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

As required by the SEC, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) OIBDAN for each segment to consolidated operating income (loss); (ii) Revenues excluding foreign exchange effects to revenues; (iii) 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).

 

Reconciliation of OIBDAN for each segment to Consolidated Operating Income (Loss)

(In thousands)          

Operatingincome (loss)

Non-cashcompensation expenses

Depreciation and amortization

Other operatingincome (expense)- net andimpairment charges

OIBDAN
Three Months Ended June 30, 2013
Americas $ 91,050 $ - $ 47,041 $ - $ 138,091
International 46,272 - 49,930 - 96,202
Impairment charges - - - - -
Corporate (34,487 ) 2,334 595 - (31,558 )
Other operating income – net   3,697     -   -   (3,697 )   -  
Consolidated $ 106,532   $ 2,334 $ 97,566 $ (3,697 ) $ 202,735  
 
 
 
Three Months Ended June 30, 2012
Americas $ 85,467 $ - $ 48,567 $ - $ 134,034
International 39,516 - 50,710 - 90,226
Impairment charges - - - - -
Corporate (30,343 ) 2,154 391 - (27,798 )
Other operating income – net   2,746     -   -   (2,746 )   -  
Consolidated $ 97,386   $ 2,154 $ 99,668 $ (2,746 ) $ 196,462  
 
 
 
Six Months Ended June 30, 2013
Americas $ 137,563 $ - $ 95,726 $ - $ 233,289
International 24,539 - 100,923 - 125,462
Impairment charges - - - - -
Corporate (62,960 ) 3,995 1,244 - (57,721 )
Other operating income – net   5,800     -   -   (5,800 )   -  
Consolidated $ 104,942   $ 3,995 $ 197,893 $ (5,800 ) $ 301,030  
 
 
 
Six Months Ended June 30, 2012
Americas $ 127,603 $ - $ 91,525 $ - $ 219,128
International 12,609 - 99,745 - 112,354
Impairment charges - - - - -
Corporate (58,138 ) 5,356 735 - (52,047 )
Other operating income – net   6,749     -   -   (6,749 )   -  
Consolidated $ 88,823   $ 5,356 $ 192,005 $ (6,749 ) $ 279,435  
 
 

Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to Revenues

 

       
(In thousands)   Three Months Ended   Six Months Ended
June 30, % June 30, %
2013   2012 Change 2013 2012 Change
 
Revenue $ 766,871 $ 761,326 1 % $ 1,417,081 $ 1,412,609 0 %

Excluding: Foreign exchange decrease(increase)

  (1,752 )   -   (895 )   -

Revenue excluding effects of foreignexchange

$ 765,119   $ 761,326 0 % $ 1,416,186   $ 1,412,609 0 %
 
Americas revenue $ 335,025 $ 320,678 4 % $ 621,486 $ 600,829 3 %

Excluding: Foreign exchange decrease(increase)

  133     -   223     -

Americas revenue excluding effects offoreign exchange

$ 335,158   $ 320,678 5 % $ 621,709   $ 600,829 3 %
 
International revenue $ 431,846 $ 440,648 (2 %) $ 795,595 $ 811,780 (2 %)

Excluding: Foreign exchange decrease(increase)

  (1,885 )   -   (1,118 )   -

International revenue excluding effects offoreign exchange

$ 429,961   $ 440,648 (2 %) $ 794,477   $ 811,780 (2 %)
 
 

Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding Effects of Foreign Exchange Rates to Expenses

 

 
(In thousands)   Three Months Ended       Six Months Ended
June 30, % June 30, %
2013   2012 Change 2013   2012 Change
 
Consolidated expense $ 532,578 $ 537,066 (1 %) $ 1,058,330 $ 1,081,127 (2 %)

Excluding: Foreign exchange decrease(increase)

  (1,638 )   -   (1,623 )   -

Expense excluding effects of foreignexchange

$ 530,940   $ 537,066 (1 %) $ 1,056,707   $ 1,081,127 (2 %)
 
Americas expense $ 196,934 $ 186,644 6 % $ 388,197 $ 381,701 2 %

Excluding: Foreign exchange decrease(increase)

  112     -   191     -

Americas expense excluding effects offoreign exchange

$ 197,046   $ 186,644 6 % $ 388,388   $ 381,701 2 %
 
International expense $ 335,644 $ 350,422 (4 %) $ 670,133 $ 699,426 (4 %)

Excluding: Foreign exchange decrease(increase)

