Record-setting week for Clear Channel. (Clear Channel Communications Inc., week of Thursday, October 19, 1995; includes third quarter results)(Brief Article)

Broadcasting & Cable, October, 1995 by Rathbun, Elizabeth

Clear Channel Communications inc. posted another record quarter and watched its stock hit a 52-week high last Thursday. That was the day Clear Channel announced its third-quarter results and intentions to offer a 2-for-1 stock split. Clear Channel stock hit the record (81 3/4) and closed at 81, up 4 3/8 from the day before.

Clear Channel based its good third quarter news on after-tax cash flow per share. That rose 45%, to 97 cents per share, compared with 67 cents per share for the same quarter in 1994. For the first nine months of the year, after-tax cash flow per share rose 46%, from $1.79 to $2.62.

Other third-quarter numbers also were impressive: Net broadcasting revenue was up 43% ($58.66 million compared with $41 million), while station...

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