Clear Channel Names New SVP Corporate Communications & Clear Channel Posts Lower Earnings

Clear Channel Communications has promoted Lisa Dollinger to senior vice president for
worldwide corporate communications, serving as the company's chief spokesperson. Dollinger, a 15-year veteran public relations executive, joined the company in January as
senior vice president for marketing and communications at the company's radio division.

In her new position, Dollinger will handle public relations for all of Clear Channel's
divisions. As one of her first move, Dollinger hired New York-based Brainerd
Communicators to assist the company with media calls.

Diane Warren, vice president of communications, remains with the company, handling
internal newsletters and information.


Clear Channel Posts Lower Earnings

SAN ANTONIO (AP)–Clear Channel Communications on Wednesday reported lower earnings in the first quarter, but its results were in line with expectations.

The world's largest radio station operator said it earned $71 million, or 12 cents a share, in the three months ended March 31, compared with $90 million, or 15 cents a share, a year earlier. Excluding a pre-tax gain of $28.1 million related to the sale of a television license and a security and debt reduction, the 2002 earnings were $73 million, or 12 cents per share.

Clear Channel reported revenue of $1.78 billion in the period, up from $1.7 billion in 2002.

The latest per-share earnings matched the consensus of industry analysts surveyed by Thomson First Call.

In trading in the New York Stock Exchange, Clear Channel shares rose $1.42, or 3.8 percent, to close Wednesday at $39.11.

The biggest revenue boost in the quarter came from its outdoor advertising division–primarily billboards–which increased 22 percent to $450.5 million. Much of that growth came in Europe and Australia, company officials said.

Revenue from radio was up 1.6 percent to $795 million, with most of that increase coming from the acquisition of four radio stations. but the company's live-entertainment division slipped 8 percent to $437.9 million.

Clear Channel's after-tax cash flow was $262.9 million in the first quarter, up 38 percent from $190.7 million in the same period last year. Many analysts covering the industry consider after-tax cash flow an important performance measure.

The San Antonio-based company would not offer guidance for the second quarter, saying there were too many changing factors in the advertising market.

Clear Channel operates about 1,200 radio stations and 19 television stations in the United States, and has an ownership stake in 250 radio stations overseas. The company is also the world's largest producer of concerts and other live events, and has major interests in billboards.

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