Clear Channel Reports Record First Quarter Results - Company Financial Information

Edge: Work-Group Computing Report, May 1, 2000

Clear Channel Communications, Inc. (NYSE: CCU) Wednesday announced the first quarter ended March 31, 2000 was the most successful first quarter in the Company's history.

For the three months ended March 31, 2000, after tax cash flow (defined as diluted net income before unusual and non-recurring items plus depreciation and intangible amortization (including nonconsolidated affiliates)) was $192.2 million for the first quarter of 2000, an 85% increase over $103.9 million reported in the corresponding period of 1999. The Company's diluted after tax cash flow per share for the quarter ended March 31, 2000 was $0.51 compared to $0.37 for the first quarter of 1999, an increase of 38%. Consolidated net revenues increased 108% to $782.5 million from $376.8 million last year. Net loss for the first quarter of 2000 was $39.4 million, compared with a net loss of $12.7 million in the first quarter of 1999.

During the quarter, the Company completed the acquisition of Ackerley Group's southern Florida outdoor advertising division for $300 million. This division operates a traditional outdoor plant consisting of approximately 3,500 display faces. Also, Clear Channel announced the merger with SFX Entertainment, Inc. (NYSE: SFX). SFX is the world's largest diversified promoter, producer and venue operator for live entertainment events.

Commenting on the results, Lowry Mays, Chairman and Chief Executive Officer of Clear Channel, stated, "The Company's financial performance continues to post record results. These numbers demonstrate the strength of our individual businesses as well as the synergies of the combined platform. The opportunities the Company has created through internal development, partnerships and acquisitions are extraordinary. We continue to be excited about how Clear Channel is strategically aligned for growth."

Mr. Mays continued, "Previously we stated that the merger with AMFM Inc. is anticipated to close by September 30, 2000. We continue to believe this timeframe is on track. The SFX merger is also anticipated to close in the third quarter of 2000. In both cases the mergers are progressing and the Company will continue to facilitate and expedite the closings."

Clear Channel Communications, Inc., is a global leader in the out-of-home advertising industry with radio and television stations and outdoor displays in 37 countries around the world. Including announced transactions, Clear Channel operates 874 radio and 19 television stations in the United States and has equity interests in over 240 radio stations internationally. Clear Channel also operates more than 700,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world. The Company is headquartered in San Antonio, Texas.