Clear Channel Swings to Loss in 3rd Quarter
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Clear Channel Communications Inc., the biggest owner of U.S. radio stations, posted a $232.2-million loss in the third quarter as expenses increased and sales slowed. The loss was 39 cents a share, contrasted with net income of $448.9 million, or 96 cents, a year earlier, the company said in a statement. Revenue, adjusted for acquisitions and sales of businesses, fell slightly to $2.31 billion from $2.32 billion.
Clear Channel, like other television and radio broadcasters, lost millions of dollars in revenue when it ran commercial-free news coverage of the terrorist attacks.
After-tax cash flow rose 31% in the third quarter to $442.8 million, or 71 cents a share, from $338.9 million, or 72 cents.
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