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SAN ANTONIO (AP) - Clear Channel Communications Inc., the nation's largest operator of radio stations, said Friday its fourth-quarter earnings tumbled 54 percent as expenses rose ahead of an $18.7 billion planned buyout by a group of private equity firms.
Net income dropped to $211.3 million, or 43 cents per share, in the three months ended Dec. 31, from $461.6 million, or 86 cents per share, a year earlier. Expenses, including higher radio programming costs and the addition of noncash compensation under new accounting rules, were up 8 percent for the quarter to $1.23 billion.
Analysts surveyed by Thomson Financial were looking for profit of 41 cents per share on revenue of $1.89 billion.
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