Clear Channel Reports Q4, Full Year Revenue Increases

Clear Channel Reports Q4, Full Year Revenue Increases Clear Channel Q4 consolidated revenues increased three percent, according to parent CC Media Holdings, reporting fourth quarter and full year 2012 results. Consolidated revenues were up to $1.7 billion from $1.65 billion a year earlier. Clear Channel Media and Entertainment revenue grew four percent to roughly $821.5 million, thanks to increased political advertising as well as local and national ad growth. American revenue for Clear Channel Outdoor grew one percent to $343.4 million, while International revenue for the Outdoor division dropped by just under one percent to $459.8 million. The company's overall consolidated net loss for the quarter was $191 million, up from $43 million in Q4 2011. For the full year of 2012, CC consolidated revenue increased by one percent to $6.25 billion. CCME revenue for 2012 was up three percent to $3.085 billion, due to stronger advertising, as well as digital growth driven by iHeartRadio. The company reports a 100% rise in listening hours to the iHeartRadio platform for 2012. American Outdoor revenue was up two percent last year to just under $1.28 billion, while International Outdoor revenue was up by one percent to almost $1.668 billion. The company's consolidated net loss in 2012 was $424 million, up from $302 million in 2011. "We are very pleased with our Company’s progress in strengthening our businesses over the past year, and we look forward to continuing our momentum into 2013," says CEO Bob Pittman. "We have put the right management team in place to focus on bringing new advertising dollars to the sector by demonstrating the value of our assets – especially our unique national platform across the media, entertainment and outdoor marketplaces. Moving forward, we will continue to use our unmatched national reach to grow our digital platforms, expand and deepen our relationships with national and local advertisers, launch innovative products and services and stage new and exciting events as only Clear Channel can." "Despite the slow economic recovery, we delivered a solid financial performance for the 2012 fourth quarter and full year," adds EVP/CFO Tom Casey. "At Clear Channel Media and Entertainment, we continued to outpace the competition in national advertising, digital, and total revenues. At Outdoor, the Americas’ progress in digital, airports and national advertising was encouraging, while International saw strength in emerging markets. Across the entire company, we remain aggressively focused on realigning our resources toward higher growth areas. 2012 was also an important year for capital markets activity, with $7.5 billion of debt raised at Clear Channel Communications and Clear Channel Worldwide Holdings in four separate transactions. Clear Channel Worldwide Holdings used proceeds for debt repayment and shareholder returns and Clear Channel Communications not only repaid debt but also gained important new flexibility to better manage liquidity and future maturities."