Clear Channel Communications released its 2007 and Q4 fiscal results, with the company's quarterly profit up 51.7 percent. Earnings in the quarter jumped from $211 in 2006 to $320 million in 2007. Revenue was up four percent to $1.84 billion. For the entire year, revenue was up six percent to $6.82 billion. Net income increased by 37 percent to $938.5 million.
For Q4, radio revenue slipped by three percent to approximately $874.6 million and for the entirety of 2007, radio revenue was up $1.1 million to $3.4 million. "Increases in network, traffic, syndicated radio and on-line revenues were partially offset by declines in local and national revenues. Local and national revenues were down partially as a result of overall weakness in advertising as well as declines in automotive, retail and political advertising categories."
CEO Mark Mays said in a statement, "We delivered excellent results with record earnings per share in 2007. Full year and fourth quarter growth in revenue and OIBDAN reflected continued strength throughout our Outdoor operations, which posted double-digit gains in revenue and OIBDAN. Our Radio team continued its successful track record of out-performing our competitors in the radio industry. As we enter 2008, we remain optimistic across all our businesses. We have seen improving trends in the current year in our radio division and would expect that to continue through the end of the year. In Outdoor, we exceeded our forecast for the roll-out of digital boards last year and are on course to accelerate the roll-out this year. Results like these dont occur without a great team at the helm. We are proud of their performance in 2007 and are confident in their leadership as we capitalize on the many opportunities presented in 2008."