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Earnings fall in third quarter

Friday, Oct. 29, 2004 | 10:58 a.m.

SAN ANTONIO -- Clear Channel Communications Inc.'s third-quarter profit fell nearly 60 percent from the same period in 2003, which had been inflated by the nation's largest radio station operator's sale of its stake in a Spanish-language broadcasting network.

Clear Channel said today that it earned $261.2 million, or 44 cents per share, in the three months ended Sept. 30, down from $636 million, or $1.03 a share, in the year-ago period.

Thomson First Call said the consensus of industry analysts it surveyed was for earnings of 43 cents per share for the most recent quarter.

Clear Channel's year-ago results reflected gains on its sale of its stake in Univision Communications Inc. Without the one-time gains, Clear Channel's third-quarter profit in 2003 would have been $237 million, or 38 cents per share.

Clear Channel operates radio stations in Las Vegas including KSNE 106.5 FM and KWNR 95.5 FM.

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