The earnings for the second quarter were better than expectations. The analyst estimates were exceeded, and there was improvement in the top and the bottomline. In fact, the company reported a profit of $8.9 million compared to a net loss of $8.12 million on a yoy basis. This translates into an EPS of 2 cents per share compared to a net loss of 2 cents per share in Q2'12. The revenues were $766 million, up 1% compared to $761 million in Q2'12. The stock has been trading in a tight range over the last few months, and the current earnings are likely to help improve the sentiments slightly. Over the past one year, the stock has appreciated by nearly 50%. The company had reported a huge net loss in Q4'12 due to impairments and extinguishment of debt. Even in Q1'13, the performance was not good because the revenues remained flat, and the net loss increased on a yoy basis. The key to future growth in the stock is continuous improvement in the bottom line. The top line growth is also likely to be difficult in the face of increasing competition. There are major players like Lamar (LAMR) and CBS (CBS) in the outdoor advertising business, but other segments of the advertising market, like online advertising are also providing strong competition. Social media is increasingly being used by advertisers to reach out to the customers. Native advertising / Social media sponsorship is also gaining in popularity. IZEA (IZEA) is using the power of celebrity influence to help advertisers attract customers. For Clear Channel, high debt also remains a major concern. The debt of $4.94 billion puts pressure on the margins due to interest payouts. The cash on books is around $399 million. If it can reduce leverage and continue to improve the bottom-line, the outlook for the stock will improve further.