Radio broadcaster Clear Channel Communications Inc. says its profit soared in the first quarter while revenues rose 4 percent.

The San Antonio-based company said Friday it earned $799.7 million (euro521.08 million) or $1.61 per share in the first three months of the year. That is well above the $102.2 million (euro66.59 million) or 21 cents per share it earned in the same period a year ago.

Clear Channel just completed the sale of a TV station group and is in the process of trying to go private.

Without discontinued operations, earnings rose 70 percent to $161.4 million (euro105.17 million) or 32 cents a share from $95.1 million or 19 cents per share a year earlier.

There have been a lot of positive earnings reports lately.  I know we keep hearing how bad the economy is, so it is a good sign when companies are able to overcome a bad market.

Thanks for the news.