(CelebrityAccess MediaWire) — Clear Channel Communications reported disappointing first quarter results, which ended March 31, 2005.
Clear Channel Communications earned $48 million, or 9 cents a share, down from the year-ago $116 million, or 19 cents a share. Revenue fell 4% from a year ago to $1.9 billion.
Live entertainment revenue decreased 17% during the first quarter of 2005 as compared to the first quarter of 2004 primarily as a result of a decline in ticket revenue. Ticket revenues were down as a result of significantly fewer arena shows and due to the mix of events in the current quarter compared to the first quarter of the prior year. During the first quarter of 2004, the company had large arena shows like Bette Midler and Britney Spears, with no comparable events in the first quarter of 2005. Ancillary revenues from concessions and merchandising were also down as a result of a lower number of shows. The declines were partially offset by an increase of $6.3 million related to foreign exchange.
Divisional operating expenses declined 14% for the quarter ended March 31, 2005 as compared to the same quarter of 2004. The decline was associated with the decline in revenues. The decrease was partially offset by an increase of $5.9 million related to foreign exchange.
– Jane Cohen and Bob Grossweiner