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Clear Channel Outdoor Holdings, Inc. Reports Results For Second Quarter 2012

Stocks in this article: CCO

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial results for the second quarter ended June 30, 2012.

“We are pleased that the Company continued to make solid progress in spite of the economic headwinds – growing the business at both our International and Americas operations in the quarter,” said Bob Pittman, Executive Chairman of Clear Channel Outdoor Holdings, Inc. “We are investing aggressively in this business, especially on digital displays and other innovative infrastructure, to accelerate our growth in the future.”

“Our results in the quarter continued to benefit from our strategic digital investments, even with weaker demand in parts of Europe,” said Chief Executive Officer William Eccleshare. “At our Americas business, we deployed 49 additional digital billboards for a total of 963 installations. Internationally, street furniture was the primary driver of growth in China, Australia and the U.K., with billboards improving in Switzerland. At both our Americas and International operations, we will continue to work hard to drive profitability.”

Second Quarter 2012 Results

The Company reported revenues of $761 million in the second quarter of 2012, a decrease from the $789 million for the same period of 2011. Excluding the effects of movements in foreign exchange rates, 1 revenues grew $10 million, or 1%.

  • Americas revenues rose $2 million, or 1%, compared to the same quarter of 2011, driven primarily by revenue growth from bulletins due to the continued deployment of digital displays and increased airport revenues on higher rates.
  • International revenues increased $7 million, or 1%, compared to the second quarter of 2011, excluding the effects of movements in foreign exchange rates. Growth resulted mainly from higher street furniture revenues, particularly in China, Australia and the UK, as well as increased billboard revenues in Switzerland. On a reported basis, revenues declined $30 million, or 6%, due to unfavorable movements in foreign exchange rates.

OIBDAN 1 totaled $196 million in the second quarter of 2012 compared to $210 million in the same quarter of 2011, reflecting a decrease of 7%. OIBDAN declined 5% during the second quarter of 2012, excluding the negative impact of movements in foreign exchange rates. In the second quarter of 2012, the Company incurred charges related to certain strategic revenue and cost initiatives to improve operations and continue to invest in the Company’s long-term profitability.

Net loss attributable to the Company totaled $8 million, or $0.04 per diluted share, in the second quarter of 2012. This compares to net income attributable to the Company of $27 million, or $0.07 per diluted share, for the same period of 2011.

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