This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Clear Channel Outdoor Holdings, Inc. Reports Results For 2013 Fourth Quarter And Full Year

Stocks in this article: CCO

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) today reported financial results for the fourth quarter and full year ended December 31, 2013.

“As the economic recovery in the U.S. and around the world gains momentum, CEO William Eccleshare and his team have put Clear Channel Outdoor in the best possible position to partner effectively with local, national and global advertisers,” said Bob Pittman, Executive Chairman of Clear Channel Outdoor Holdings, Inc. “Just as critical to our success is our leadership in innovative digital technologies that are transforming the industry’s engagement with increasingly mobile consumers. We have never been better prepared to help advertisers meet their marketing needs and make the most of the growing out-of-home trend worldwide.”

“With our global scale and efficiencies, we identified and developed best-in-class new technologies and groundbreaking initiatives in 2013 and continued to build strong relationships with advertisers globally,” said Chief Executive Officer William Eccleshare. “Our digital and interactive outdoor assets offer a depth of consumer engagement never before available, and we are helping our advertisers realize the increasing value of reaching the mobile consumer. Our focus this year is on future growth and profitability, especially in our digital displays, emerging markets and our national advertising business in the U.S. We continue to drive strong growth in many U.S. markets, as well as China, Singapore, Brazil, Chile and other emerging markets, and we are boosting our share of the European advertising markets.”

Full Year 2013 Results

Consolidated revenues were flat at $2.95 billion for the full year 2013 compared to 2012, driven by growth at Americas that was offset by a decline at International. Excluding the effects of movements in foreign exchange rates and divestiture of businesses during the third quarter of 2012, 1,3 revenues were up less than 1%.

  • Americas revenues rose $11 million, or 1%, on a reported basis compared to 2012. New contracts drove higher occupancy and rates in traditional bulletins and posters, while higher revenues in digital displays were due to higher occupancy and capacity. Partially offsetting the growth of digital was the absence of revenue from the 77 digital boards in Los Angeles that were turned off due to a court ruling.
  • International revenues increased $3 million, or less than 1%, after adjusting for divestitures during the third quarter of 2012 ($20 million revenue reduction) and a $5 million increase from movements in foreign exchange rates. Revenue growth in emerging markets, including China and Brazil, as well as strong performance in the UK, were offset in part by declines in developed markets, some of which faced challenging economic conditions, such as France. On a reported basis, revenues decreased $12 million, or 1%, compared to 2012.

The Company’s OIBDAN 1 grew 4% to $691 million in 2013 compared to $664 million in 2012 on a reported basis. 2013 OIBDAN increased $33 million, excluding the effects of movements in foreign exchange rates and divestiture of businesses. Included in the 2013 OIBDAN of $691 million were $36 million of operating and corporate expenses related to the Company’s strategic revenue and efficiency initiatives to attract additional advertising dollars to the business and improve operating efficiencies, as well as $25 million of litigation expenses. OIBDAN for 2012 reflected $44 million of such expenses, as well as $12 million of litigation expenses and $27 million of legal and other costs in Latin America, which did not recur in 2013.

The Company’s consolidated EBITDA, as defined under the CCWH Senior Notes indenture, was $780 million in 2013, down 1% from 2012.

1 of 10

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs