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

Operating expenses increased $3 million in the third quarter of 2013, adjusting for $3 million of expenses resulting from the divestiture of businesses during the third quarter of 2012 and a $2 million increase from movements in foreign exchange rates. Operating expenses declined due to cost savings from strategic investments made in previous periods, offset by higher costs in certain emerging markets and from new contracts in markets with increased revenue.

International outdoor OIBDAN in the third quarter of 2013 decreased $5 million, or 8%, to $62 million, adjusting for the divestiture of businesses during the third quarter of 2012 of less than $1 million and adjusting for a $1 million reduction from movements in foreign exchange rates. On a reported basis, OIBDAN declined $7 million, or 10%, to $61 million.

Conference Call

CC Media Holdings, Inc. along with its wholly owned subsidiary, Clear Channel Communications, Inc., and its publicly traded subsidiary, Clear Channel Outdoor Holdings, Inc., will host a conference call to discuss results on November 7, 2013 at 8:30 a.m. Eastern Time. The conference call number is 866-254-5936 (U.S. callers) and 651-291-7662 (international callers) and the passcode is 305763. A live audio webcast of the conference call will also be available on the investor section of and After the live conference call, a replay will be available for a period of 30 days. The replay numbers are 800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the passcode for both is 305763. An archive of the webcast will be available beginning 24 hours after the call for a period of 30 days.

TABLE 1 - Financial Highlights of CC Media Holdings, Inc. and Subsidiaries

(In thousands) Three Months Ended Nine Months Ended
September 30, September 30,
  2013         2012     2013         2012  
Revenue $ 1,587,522 $ 1,587,331 $ 4,548,677 $ 4,550,548
Operating expenses:
Direct operating expenses 623,872 617,221 1,840,121 1,826,917
Selling, general and administrative expenses 433,595 424,050 1,257,224 1,253,290
Corporate expenses 92,204 73,921 253,524 218,621
Depreciation and amortization 177,330 182,350 539,246 539,555
Other operating income (expense) - net   6,186         42,118     9,694         47,159  
Operating income (loss) 266,707 331,907 668,256 759,324
Interest expense 438,404 388,210 1,231,437 1,148,093
Gain (loss) on marketable securities 31 - 130,929 -
Equity in earnings (loss) of nonconsolidated affiliates 3,983 3,663 13,595 11,914
Loss on extinguishment of debt - - (3,888 ) (15,167 )
Other income (expense) – net   1,709         824     (17,389 )       (1,679 )
Income (loss) before income taxes (165,974 ) (51,816 ) (439,934 ) (393,701 )
Income tax benefit (expense)   73,802         13,232     158,650         179,293  
Consolidated net income (loss) (92,172 ) (38,584 ) (281,284 ) (214,408 )
Less: Amount attributable to noncontrolling interest   9,683         11,977     16,372         18,807  
Net income (loss) attributable to the Company $ (101,855 )     $ (50,561 ) $ (297,656 )     $ (233,215 )

For the three months ended September 30, 2013, foreign exchange rate movements increased the Company’s revenues by less than $1 million and increased direct operating and SG&A expenses by approximately $2 million. For the nine months ended September 30, 2013, foreign exchange rate movements increased the Company’s revenues by $1 million and direct operating and SG&A expenses by $4 million.

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