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TheStreet Open House

CC Media Holdings, Inc. Reports Results For 2013 Third Quarter

Stocks in this article: CCO

OIBDAN increased $9 million, or 3%, to $317 million in the third quarter of 2013, including expenses related to investments in strategic revenue and cost savings programs that totaled $3 million.

Americas Outdoor Advertising

Americas outdoor revenues fell $4 million, or 1%, on a reported basis and $3 million, or less than 1% adjusted for movements in foreign exchange rates, driven by declining revenues in our airports business due to lost contracts and from the absence of our digital billboard revenue in the City of Los Angeles. Partially offsetting these declines were higher occupancy and rate on traditional bulletins, as well as strong growth from rising rate, capacity and occupancy of digital bulletins in other markets.

Operating expenses declined $2 million, or 1%, to $197 million for third quarter 2013, on a reported basis and adjusted for the effects of movements in foreign exchange rates. Operating expenses in the third quarter of 2012 reflected a decrease in variable expenses such as site lease expense in connection with a decline in airport revenues. Expenses in the third quarter of 2013 also included a $1 million decrease in expenses related to investments in strategic revenue and cost savings programs.

OIBDAN, on a reported basis and excluding foreign exchange impacts, decreased $1 million, or 1%, to $135 million during the third quarter of 2013 compared to the same period in 2012. Third quarter 2013 OIBDAN reflected approximately $2 million of expenses related to certain investments in strategic revenue and cost savings programs compared to $3 million in the third quarter of 2012.

International Outdoor Advertising

International outdoor revenues decreased $3 million, or less than 1%, after adjusting for a $3 million revenue reduction due to the divestiture of businesses during the third quarter of 2012 and a $1 million increase from movements in foreign exchange rates. Strong revenue growth in emerging markets was offset by revenue declines in developed markets where, despite challenging economic conditions, certain countries performed well. On a reported basis, revenues decreased $4 million, or 1%, compared to the same period of 2012.

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