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Clear Channel Reports Net Loss
Clear Channel Communications reported results for its fourth quarter and year ended December 31, 2004.
The Company reported revenues of $2.31 billion in the fourth quarter of 2004, a 1% increase over the $2.29 billion reported for the fourth quarter of 2003. Clear Channel's income and diluted earnings per share, before cumulative effect of a change in accounting principle, were $214.3 million and $.37, respectively, during the fourth quarter of 2004.
For the full year, the Company reported revenues of $9.4 billion, an increase of 5% when compared to revenues of $8.9 billion for the same period in 2003. The Company's income was $845.8 million or $1.41 per diluted share for 2004, before cumulative effect of a change in accounting principle. This compares to income of $1.1 billion or $1.85 per diluted share in 2003, before cumulative effect of a change in accounting principle.
The Company's 2004 net income includes $47.0 million of pre-tax gains related to the sale of the Company's remaining investment in Univision Communications and $20.3 million of pre-tax net gains on the sale of radio and outdoor operating assets. These gains were offset by a $31.4 million pre-tax loss on the early extinguishment of debt. Excluding these items, income and diluted earnings per share, before cumulative effect of a change in accounting principle, would have been $824.5 million and $1.38, respectively.
The Company's 2003 net income included approximately $726.9 million of pre-tax gains related to the Company's investment in Univision Communications Inc., the sale of an investment in American Tower Corporation and the early extinguishment of debt. These gains were offset by the impairment of certain investments totaling $15.0 million, pre-tax. Excluding these items, income and diluted earnings per share, before cumulative effect of a change in accounting principle, would have been $725.6 million and $1.17, respectively.
The Company announced February 1, 2005 that its Board of Directors authorized an additional share repurchase program, permitting the Company to repurchase an incremental $1.0 billion of its common stock over the next 12 months. To date, the Company has repurchased an aggregate $2.1 billion of its common stock under its share repurchase programs.
"We delivered record financial results in 2004 by focusing on improving our existing operations and driving profitability in our businesses," commented Mark Mays, President and Chief Executive Officer. "For the year, we repurchased nearly $2 billion in shares of common stock and declared $265.2 million in dividends to shareholders. Operationally, 2004 marked a year where we focused on leading change within the industries in which we compete. This proactive and forward-thinking approach is key to our long-term growth strategy and will drive our financial results for years to come."
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