-quarter profit, most of it generated by the spinoff of its live-entertainment unit.
Clear Channel reported net income of $461.6 million, or 86 cents a share, contrasted with a loss of $4.67 billion, or $8.15, a year earlier.
The loss in the fourth quarter of 2004 was the result of the company’s adoption of Securities and Exchange Commission accounting rules for valuing intangible assets.
Excluding discontinued operations and accounting changes, San Antonio-based Clear Channel posted earnings of $183 million, or 34 cents a share, in the latest quarter.
Analysts surveyed by Thomson Financial had expected earnings of 35 cents a share.
Revenue fell 1% to $1.76 billion, short of the $2.27 billion expected by analysts.
Clear Channel shares rose 10 cents to $28.20.
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