EX-99.1CHARTER 2 k8ex.txt EXHIBIT ON GUIDANCE FOR 2001 EXHIBIT 99.1 Clear Channel Releases 2001 Guidance San Antonio, Texas January 30, 2001...Clear Channel Communications, Inc. (NYSE: CCU) today has provided the following guidance for select income statement items for the twelve-month period ending December 31, 2001. With the adoption by the Securities and Exchange Commission of Regulation FD (Full Disclosure), the Company believes that it is important to provide this guidance to investors. These estimates are based on current Generally Accepted Accounting Principles (GAAP) for the treatment of goodwill and other intangibles and do not consider any impact of the current Financial Accounting Standards Board (FASB) project on Business Combinations that may change the accounting treatment of goodwill and other intangibles. Any questions regarding this guidance will be addressed during the Company's full-year and 4th quarter 2000 earnings conference call on Tuesday, February 13, 2001 at 4:00 p.m. CST. (in Millions US$) ----------------------------------------------------------- 2001 ----------------------------------------------------------- 1Q 2Q 3Q 4Q FY ----------------------------------------------------------- Net revenue 1,540 2,241 2,326 1,975 8,082 Operating expenses 1,078 1,430 1,476 1,175 5,159 Cash flow from operations (1) 462 811 850 800 2,923 Corporate overhead 52 51 50 50 203 EBITDA (2) 410 760 800 750 2,720 Interest 156 157 148 141 602 Depreciation and amortization 564 564 564 564 2,256 Tax expense (benefit) (53) 81 100 84 212 ----------------------------------------------------------- ----------------------------------------------------------- Net income (loss) (273) (52) (22) (46) (393) ----------------------------------------------------------- ----------------------------------------------------------- After-tax cash flow (3) 320 543 576 549 1,988 ----------------------------------------------------------- ----------------------------------------------------------- Average shares outstanding (basic) 586 586 586 586 586 ----------------------------------------------------------- Average shares outstanding (diluted) 627 629 631 631 630 ----------------------------------------------------------- Per Share Amounts Diluted: ----------------------------------------------------------- Net income (loss) $ (0.47) $ (0.09) $ (0.04) $ (0.08) $ (0.67) After-tax cash flow $ 0.51 $ 0.86 $ 0.91 $ 0.87 $ 3.16 -----------------------------------------------------------
-------------------------------------------------------- (1) Operating income excluding depreciation, amortization, corporate overhead, non-recurring items and other non-cash charges (2) Cash flow from operations less corporate overhead (3) Diluted net income before unusual and non-recurring items plus non-cash items (including non-consolidated affiliates)