If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Clear Channel Reports Second Quarter 2005 Results
San Antonio, Texas August 9, 2005…Clear Channel Communications, Inc. (NYSE: CCU) today reported
results for its second quarter ended June 30, 2005. The Company also announced today an update to its plan
to strategically realign its businesses and its share repurchase program.
The Company reported revenues of $2.46 billion in the second quarter of 2005, a 1% decrease from the $2.49
billion reported for the second quarter of 2004. Clear Channel’s net income and diluted earnings per share
were $220.7 million and $.40 per diluted share during the second quarter of 2005. This compares to net
income and diluted earnings per share of $253.8 million and $.41 per diluted share during the second quarter
of 2004.
Mark Mays, President and Chief Executive Officer, commented, “Our second quarter results reflect the short-
term impact of our decision to reduce the commercial loads on our radio stations, combined with a less than
ideal advertising environment. With just two complete quarters of “Less is More” behind us we are seeing
positive trends. Early ratings results from the important spring ratings book show that ratings and time spent
listening are on the rise. In addition, we are seeing real progress in the development of a 30-second
marketplace. These early results underscore that “Less is More” is the right move for our business over the
long-term. Overall, our operational focus remains on leading change, driving innovation and delivering value to
our customers across all of our businesses. We believe this long-term and forward thinking approach will
create shareholder value over the long-term.”
Mark Mays added, “Our strategic realignment plan is on track and is targeted to be completed by the end of
this year. It remains our intention to fund activities that enhance shareholder returns. However, given current
and changing market conditions, we believe it is appropriate to expand the options available to us in returning
capital to shareholders and we may choose to use these funds for share repurchases, a special dividend or a
combination of both. As a result, we have authorized an increase to our existing share repurchase program to
an aggregate of $1.0 billion. A significant share repurchase is an attractive option for maximizing shareholder
value and will enable us to maintain financial flexibility. We have a strong track record of announcing and
executing material share repurchases and this decision will enable the company to return capital directly to
shareholders in a significant way, over a longer period of time.”
1
2. Revenue and Divisional Operating Expenses
Three Months Ended
June 30, %
(In thousands)
2005 2004 Change
Revenue
Radio Broadcasting $ 931,929 $ 996,824 (7%)
Outdoor Advertising 684,508 639,549 7%
Live Entertainment 729,473 734,481 (1%)
Other 145,751 149,917 (3%)
Eliminations (32,910) (35,737)
Consolidated revenue $2,458,751 $2,485,034 (1%)
Divisional operating expenses
Radio Broadcasting $ 554,217 $ 552,769 0%
Outdoor Advertising 460,865 432,989 6%
Live Entertainment 691,214 693,939 0%
Other 117,106 116,353 1%
Eliminations (32,910) (35,737)
Consolidated divisional operating expenses $1,790,492 $1,760,313 2%
Included in the Company’s second quarter 2005 revenue and operating expenses are approximately $20.1
million and $16.3 million, respectively, of foreign exchange increases compared to the same period of 2004.
Radio Broadcasting
The Company’s radio revenues declined 6.5% to $931.9 million during the second quarter of 2005 compared
to the same period of 2004. The decline includes a reduction of approximately $8.8 million from non-cash
trade revenues. Both local and national revenues were down for the quarter as well, primarily from its
reduction in commercial minutes made available for sale on its radio stations. As a result, some of its larger
advertising categories declined during the quarter, including retail and automotive. While commercial minutes
were down, this was partially offset by an increase in average unit rates. As the year progressed, the
Company made improvements on its “Less is More” initiative as evidenced by increased average unit rates on
its 15, 30 and 60 second commercials over the first quarter of the year. The Company also saw improvement
in the second quarter in selling 30 second and 15 second commercials as a percentage of total minutes sold.
Finally, yield, or revenue divided by total minutes of available inventory, has seen consistent improvement
throughout the year.
Divisional operating expenses were up $1.4 million during the second quarter of 2005 compared to the same
period of 2004. Driving the increase were advertising and promotional expenditures as well as sports
broadcasting rights related to contracts awarded in the second half of last year. Partially offsetting the increase
were decreases in commission and bad debt expenses.
