The Company's revenues of $2.29 billion for the fourth quarter increased 4 percent over 2002 revenues of $2.21 billion. Clear Channel reported net earnings of $187 million or $0.30 per diluted share for the fourth quarter of 2003. This compares to net earnings of $184 million or $0.30 per diluted share in 2002.
For the full year, the Company reported revenues of $8.93 billion, an increase of 6 percent when compared to revenues of $8.42 billion for the same period in 2002. The Company's net earnings were $1.15 billion, or $1.85 per diluted share for 2003. This compares to net earnings, before cumulative effect of a change in accounting principle, of $725 million or $1.18 per diluted share in 2002, reflecting a year-over-year increase of 58 percent.
The Company's 2003 net earnings included approximately $727 million of pre-tax gains related to the Company's investment in Univision Communications, Inc., the sale of an investment in American Tower Corporation and the early extinguishment of debt. These gains were offset by the impairment of certain investments totaling $15 million, pre-tax. Excluding these items, net earnings would have been $726 million or $1.17 per diluted share.
The Company's 2002 net earnings includes approximately $49 million of pre-tax gains related to the sale of a television license, extinguishment of long-term debt, sale of a marketable security, sale of other assets and a litigation settlement. Excluding those gains, net earnings per share would have been $1.13. Lowry Mays, Chairman and Chief Executive Officer of Clear Channel, said, "We are pleased to report record financial results for 2003, with revenues of nearly $9 billion and over $1 billion in net earnings. Each of our divisions' ability to perform at such a high level during a challenging economic period speaks volumes about the strength of our businesses and the talent of our employees. By serving the needs of our communities, employing the best people and providing the highest standard of products and services to our customers we have created value for shareholders. We are well-positioned for sustainable long-term growth and look forward to another successful year."
Mark Mays, President and Chief Operating Officer, said, "Our record 2003 results highlight the strength of our business model and the high free cash flow characteristics of our businesses. Our focus on profitable revenue streams enabled us to deliver earnings per share of $1.85 for the year. In addition, during the year we significantly strengthened our balance sheet, reduced debt by approximately $1.8 billion, and instituted a dividend for shareholders. Looking ahead, Clear Channel is ideally positioned to capitalize on an improving economic environment and we are excited about our growth prospects in 2004."
