Financial Briefs

By VARIETY STAFF

Clear Channel Communications reported Thursday that third quarter revenues rose to $888 million from $434 million a year ago, although profits fell to $1.5 million against $11.5 million last year.

The San Antonio, Texas-based company said improvements in existing operations and additional broadcasting stations and billboards helped results for the period ended Sept. 30.

Earlier this week, the company said it was eyeing Ginger Media, the radio and television group controlled by popular British broadcaster Chris Evans. It expressed interest in buying Odeon Cinemas, as well.

The company owns, programs or sells airtime for more than 435 radio stations in about 100 U.S. markets. It will become the No. 1 U.S. radio owner, with about 830 stations, after it buys AMFM.

Shares of Clear Channel were up $3.50 to close at $81.50, a gain of 5%.

* * *

A.H. Belo reported a 21% boost in third-quarter profits on revenues that were up 5%, the Dallas-based media firm said Thursday.

A.H. Belo, which owns 17 network-affiliated TV stations and several large newspapers, posted profits of $58 million, up from $47.8 million in the year-ago period, ended Sept. 30.

Revenues were up to $345 million, with earnings at its broadcasting division increasing 3.7% to $138.7 million. The newspaper division's revs increased 5.9% to $203 million.

Chairman and CEO Robert Decherd said the company's television revenue increase was "at the top of the industry" and expects the TV group to post strong sales in the fourth quarter.

On Wednesday, Belo announced a deal with Geocast Network Systems to deliver programming to desktop computers. Belo said it will invest $10 million in the venture.

* * *

Shaw Communications posted dramatically improved net results Wednesday for its year end.

The Calgary-based cabler ended the year with a net income of C$45.8 million ($31.1 million), up almost 240% from $9.2 million for the year ended Aug. 31, 1998.

Much of that gain was offset by the company's carriage of its portion of the red ink from DTH satellite TV service provider Star Choice, which, although exceeding growth expectations, continues to lose money due to its start-up nature.

Shaw's revenue for the year was $494 million, up from $438.2 million last year.

Shaw Communications also announced the appointment of Peter Bissonnette as the president of Shaw Cablesystems. A 10-year veteran of Shaw, Bissonnette will be responsible for Shaw's cable ops and cable related services, including Shaw@Home.

* * *

Laser-Pacific Media Corp. reported its most successful third quarter ever Thursday, posting a 518% surge in profits of $737,000 and an 18% boost in revenues to $7.8 million.

The Hollywood-based post production house attributed the surge mostly to its standard- and high-definition work on shows for the 1999-2000 TV season, as well as the expansion of its movie mastering and DVD activities.

Shares of the post house were down 50¢ on Thursday to close at $9.63, a loss of 5%. The company hit a 52-week high of $11.75 in late September.