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Clear Channel Outdoor Holdings, Inc. Reports Results For 2013 Second Quarter

Stocks in this article: CCO

1See the end of this press release for reconciliations of (i) OIBDAN for each segment to consolidated operating income (loss); (ii) revenues excluding foreign exchange effects to revenues; (iii) direct operating and SG&A expenses excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects to OIBDAN; (v) corporate expenses excluding non-cash compensation expenses to corporate expenses; and (vi) OIBDAN to net income (loss). See also the definition of OIBDAN under the Supplemental Disclosure section of this release.

2The Company’s operating expenses include direct operating expenses and SG&A expenses.

3 During 2012, the Company disposed of international businesses. For the three months ended June 30, 2012, these businesses contributed $9 million in revenues, $8 million in operating expenses, and $2 million in OIBDAN.

Americas

Americas revenues rose $14 million, or 4%, on a reported basis and 5% adjusted for movements in foreign exchange rates, driven by higher occupancy and capacity on digital displays, higher occupancy and rate on traditional bulletins, strong growth in posters, and growth in airports. Partially offsetting this growth were declines in our specialty businesses.

Operating expenses increased $10 million, or 6%, to $197 million for second quarter 2013, on a reported basis and adjusted for the effects of movements in foreign exchange rates. Operating expenses in the second quarter of 2012 reflected a favorable court ruling of $8 million. Expenses in the second quarter of 2013 also included a $2 million decrease in expenses related to investments in strategic revenue and cost savings programs.

OIBDAN, on a reported basis and excluding foreign exchange impacts, grew $4 million, or 3%, to $138 million during the second quarter of 2013 compared to the same period in 2012. Second quarter 2013 OIBDAN reflected approximately $1 million of expenses related to certain investments in strategic revenue and cost savings programs compared to $3 million in the second quarter of 2012.

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