Clear Channel Communications Inc. reported flat pro forma revenues of $2.2 billion for the second
quarter of 2003 Tuesday, with a 2% drop in pretax earnings to $632 million.
The company's largest operating unit, radio, showed a 3% dip in revenues to
$996 million with a 2% drop in pretax earnings to $442 million.
The company cited weakness in local ad sales, particularly in small markets,
along with its national syndication business.
Also contributing to the drop was its decision, prompted by criticism and
congressional concern, to stop accepting payments from independent promoters
trying to get their artists on Clear Channel playlists.
The company said that the retail, auto, telecommunications/utility and entertainment
advertising categories were the strongest national spot categories for the
quarter, while consumer products and fast food were weak.