Clear Channel Profit Up; CEO Has Surgery

[UpInArms]

http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=5032701

LOS ANGELES (Reuters) - Clear Channel Communications Inc. (CCU.N: Quote, Profile, Research) , the nation's largest radio station chain, on Tuesday said first-quarter earnings rose as advertising sales improved late in the quarter.

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"Clear Channel hasn't outperformed the industry in a while," RBC Capital Markets analyst David Bank said. "The industry overall grew about 4 percent in the quarter compared with Clear Channel's 5 percent, so that was a nice surprise."

The San Antonio, Texas-based company said net profit rose to $116.5 million, or 19 cents a share, from $71 million, or 12 cents, in the year-earlier period.

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Revenue rose 11 percent to $2 billion from $1.8 billion.

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