Outdoor Advertising
The Company’s outdoor advertising revenue increased 7.0% to $684.5 million during the second quarter of
2005 compared to the same period of 2004. This reflects an increase of 11.2% domestically and 3.7%
internationally. The growth domestically was driven by bulletin sales, while international growth came
primarily from transit and street furniture sales. Included in the second quarter 2005 results is
approximately $13.4 million from increases in foreign exchange compared to the second quarter of 2004.
Domestic bulletin revenues grew principally from increased rates, with occupancy up slightly for the second
quarter of 2005 compared to 2004. Strong domestic markets included Phoenix, Cleveland, Seattle,
Jacksonville and San Antonio. Strong advertising categories were automotive, entertainment, financial
services, retail and telecommunications.
2
3. Internationally, street furniture revenues benefited from an increase in displays as well as average revenue
per display compared to the second quarter of 2004. The Company’s international transit revenue growth
was fueled by an increase in average revenue per display. Its strongest international markets for the
quarter were Australia/New Zealand, Sweden and the United Kingdom. However, consistent with the end of
2004, the Company continued to see weak demand for its media inventory in France, particularly from
national sales which tempered the overall results of its international revenues.
Outdoor advertising expenses increased 6.4% to $460.9 million during the second quarter of 2005
compared to the same period of 2004. Included in the increase is approximately $10.0 million from
increases in foreign exchange. Divisional operating expenses increased from commissions, production and
site lease expenses associated with the increase in revenue as well as increased rental from new contracts
in its international business entered into in the second half of 2004.
On July 27, 2005 the Company announced to the trade union representatives and to employees a draft plan to
restructure its operations in France. In connection with the restructuring, the Company expects to record
approximately $25.0 million in restructuring costs, including employee termination and other costs, as a
component of divisional operating expenses during the third quarter of 2005.
Live Entertainment
Live entertainment revenues were essentially flat for the second quarter of 2005 compared to the same period
of 2004. Second quarter revenues included approximately $6.7 million from increases in foreign exchange.
The Company experienced a decline in domestic music events during the second quarter as compared to the
same period of the prior year resulting in decreased attendance and ticket revenues. Also, concession and
merchandising revenues declined associated with fewer events at the Company’s amphitheaters. These
declines were partially offset by revenue increases in its theater operations from increased presenting weeks,
increased ticket revenues in its motor sports group and revenue growth in its European operations, primarily
from promoting the U2 tour as well as additional music festival revenues.
Live entertainment expenses were down $2.7 million for the second quarter of 2005 compared to the same
period of 2004. Second quarter expenses included approximately $6.3 million from increases in foreign
exchange. This decline in expenses was primarily due to lower talent costs associated with fewer events and
reduced artist guarantees in the current quarter compared to the same period of 2004.
Update to Strategic Realignment of Businesses
On April 29, 2005, the Company announced a plan to strategically realign its businesses. This plan includes
an initial public offering (“IPO”) of approximately 10% of the common stock of the Company’s outdoor business
(“Clear Channel Outdoor”) and a 100% spin-off of its entertainment business (“Clear Channel
Entertainment”). These transactions are progressing and are expected to close by the end of the year. The
closing of the IPO and spin-off of Clear Channel Entertainment is subject to approval of the Company’s Board
of Directors, receipt of a tax opinion of counsel and letter ruling from the IRS relating to the Clear Channel
Entertainment spin-off, favorable market conditions, the filing and effectiveness of registration statements with
the Securities and Exchange Commission and other customary conditions.
As part of the strategic realignment, the Company announced its intention to pay a special dividend of $3.00
per share following the close of the IPO and the spin-off of Clear Channel Entertainment, a total of
approximately $1.6 billion. The Company believes that it is appropriate to expand the options available to
returning this capital to shareholders. At this time, rather than paying the approximately $1.6 billion as a
$3.00 per share special dividend, the Company now currently anticipates utilizing the approximately $1.6
billion in the form of either share repurchases, a special dividend, or a combination of both. To facilitate this
change, the Board of Directors of the Company has increased the current share repurchase program to $1.0
billion as described below. It is the Company’s current intention to pay a special dividend in 2006 after
taking into account the results of the Company’s share repurchases, and subject to the Company’s financial
3
4. condition, and market and economic conditions among other factors. The Company intends to fund any
share repurchases and/or a special dividend from funds generated from the repayment of intercompany
debt, the proceeds of any new debt offerings, available cash balances and cash flow from operations. The
timing and amount of a special dividend, if any, is in the discretion of the Board of Directors and may be
based on the economic and market factors described above, among others.
