Mark Mays Continue Quotations

We have reduced our inventory capacity approximately 20%, and thus we have to continue to focus on increasing our yield per minute. We are building a new 30-second marketplace, which continues to move forward, albeit more slowly than we would hope. We are also hoping for a more robust radio and advertising environment that has not materialized yet.

We continued to make progress in each of our businesses in the third quarter. For the second consecutive quarter Clear Channel Radio experienced sequential financial improvement over the previous quarter.