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For all of 2003, Clear Channel earned $1 Peter Mirsky, an analyst with Oppenheimer & Co " President and chief operating officer Mark Mays, the CEO's son, said radio advertising is improving month by month The Thomson First Call analysts were already expecting a 22 percent increase The San Antonio-based company said revenue rose 4 percent to $2 The stock was down 92 cents to close at $42 Clear Channel's concert and billboard businesses picked up the slack in the radio unit Clear Channel Profits Up but Miss Forecast Feb 24, 5:26 PM EST Radio giant Clear Channel Communications Inc Investors didn't like what they heard, however, sending Clear Channel's shares down 6 percent in morning trading Revenue from entertainment, about 30 percent of the company's total, rose 6 percent on the back of tours by the Rolling Stones, Bruce Springsteen and other stars The company said attendance rose last year even though there were fewer amphitheater events The outdoor advertising unit, about 25 percent of Clear Channel revenue, did even better, jumping 14 percent 29 billion from $2 21 billion 18 per share in 2002 Much of the improvement came from the weak dollar, which raised the value of foreign earnings 93 billion, up from $8 , said in an interview that company officials failed to give enough details to convince investors that radio is really coming out of a slump Radio revenue, which accounts for more than 40 percent of Clear Channel's total, fell 1 percent in the fourth quarter and for all of 2003 Clear Channel, the nation's largest radio station owner, earned $187 million, or 30 cents per share, in the October-December period, compared with $184 million, also 30 cents per share, a year earlier Revenue for 2003 was $8 Nabi had predicted a 17 percent gain 85 per share, compared to $725 million, or $1 Marc Nabi, a Merrill Lynch analyst with a "buy" rating on Clear Channel stock, added that he was disappointed that the company predicted operating income would grow only by a low double-digit figure in 2004 Analysts surveyed by Thomson First Call had expected profit of 33 cents per share Analysts say the developments are not yet weighing on the company's stock He said the company predicted that radio revenue in the January-March quarter would grow 3 percent to 5 percent over a year ago Clear Channel officials were upbeat in a conference call with analysts, with chairman and chief executive L posted nearly flat profits in the fourth quarter Tuesday, falling short of Wall Street expectations due to weak demand for advertising on local stations He said they view low-end cable television as an alternative to radio Clear Channel predicted that it would increase earnings per share for 2004 by mid- to high-teens, but that fell short again of Wall Street's outlook "The advertisers got a little tired of being taken advantage of in the bubble years, and they're pushing back now," he said 42 billion in 2002 Mirsky said Clear Channel and other radio companies are being hurt because advertisers who once agreed to pay higher rates are now balking Clear Channel, which owns about 1,200 radio stations, has become a target for critics of media consolidation It also faces a proposed $755,000 fine for airing sexually explicit daytime radio shows in Florida Lowry Mays saying the company had posted record annual revenue and net earnings despite "a very challenging year 92 on the New York Stock Exchange 15 billion, or $1 He was criticized for overlooking the more political moments of American history, from McCarthyism and Vietnam in the 1950s and '60s to multiculturalism in the '80s and '90s He was 89 In the 1950s, appearing before the House Un-American Affairs Committee, he named names of Communist Party members His works sold millions of copies and were translated into more than 20 languages He had three sons: Paul Terry, Jonathan and David West No market research or research assistants Manuscripts typed on an old Olympia, then duly handed in to his primary editor, Ruth, who just as often duly handed them back and told him to do better Social Critic, Historian Boorstin Dies Feb 29, 9:15 AM EST Daniel J Optimism, he remembered, was like a religion, worshipped as a New Yorker might feel called to the path of cynicism The son of Russian Jews, Boorstin was born in Atlanta in 1914 He helped with the acquisition of manuscripts and consulted on matters at the Center for the Book and the American Folklife Center, both of which he helped create He graduated first in his class at high school and was only 15 when he entered Harvard University " The news was now dominated by public relations, he believed, by "pseudo-events" staged for the sake of being reported â€â€?â€â€?â€â€? AP National Writer Hillel Italie contributed to this report Boorstin died after midnight of pneumonia at Washington's Sibley Hospital, his wife, Ruth, said An admirer of William James, the great "pragmatic" philosopher, Boorstin saw the United States as the ultimate pragmatic experiment, created out of experience rather than ideas In the 1960s, he was against affirmative action and attacked student radicals But the family soon moved to Tulsa, Okla An old-fashioned looking man who favored bow ties, Boorstin ran an old-fashioned operation Theirs was not a slow, scholarly courtship Although he disliked making political statements in his writing, he wasn't as circumspect elsewhere Even the American Library Association objected â€â€? because he was not a professional librarian He wrote about the evolution of clocks, where elevators were first used and the impact of mail-order catalogs In 1969, he became director of the Smithsonian Institution's National Museum of History and Technology (now the Museum of American History) and six years later he was nominated by President Ford as Librarian of Congress "He would say, `Tell me if you don't like it, and I'll rewrite it,' but it was always brilliant," she said Boorstin served as Librarian of Congress from 1975 to 1987, and he remained active for years in library affairs In such works as "The Discovers," "The Creators" and his "The Americans" trilogy, he tried to write history non-historians wanted to read, history he thought the professionals were too rigid to care about In 1974, he won the Pulitzer Prize for history for "The Americans: The Democratic Experience Boorstin never identified with academic historians, but he did teach for 25 years at the University of Chicago and lectured all over the world They met on Christmas Day, 1940, and were married four months later Years before such concerns were common, Boorstin wrote that the combination of mass media and corporate power had transformed the "language of ideals" into the "language of images Years later, while on holiday break from a teaching position at Harvard, Boorstin met a lively young Wellesley College graduate, Ruth Carolyn Frankel , then a frontier town gushing both with oil and with what Boorstin called the "booster" spirit " He also won several historians' honors and was a two-time nominee for the National Book Award Boorstin wrote political history, cultural history, creative history and what deserved to be called popular history Nominated in 1975 for Librarian of Congress, he was opposed both by the Congressional Black Caucus and by black library employees His most influential work was "The Image," published in 1961 But he was not universally admired But most people knew him for his own books Boorstin was also viewed with mixed feelings by professional historians "It was wonderful about how modest he was," said Ruth Boorstin, a writer and poet Boorstin, the bow-tied, million-selling historian and social critic who coined the phrase "pseudo-event" and immersed himself in subjects both grand and obscure, died Saturday From science to farming, Boorstin looked upon history as a conflict between innovators and bureaucrats, those who thought for themselves and those who let others think for them But few questioned that his books were highly readable |
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