Share Repurchase Authorization
On August 9, 2005, the Company’s Board of Directors authorized an increase in and extension of its existing
$1.0 billion share repurchase program, which was originally authorized in February 2005 (the “February 2005
Program”). As of June 30, 2005, the Company has purchased under the February 2005 Program
approximately 20.9 million shares of its common stock for an aggregate purchase price of $692 million. The
Board of Directors has authorized an increase of $692 million to the existing balance of the February 2005
Program, bringing the current authorized amount of the share repurchase program to an aggregate of $1.0
billion. This increase in the share repurchase program is effective immediately, and expires on August 8,
2006, although the program may be discontinued or suspended at anytime prior to its expiration. The
Company will purchase shares from time to time through open market or privately negotiated transactions.
The Company will base its decision on amounts of repurchases and their timing on such factors as the
Company’s financial condition and stock price, general economic and market conditions and other factors.
Conference Call
The Company will host a teleconference to discuss its results on August 9th at 9:00 a.m. Eastern Time. The
conference call number is 888-283-6901 and the pass code is 5915724. Please call ten minutes in advance to
ensure that you are connected prior to the presentation. The teleconference will also be available via a live
audio cast on the Company's website, located at www.clearchannel.com. A replay of the call will be available
for 72 hours after the live conference call. The replay number is 888-203-1112 and the pass code is 5915724.
The audio cast will also be archived on the Company's website and will be available beginning 24 hours after
the call for a period of one week.
4
5. TABLE 1
Financial Highlights
Clear Channel Communications, Inc. and Subsidiaries
(Unaudited)
(In thousands, except per share data)
Three Months Ended
June 30, %
2005 Change
2004
$ 2,485,034
Revenue $ 2,458,751 (1%)
Divisional operating expenses 1,790,492 1,760,313
Corporate expenses 48,156 46,581
Non-cash compensation expense 1,675 915
Depreciation and amortization 167,991 167,754
Operating Income 450,437 509,471 (12%)
Interest expense 105,487 85,403
Gain (loss) on marketable securities 1,610 (5,503)
Equity in earnings of nonconsolidated affiliates 9,834 10,635
Other income (expense) - net 8,453 (2,694)
Income before income taxes 364,847 426,506
Income tax benefit (expense):
Current (108,051) (106,888)
Deferred (36,064) (65,848)
Net Income $ 220,732 $ 253,770 (13%)
Net Income per share:
Basic $ 0.41 $ 0.42 (2%)
Diluted $ 0.40 $ 0.41 (2%)
Weighted average shares outstanding - diluted 545,090 612,960
5
6. TABLE 2
Selected Balance Sheet Information
June 30, 2005 March 31, 2005
(In millions)
Cash $ 321.3 $ 271.3
Total Current Assets $ 2,700.6 $ 2,316.6
Net Property, Plant and Equipment $ 3,961.6 $ 4,040.5
Total Assets $ 20,090.7 $ 19,769.7
Current Liabilities (excluding current portion of long-term debt) $ 2,247.7 $ 1,897.0
Long-Term Debt (including current portion of long-term debt) $ 7,896.7 $ 7,732.8
Shareholders’ Equity $ 8,662.1 $ 8,850.0
TABLE 3
Capital Expenditures
Capital expenditures for the second quarter of 2005 versus 2004 were:
June 30, 2005 June 30, 2004
(In millions)
Non-revenue producing $ 71.0 $ 47.4
Revenue producing 30.7 38.5
Total capital expenditures $ 101.7 $ 85.9
The Company defines non-revenue producing capital expenditures as those expenditures that are required on
a recurring basis. Revenue producing capital expenditures are discretionary capital investments for new
revenue streams, similar to an acquisition.
TABLE 4
Liquidity and Financial Position
For the six months ended June 30, 2005, cash flow from operating activities was $774.1 million, cash flow
used in investing activities was $236.3 million, and cash flow used in financing activities was $427.0 million for
a net increase in cash of $110.8 million.
