Cloudy 4Q for Clear Channel

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Clear Channel Communications Inc.'s fourth-quarter cash flow was down 46
percent to $348 million on an 11 percent revenue drop to $1.9 billion.

The cash-flow number was well below earlier company guidance, analysts
said.

Pro forma radio revenue and cash flow were down 10 percent and 33 percent,
respectively, for the quarter.

The company told analysts it expects to take another big hit in cash flow in
the first quarter -- as much as 15 percent -- but it suggested that radio
revenue and cash flow might actually be up slightly for the quarter.

For the full year, pro forma cash flow was down 22 percent to $1.92 billion
on a 5 percent drop in revenue to $8 billion.

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