(CelebrityAccess News Service) – The board of directors of Clear Channel Communications has declared a quarterly cash dividend of $0.10 per share on its common stock, payable on October 15 to shareholders of record at the close of business on September 30.
Lowry Mays, chairman and chief executive officer, said, "Declaring a dividend demonstrates the board's confidence in the company's long-term growth opportunities and financial strength. The company's balance sheet has been strengthened considerably through the repayment of more than $3.0 billion in debt since the beginning of 2001. We believe that it is appropriate, given the significant amount of free cash flow that the company generates, that we return a portion of those profits to our shareholders, particularly in light of recently improved federal tax laws on dividends. The board is committed to maintaining our bias for improving the leverage ratios of the company, while continuing to balance that with strategic acquisitions and long-term capital requirements."