At June 30, 2005, Clear Channel had long-term debt of:
June 30, 2005
(In millions)
Bank Credit Facilities $ 916.8
Public Notes 6,814.1
Other Debt 165.8
Total $ 7,896.7
Leverage, defined as debt * , net of cash, divided by the trailing 12-month pro forma EBITDA ** , was 3.4x at June
30, 2005.
At June 30, 2005, 70% of the Company’s debt bears interest at fixed rates and 30% of the Company’s debt
bears interest at floating rates based upon LIBOR. The Company’s weighted average cost of debt at June 30,
2005 was 5.6%.
*
As defined by Clear Channel’s credit facility, debt is long-term debt of $7,897 million plus letters of credit of $241 million; guarantees of third party debt
of $13 million; net original issue discount/premium of $10 million; deferred purchase consideration of $10 million included in other long-term liabilities;
less the fair value of interest rate swaps of $4 million; and less purchase accounting premiums of $12 million.
**
As defined by Clear Channel’s credit facilities, pro forma EBITDA is the trailing twelve-month EBITDA adjusted to include EBITDA of any assets
acquired in the trailing twelve-month period.
6
7. As of August 9, 2005, Clear Channel has approximately $332.5 million available on its bank credit facility. The
Company does not have any public debt maturing during the remainder of 2005. The Company may utilize
existing capacity under its bank facilities and other available funds for future maturities or redemptions of debt.
Redemptions or repurchases will occur through open market purchases, privately negotiated transactions, or
other means.
Supplemental Disclosure Regarding Non-GAAP Financial
Information
TABLE 5
Operating Income before Depreciation and Amortization (D&A) and Non-cash Compensation Expense
The following tables set forth Clear Channel's Operating Income, D&A and Non-cash compensation expense
for the three months ended June 30, 2005 and 2004. The Company defines quot;Operating Income before D&A
and Non-cash compensation expense” as net income adjusted to exclude the following line items presented in
its Statement of Operations: Income tax benefit (expense); Other income (expense) - net; Equity in earnings of
nonconsolidated affiliates; Gain (loss) on marketable securities; Interest expense; D&A; and, Non-cash
compensation expense.
The Company uses Operating Income before D&A and Non-cash compensation expense, among other things,
to evaluate the Company's operating performance. This measure is among the primary measures used by
management for planning and forecasting of future periods, as well as for measuring performance for
compensation of executives and other members of management. This measure is an important indicator of the
Company's operational strength and performance of its business because it provides a link between
profitability and cash flows from operating activities. It is also a primary measure used by management in
evaluating companies as potential acquisition targets.
The Company believes the presentation of this measure is relevant and useful for investors because it allows
investors to view performance in a manner similar to the method used by the Company's management. It
helps improve investors’ ability to understand the Company's operating performance and makes it easier to
compare the Company's results with other companies that have different capital structures or tax rates. In
addition, this measure is also among the primary measures used externally by the Company's investors,
analysts and peers in its industry for purposes of valuation and comparing the operating performance of the
Company to other companies in its industry. Additionally, the Company’s bank credit facilities use this
measure for compliance with leverage covenants.
Since Operating Income before D&A and Non-cash compensation expense is not a measure calculated in
accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income as an
indicator of operating performance and may not be comparable to similarly titled measures employed by other
companies. Operating Income, D&A and Non-cash compensation expense are all financial statement line
items included on the Company’s statement of earnings. Operating Income before D&A and Non-cash
compensation expense is not necessarily a measure of the Company's ability to fund its cash needs. As it
excludes certain financial information compared with operating income and net income (loss), the most directly
comparable GAAP financial measure, users of this financial information should consider the types of events
and transactions, which are excluded.
As required by the SEC, the Company provides reconciliations below of Operating Income before D&A and
Non-cash compensation expense for each segment to such segment's operating income; Operating Income
before D&A and Non-cash compensation expense to net income, the most directly comparable amounts
reported under GAAP; and, Net Income and Diluted Earnings Per Share excluding certain items, if applicable.
