Broadcaster Clear Channel Communications Tuesday posted the most successful first quarter in its 21-year history, according to president and chief executive officer L. Lowry Mays.
After-tax cash flow, which the company considers the most important barometer of its performance, rose 98% to $ 3,887,000 or 33 cents per share from $ 1,967, 000, or 17 cents, in the same period last year.
Gross broadcasting revenue increased 52% to $ 24,021,000, reflecting improvement in existing station operations and the additional stations acquired in 1992.
Station operating income before depreciation and amortization was $ 6,377,000 , an increase of 59%.
Despite the gains, net income decreased to $ 119,000, or 1 cents per share, compared to $ 275,000, or 2 cents, for the first quarter of 1992.