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Clear Channel Outdoor Holdings, Inc. Reports Results For 2013 Third 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)                              

Operating income (loss)

Non-cashcompensation expenses

Depreciation and amortization

Other operatingincome (expense)- net andimpairment charges

OIBDAN

Three Months Ended September 30, 2013
Americas $ 86,105 $ - $ 48,530 $ - $ 134,635
International 11,757 - 49,090 - 60,847
Impairment charges - - - - -
Corporate (30,443 ) 1,652 724 - (28,067 )
Other operating income – net   6,604           -         -         (6,604 )         -  
Consolidated $ 74,023         $ 1,652       $ 98,344       $ (6,604 )       $ 167,415  
 
 
Three Months Ended September 30, 2012
Americas $ 85,898 $ - $ 50,177 $ - $ 136,075
International 18,105 - 49,740 - 67,845
Impairment charges - - - - -
Corporate (29,255 ) 3,660 435 - (25,160 )
Other operating income – net   42,397           -         -         (42,397 )         -  
Consolidated $ 117,145         $ 3,660       $ 100,352       $ (42,397 )       $ 178,760  
 
 
Nine Months Ended September 30, 2013
Americas $ 223,668 $ - $ 144,256 $ - $ 367,924
International 36,296 - 150,013 - 186,309
Impairment charges - - - - -
Corporate (93,403 ) 5,647 1,968 - (85,788 )
Other operating income – net   12,404           -         -         (12,404 )         -  
Consolidated $ 178,965         $ 5,647       $ 296,237       $ (12,404 )       $ 468,445  
 
 
Nine Months Ended September 30, 2012
Americas $ 213,501 $ - $ 141,702 $ - $ 355,203
International 30,714 - 149,485 - 180,199
Impairment charges - - - - -
Corporate (87,393 ) 9,016 1,170 - (77,207 )
Other operating income – net   49,146           -         -         (49,146 )         -  
Consolidated $ 205,968         $ 9,016       $ 292,357       $ (49,146 )       $ 458,195  
 
 

Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to Revenues

 
(In thousands)       Three Months Ended           Nine Months Ended    
September 30, % September 30, %
  2013         2012     Change   2013         2012     Change
       
Revenue $ 723,013 $ 731,141 (1%) $ 2,140,094 $ 2,143,750 (0%)
Excluding: Foreign exchange decrease (increase)   (448 )       -   (1,343 )       -
Revenue excluding effects of foreign exchange $ 722,565       $ 731,141 (1%) $ 2,138,751       $ 2,143,750 (0%)
 
Americas revenue $ 331,346 $ 335,021 (1%) $ 952,832 $ 935,850 2%
Excluding: Foreign exchange decrease (increase)   560         -   782         -
Americas revenue excluding effects of foreign exchange $ 331,906       $ 335,021 (1%) $ 953,614       $ 935,850 2%
 
International revenue $ 391,667 $ 396,120 (1%) $ 1,187,262 $ 1,207,900 (2%)
Excluding: Foreign exchange decrease (increase)   (1,008 )       -   (2,125 )       -
International revenue excluding effects of foreign exchange $ 390,659       $ 396,120 (1%) $ 1,185,137       $ 1,207,900 (2%)
 
 

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

 
(In thousands)       Three Months Ended           Nine Months Ended    
September 30, % September 30, %
  2013         2012     Change   2013         2012     Change
       
Consolidated expense $ 527,531 $ 527,221 0% $ 1,585,861 $ 1,608,348 (1%)
Excluding: Foreign exchange decrease (increase)   (1,980 )       -   (3,604 )       -
Expense excluding effects of foreign exchange $ 525,551       $ 527,221 (0%) $ 1,582,257       $ 1,608,348 (2%)
 
