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Clear Channel Reports Q-1 Revenues Up More Than 100 Percent Over Last Year

San Antonio, Tex. based Clear Channel Communications today announced whopping gains in revenue and after-tax cash flow. The company says that Q-1 net revenues were $1.6 billion, up 108 percent over the first quarter of 2000, and historical EBITDA (defined as operating cash flow less corporate expenses) of $404 million, up 70 percent over the first quarter of 2000.

After-tax cash flow reported for the quarter was $324 million, an increase of 69 percent over the first quarter of 2000.

Commenting on the results, Lowry Mays, chairman and chief executive officer, says, “With the difficult comparisons from last year’s first quarter coupled with the current economy, we are quite pleased with our results for the first quarter of 2001. Despite the tough comparisons we were able to increase after-tax cash flow per share, the best measure of our performance, versus the outstanding first quarter of last year. Most

Important, after-tax cash flow per share during the first quarter of 2001 has grown at a compounded annual growth rate of 19 percent since the first quarter of 1999.”

Clear Channel’s radio division continues to be the company’s largest operating segment, reporting 8 percent decrease in revenue in the first quarter of 2001 versus the comparable period in 2000. Operating expenses fell 9 percent, resulting in a decrease in operating

cash flow of 7 percent for the period. The company says that national sales were weaker during the current period, especially in larger markets. Clear Channel stock closed today’s trading at $58.74, an increase of $1.27, or 2.21 percent.Ý