7
8. Non-cash Operating Income before
Operating compensation Depreciation D&A and Non-cash
(In thousands)
income (loss) expense and amortization compensation expense
Three Months Ended June 30, 2005
⎯
Radio Broadcasting $ 343,282 $ 34,430 $ 377,712
$
⎯
Outdoor Advertising 127,081 96,562 223,643
⎯
Live Entertainment 23,434 14,825 38,259
⎯
Other 11,257 17,388 28,645
Corporate (54,617) 1,675 4,786 (48,156)
Consolidated $ 450,437 $ 1,675 $ 167,991 $ 620,103
Three Months Ended June 30, 2004
Radio Broadcasting $ 405,848 $ 232 $ 37,975 $ 444,055
⎯
Outdoor Advertising 113,754 92,806 206,560
⎯
Live Entertainment 25,647 14,895 40,542
⎯
Other 16,706 16,858 33,564
Corporate (52,484) 683 5,220 (46,581)
Consolidated $ 509,471 $ 915 $ 167,754 $ 678,140
TABLE 6
Reconciliation of Operating Income before Depreciation and amortization (D&A) and Non-cash
compensation expense to Net income
(In thousands) Three months ended June 30,
2005 2004
Operating Income before D&A and Non-cash
compensation expense $ 620,103 $ 678,140
Non-cash compensation expense 1,675 915
Depreciation & amortization 167,991 167,754
Operating Income 450,437 509,471
Interest expense 105,487 85,403
Gain (loss) on marketable securities 1,610 (5,503)
Equity in earnings of nonconsolidated affiliates 9,834 10,635
Other income (expense) – net 8,453 (2,694)
Income before income taxes 364,847 426,506
Income tax (expense) benefit:
Current (108,051) (106,888)
Deferred (36,064) (65,848)
Net income $ 220,732 $ 253,770
About Clear Channel Communications
Clear Channel Communications, Inc. (NYSE:CCU) is a global media and entertainment company specializing
in quot;gone from homequot; entertainment and information services for local communities and premiere opportunities
for advertisers. Based in San Antonio, Texas, the company's businesses include radio, outdoor displays, live
entertainment events and venues, and television stations. See us on the web at www.clearchannel.com.
For further information contact:
Investors – Randy Palmer, Senior Vice President of Investor Relations, (210) 832-3315 or
Media – Lisa Dollinger, Chief Communications Officer, (210) 832-3474
8
9. or visit our web-site at http://www.clearchannel.com.
Certain statements in this document constitute “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of Clear
Channel Communications to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,”
“expect,” “anticipate,” “estimates” and “forecast” and similar words or expressions are intended to identify such
forward-looking statements. In addition, any statements that refer to expectations or other characterizations of
future events or circumstances are forward-looking statements. The Company cannot provide any assurance
that the IPO of Clear Channel Outdoor, the spin-off of Clear Channel Entertainment or the payment of the one-
time/special dividend will be completed, or the terms of which all of the transactions will be consummated.
Various risks that could cause future results to differ from those expressed by the forward-looking statements
included in this document include, but are not limited to: risks inherent in the contemplated IPO, spin-off, cash
dividends or borrowings; costs related to the proposed transactions; distraction of the Company and its
management team as a result of the proposed transactions; changes in business, political and economic
conditions in the U.S. and in other countries in which Clear Channel Communications currently does business
(both general and relative to the advertising and entertainment industries); fluctuations in interest rates; changes
in operating performance; shifts in population and other demographics; changes in the level of competition for
advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor
conditions; changes in governmental regulations and policies and actions of regulatory bodies; fluctuations in
exchange rates and currency values; changes in tax rates; and changes in capital expenditure requirements;
access to capital markets and changes in credit ratings. Other unknown or unpredictable factors also could have
material adverse effects on Clear Channel Communications’, Clear Channel Outdoor’s and Clear Channel
Entertainment’s future results, performance or achievements. In light of these risks, uncertainties, assumptions
and factors, the forward-looking events discussed in this document may not occur. You are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is
stated, as of the date of this document. Other key risks are described in Clear Channel Communications’ reports
filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1. Business –
Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. Except as
otherwise stated in this document, Clear Channel Communications does not undertake any obligation to publicly
update or revise any forward-looking statements because of new information, future events or otherwise.
A registration statement relating to the IPO of Clear Channel Outdoor common stock and an information
statement relating to the spin-off of Clear Channel Entertainment will be filed with the Securities and Exchange
Commission.
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of Clear Channel Outdoor common stock in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such state. Any such
offering of securities will be made only by means of a prospectus included in the registrations statement filed
with the Securities and Exchange Commission.
9