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Technology Stocks : Clear Channel Communication -- Ignore unavailable to you. Want to Upgrade?

To: SecularBull who wrote (1)	2/29/2000 1:02:00 PM
From: SecularBull	Respond to of 2

AMFM cash flow jumps but shares fall Soon-to-be parent Clear Channel's SFX buy sinks stock By David B. Wilkerson, CBS MarketWatch Last Update: 12:51 PM ET Feb 29, 2000 Media Indexes DALLAS (CBS.MW) -- AMFM on Tuesday reported higher after-tax cash flow that topped most analysts' estimates, but the shares dropped on news concerning Clear Channel Communications, which agreed to buy AMFM late last year. Today on CBS MarketWatch U.S. stocks ride chip rocket Tech 2000 conference updates AOL's open access plans Consumer confidence slips Nasdaq rips to new high More top stories... CBS MarketWatch Columns Updated: 02/29/2000 12:37:06 PM ET Clear Channel (CCU: news, msgs) will buy event producer and promoter SFX Entertainment in a deal valued at about $4.4 billion. See related story. Clear Channel's stock fell 7 3/16 to 68 in recent trading. Clear Channel agreed to buy AMFM last fall for $23.5 billion, in a transaction that will create the nation's largest radio company. Because the two stocks now trade in step with each other, AMFM (AFM: news, msgs) shares fell 7 3/16 to 61 5/16 Tuesday. AMFM said after-tax cash flow -- a key measurement of a broadcasting company's growth -- rose to $155.7 million, or 69 cents a share, from $102.3 million, or 62 cents, in the year-earlier period. On average, analysts polled by First Call were looking for a figure of 67 cents. Broadcast analysts focus on cash flow because frequent acquisitions and swaps lead to tax expenses that skew the bottom line. The company's loss from operations was $68.9 million, or 31 cents a share, compared to a deficit of $33 million, or 23 cents, in the same period in 1998. Respondents to the First Call survey were expecting a loss of 35 cents. Revenue climbed to $601 million from $374.8 million. AMFM attributed its year-over-year cash flow growth to ratings gains at stations re-programmed with the company's "Jammin' Oldies" format, advertising revenue from ".com" companies, and improved performance at stations re-programmed with its "Rockin' Hits" format.