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

Stocks in this article: CCO

The Company’s consolidated net loss totaled $24 million for 2013 compared to a consolidated net loss of $159 million in 2012, due primarily to the loss on extinguishment of debt in 2012 that did not recur in 2013, lower interest expense and higher operating income.

Fourth Quarter 2013 Results

Consolidated revenues totaled $806 million, a $3 million increase compared to the fourth quarter of 2012.

  • Americas revenues decreased $6 million, or 2%, driven by lower revenues at airports due to lost contracts and the absence of revenue from the 77 digital boards in Los Angeles that were turned off due to a court ruling. Partially offsetting these declines were higher occupancy and rate on traditional bulletins, as well as our growth from rising rates, capacity and occupancy of digital bulletins in our markets.
  • International revenues rose $9 million, or 2%. Revenue growth in emerging markets, including China, was partly offset by declines in developed markets, some of which faced challenging economic conditions, such as France.

The Company’s OIBDAN 1 increased 8%, or $18 million, to $223 million for the three months ended December 31, 2013, compared to $205 million in the same period of 2012. Included in the 2013 fourth quarter OIBDAN were $13 million of operating and corporate expenses associated with the Company’s strategic revenue and efficiency initiatives to attract additional advertising dollars to its businesses and improve operating efficiencies, a decrease of $5 million compared to the same period in 2012.

The Company’s consolidated net income totaled $19 million in the fourth quarter of 2013 compared to a consolidated net loss of $139 million in the same period of 2012. This was due primarily to the loss on extinguishment of debt in 2012 that did not recur in 2013, higher operating income and lower interest expense.

Key Highlights

The Company’s recent key highlights include:

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