iHeartMedia 2005 Annual Report Download - page 91

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NOTE Q – SUBSEQUENT EVENTS
On February 14, 2006, the Company’s Board of Directors declared a quarterly cash dividend of $0.1875 per share
on the Company’s Common Stock. The dividend is payable on April 15, 2006 to shareholders of record at the close
of business on March 31, 2006.
From January 1, 2006 through March 8, 2006, 25.1 million shares had been repurchased for an aggregate purchase
price of $744.0 million, including commission and fees. At March 8, 2006, there was $45.0 million remaining
available for repurchase through the Company’s current share repurchase program. On March 9, 2006, the
Company’s Board of Directors authorized an additional share repurchase program, permitting the Company to
repurchase an additional $600.0 million of its common stock. This increase expires on March 9, 2007, although the
program may be discontinued or suspended at anytime prior to its expiration.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not Applicable
ITEM 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We have established disclosure controls and procedures to ensure that material information relating to Clear
Channel Communications, Inc. (the “Company”) including its consolidated subsidiaries, is made known to the
officers who certify the Company’s financial reports and to other members of senior management and the Board of
Directors.
Based on their evaluation as of December 31, 2005, the Chief Executive Officer and Chief Financial Officer of the
Company have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934) are effective to ensure that the information required to be
disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.
Management’s Report on Internal Control Over Financial Reporting
The management of Clear Channel Communications Inc. (the “Company”) is responsible for establishing and
maintaining adequate internal control over financial reporting. The Company’s internal control over financial
reporting is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial
Officer to provide reasonable assurance regarding the reliability of financial reporting and preparation of the
Company’s financial statements for external purposes in accordance with generally accepted accounting principles.
As of December 31, 2005, management assessed the effectiveness of the Company’s internal control over financial
reporting based on the criteria for effective internal control over financial reporting established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based
on the assessment, management determined that the Company maintained effective internal control over financial
reporting as of December 31, 2005, based on those criteria.
Ernst & Young LLP, the independent registered public accounting firm that audited the consolidated financial
statements of the Company included in this Annual Report on Form 10-K, has issued an attestation report on
management's assessment of the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2005. The report, which expresses unqualified opinions on management's assessment and on the
effectiveness of the Company’s internal control over financial reporting as of December 31, 2005, is included in this
Item under the heading “Report of Independent Registered Public Accounting Firm. ”
Subsequent to our evaluation, there were no significant changes in internal controls or other factors that could
significantly affect these internal controls.