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Clear Channel Outdoor 1Q profit grows more than fivefold

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May 9, 2008

SAN ANTONIO—Billboard advertising company Clear Channel Outdoor Holdings Inc. said Friday its first-quarter profit grew more than fivefold, primarily on the sale of its stake in a South African outdoor advertising company.

For the period ended March 31, earnings soared to $88.9 million, or 25 cents per share, compared with $16.1 million, or 5 cents per share, in the prior year.

Quarterly results included a $75.6 million, or 21 cents per share, gain related to the sale of its 50 percent stake in South African outdoor ad company Clear Channel Independent.

Excluding the gain from the sale, profit was $13.3 million, or 4 cents per share.

Analysts predicted net income of 5 cents per share, according to a Thomson Financial poll. Estimates typically exclude one-time items.

Revenue gained 12 percent to $775.6 million, surpassing Wall Street's estimate of $738 million.

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