Americas expense $ 196,711 $ 198,946 (1%) $ 584,908 $ 580,647 1%
Excluding: Foreign exchange decrease (increase)   457         -   648         -
Americas expense excluding effects of foreign exchange $ 197,168       $ 198,946 (1%) $ 585,556       $ 580,647 1%
 
International expense $ 330,820 $ 328,275 1% $ 1,000,953 $ 1,027,701 (3%)
Excluding: Foreign exchange decrease (increase)   (2,437 )       -   (4,252 )       -
International expense excluding effects of foreign exchange $ 328,383       $ 328,275 0% $ 996,701       $ 1,027,701 (3%)
 
 

Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN

 
(In thousands)       Three Months Ended           Nine Months Ended    
September 30, % September 30, %
  2013       2012     Change   2013       2012     Change
       
OIBDAN $ 167,415 $ 178,760 (6%) $ 468,445 $ 458,195 2%
Excluding: Foreign exchange decrease (increase)   1,532       -   2,261       -
OIBDAN excluding effects of foreign exchange $ 168,947     $ 178,760 (5%) $ 470,706     $ 458,195 3%
 
Americas OIBDAN $ 134,635 $ 136,075 (1%) $ 367,924 $ 355,203 4%
Excluding: Foreign exchange decrease (increase)   103       -   134       -
Americas OIBDAN excluding effects of foreign exchange $ 134,738     $ 136,075 (1%) $ 368,058     $ 355,203 4%
 
International OIBDAN $ 60,847 $ 67,845 (10 %) $ 186,309 $ 180,199 3%
Excluding: Foreign exchange decrease (increase)   1,429       -   2,127       -
International OIBDAN excluding effects of foreign exchange $ 62,276     $ 67,845 (8%) $ 188,436     $ 180,199 5%
 
 

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

 
(In thousands)      

Three Months Ended

         

Nine Months Ended

   
September 30, % September 30, %
  2013         2012       Change   2013         2012       Change
Corporate Expense $ 29,719     $ 28,820 3% $ 91,435     $ 86,223 6%
Less: Non-cash compensation expense   (1,652 )       (3,660 )   (5,647 )       (9,016 )
$ 28,067       $ 25,160   12% $ 85,788       $ 77,207   11%
 
 

Reconciliation of OIBDAN to Net income / (Loss)

 
(In thousands)       Three Months Ended           Nine Months Ended    
September 30, % September 30, %
  2013         2012       Change   2013         2012       Change
       
OIBDAN $ 167,415 $ 178,760 (6%) $ 468,445 $ 458,195 2%
Non-cash compensation expense 1,652 3,660 5,647 9,016
Depreciation and amortization 98,344 100,352 296,237 292,357
Impairment charges - - - -
Other operating income (expense) – net   6,604         42,397     12,404         49,146  
Operating income 74,023 117,145 178,965 205,968
 
Interest expense – net 87,969 102,612 264,125 273,396
Interest income on due from Clear Channel Communications 14,940 16,913 39,356 48,982
Loss on marketable securities (18 ) - (18 ) -
Equity in earnings (loss) of nonconsolidated affiliates (645 ) (234 ) (961 ) 30
Other income (expense) – net   1,445         1,825     228         (300 )
Income (loss) before income taxes 1,776 33,037 (46,555 ) (18,716 )
Income tax benefit (expense)   10,214         (8,212 )   3,126         (1,000 )
Consolidated net income (loss) 11,990 24,825 (43,429 ) (19,716 )
Amount attributable to noncontrolling interest   7,772         7,541     17,723         14,986  
Net income (loss) attributable to the Company $ 4,218       $ 17,284   $ (61,152 )     $ (34,702 )
 

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; risks that we may not achieve or sustain anticipated cost savings; the impact of the Company’s substantial indebtedness, including the use of cash from operations and other liquidity-generating transactions to make payments on its indebtedness; and the Company’s relationship with Clear Channel Communications and the impact of the above and similar factors on Clear Channel Communications, the Company’s primary direct or indirect external source of capital. 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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