Clear Channel Beats Expectations
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Clear Channel Communications Inc. beat Wall Street’s expectations for fourth-quarter cash flow. But the largest U.S. radio broadcaster said Tuesday that its net loss widened due to costs related to acquiring broadcasting rival AMFM Inc. and promotions company SFX Entertainment Inc.
Its net loss grew to $192 million, 33 cents per share, from a loss of $22.8 million, or 7 cents per share in late 1999.
San Antonio-based Clear Channel said its after-tax cash flow jumped to $479.1 million, or 77 cents per share, compared with $252.4 million, or 68 cents per share a year earlier.
On that basis, the company topped the 75-cent expectation of analysts surveyed by First Call/Thomson Financial.
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