  (1,750 )   -   (1,814 )   -

International expense excluding effects offoreign exchange

$ 333,894   $ 350,422 (5 %) $ 668,319   $ 699,426 (4 %)
 
 

Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN

 

       
(In thousands)   Three Months Ended   Six Months Ended
June 30, % June 30, %
2013   2012 Change 2013 2012 Change
 
OIBDAN $ 202,735 $ 196,462 3 % $ 301,030 $ 279,435 8 %

Excluding: Foreign exchange decrease(increase)

  (114 )   -   728   -

OIBDAN excluding effects of foreignexchange

$ 202,621   $ 196,462 3 % $ 301,758 $ 279,435 8 %
 
Americas OIBDAN $ 138,091 $ 134,034 3 % $ 233,289 $ 219,128 6 %

Excluding: Foreign exchange decrease(increase)

  21     -   32   -

Americas OIBDAN excluding effects offoreign exchange

$ 138,112   $ 134,034 3 % $ 233,321 $ 219,128 6 %
 
International OIBDAN $ 96,202 $ 90,226 7 % $ 125,462 $ 112,354 12 %

Excluding: Foreign exchange decrease(increase)

  (135 )   -   696   -

International OIBDAN excluding effects offoreign exchange

$ 96,067   $ 90,226 6 % $ 126,158 $ 112,354 12 %
 
 

Reconciliation of Corporate Expenses excluding Non-cash compensation expenses to Corporate Expenses

 

   
(In thousands)   Three Months Ended       Six Months Ended
June 30, % June 30, %
2013   2012 Change 2013 2012 Change
Corporate Expense $ 33,892 $ 29,952 13 % $ 61,716 $ 57,403 8 %
Less: Non-cash compensation expense   (2,334 )   (2,154 )   (3,995 )   (5,356 )
$ 31,558   $ 27,798   14 % $ 57,721   $ 52,047   11 %
 
 

Reconciliation of OIBDAN to Net Income / (Loss)

 

(In thousands)   Three Months Ended       Six Months Ended  
June 30, % June 30, %
2013   2012 Change 2013   2012 Change
 
OIBDAN $ 202,735 $ 196,462 3 % $ 301,030 $ 279,435 8 %
Non-cash compensation expense 2,334 2,154 3,995 5,356
Depreciation and amortization 97,566 99,668 197,893 192,005
Impairment charges - - - -
Other operating income (expense) – net   3,697     2,746     5,800     6,749  
Operating income 106,532 97,386 104,942 88,823
 
Interest expense – net 88,063 102,953 176,156 170,784

Interest income on due from Clear ChannelCommunications

12,496 16,089 24,416 32,069

Equity in earnings (loss) of nonconsolidatedaffiliates

169 (157 ) (316 ) 264
Other income (expense) – net   (310 )   (1,631 )   (1,217 )   (2,125 )
Loss before income taxes 30,824 8,734 (48,331 ) (51,753 )
Income tax benefit (expense)   (12,094 )   (8,082 )   (7,088 )   7,212  
Consolidated net loss 18,730 652 (55,419 ) (44,541 )

Amount attributable to noncontrollinginterest

  9,822     8,768     9,951     7,445  

Net income (loss) attributable to theCompany

$ 8,908   $ (8,116 ) $ (65,370 ) $ (51,986 )
 

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc., (NYSE: CCO) is one of the world’s largest outdoor advertising companies, with more than 750,000 displays in over 40 countries across five continents, including 48 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 1,000 digital billboards across 37 U.S. markets. Clear Channel Outdoor Holdings’ International segment operates in nearly 30 countries across Asia, Australia, Europe and Latin America in a wide variety of formats. More information is available at www.clearchanneloutdoor.com and www.clearchannelinternational.com.

Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements.

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in business, political and economic conditions in the United States and in other countries in which the Company currently does business (both general and relative to the advertising industry); changes in operating performance; changes in governmental regulations and policies and actions of regulatory bodies; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; fluctuations in exchange rates and currency values; the outcome of litigation; fluctuations in interest rates; taxes and tax disputes; shifts in population and other demographics; access to capital markets and borrowed indebtedness; risks relating to the integration of acquired businesses; and risks that we may not achieve or sustain anticipated cost savings. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release. Other key risks are described in the Company’s reports and other documents filed with the U.S. Securities and Exchange Commission, including in the section entitled "Item 1A. Risk Factors” of Clear Channel Outdoor Holdings, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this document, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.



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