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Clear Channel Becomes iHeartMedia
9:00 AM ET 9/16/14 | BusinessWire
--Company Continues to Be Built on the Strengths of Most Powerful Local Broadcast Radio Station Brands, Franchises and On-Air Personalities
--Clear Channel Outdoor Retains Clear Channel Brand, Continuing to Transform Global Out-of-Home Industry as Integral Part of Company
Clear Channel announced today that it has become iHeartMedia, reflecting the company's success in becoming a one-of-a-kind multi-platform media company with unparalleled reach and impact.
The newly named company includes a wide range of advertising-supported, consumer-focused media businesses, including 859 radio stations in over 150 markets, with more than 245 million listeners a month -- the largest reach of any radio or television outlet in America; iHeartMedia Digital, with its more than 90 million digital monthly uniques; Premiere Networks, which syndicates 90 radio programs and services to more than 5,500 radio affiliates; the Total Traffic and Weather Network, reaching almost all U.S. commuters; 20,000 live music events, all of which generate massive consumer engagement on social media platforms and the largest of which are even televised; its related companies, including Katz Media Group; as well as Clear Channel Outdoor, one of the world's largest outdoor advertising companies.
"iHeartMedia reflects our commitment to being the media company that provides the most entertainment to the most engaged audiences wherever they go, with more content and more events in more places on more devices," said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. "We have massive consumer reach and influence across our platforms because we know how to program the live content people want to hear, see and share right now, we are the largest mobile media company in existence -- more than 60 percent of our broadcast usage is out of home, compared to just 30 percent for other mobile devices - and we deliver more live programming than any other media company today, built on the national and local on-air personalities who are the heart of our powerful broadcast radio franchises. Combined with Clear Channel Outdoor's reach of over half a billion people worldwide across 30 countries and five continents, it's clear that no other company can match our reach or broad spectrum of media platforms."
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) will retain the Clear Channel brand. As it continues to transform the global out-of-home industry, Clear Channel Outdoor's brand and products will become an even more important part of iHeartMedia's future.
"Although we are changing the parent company's name, Clear Channel Outdoor is built into the fabric of our multi-platform company," said Rich Bressler, President and Chief Financial Officer of iHeartMedia, Inc. "With its continued growth into digital and mobile, Clear Channel Outdoor has tremendous momentum as a leader in the out-of-home advertising industry, and is a more integral part of our company than ever. We're pleased that the Clear Channel brand, with its long history and respected heritage, will continue on in our Outdoor business."
iHeartMedia reflects both the success and the cultural impact of the iHeartRadio business formed three years ago and the evolution of the company's major local radio station brands and franchises to include mobile, social and events. iHeartRadio has become the dominant national consumer brand among the company's assets with almost 70 percent consumer brand awareness and record-breaking digital growth, reaching 50 million registered users faster than any digital music service, and even faster than Twitter, Facebook and Pinterest. The company's 859 radio stations have led the way for the entire media business, becoming even more relevant in the lives of their listeners by expanding how they connect with listeners live and in-the-moment in mobile and across its network of social platforms.
"iHeartMedia was created by the strongest broadcast radio stations in the country, and we will continue to build this company the same way - on the country's strongest radio stations," said Pittman. "We are especially excited because our digital platform extends the reach and impact for our wildly popular on-air personalities - and it's a platform that only iHeartMedia provides."
The new company is fueled by its ability to deliver the reach and scale of broadcast media with the relevance and emotional power of real-time programming, complemented by its culture-defining live events, which have amassed 15.4 billion social impressions. These include the iHeartRadio Music Festival, the biggest live concert event in radio history; the iHeartRadio Jingle Ball Concert Tour; the iHeartRadio Ultimate Pool Party; and the iHeartRadio Music Awards, which garnered more than 65 million votes via text messaging and led the week in the Nielsen social TV ratings.
"In a world where 2x ROI is judged as successful, Nielsen has shown that radio delivers 6x ROI on average. It's because we combine the power and predictably of mass reach with the immediacy and relevance of live programming and the unique and powerful engagement that consumers have with their favorite radio stations and personalities," said Pittman. "The opportunity for the new iHeartMedia is to use all of these industry-leading assets together in new ways -- extending our massive reach and cultural influence across radio, outdoor, digital, social and live events to make it easier for advertisers to deliver the most relevant, real-time messages across all our platforms at scale, amplified by social media and mobile, to get a superior ROI to other media."
"We're pulling together our powerful local and national brands and industry-leading platforms to make it easier for advertisers to tap into the range of content, audiences and experiences we deliver on devices, in cars, on stages and everywhere consumers want to find information and be entertained," said Bressler.
Effective today, CC Media Holdings, Inc. (OTCCB: CCMO) will become iHeartMedia, Inc. In connection with the company's new brand, the company's ticker symbol will also change, effective September 17th. Of the company's major businesses, Clear Channel Media and Entertainment will become iHeartMedia; other company brands, including iHeartRadio, Premiere Networks, Total Traffic and Weather Network, Katz Media Group and RCS, will retain their current names.
For more information visit the iHeartMedia Fact Sheet.
About iHeartMedia, Inc.
iHeartMedia, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events, social and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers. For more company information visit iHeartMedia.com.
About iHeartMedia
With 245 million monthly listeners in the U.S., 97 million monthly digital uniques and 196 million monthly consumers of its Total Traffic and Weather Network, iHeartMedia has the largest reach of any radio or television outlet in America. It serves over 150 markets through 859 owned radio stations, and the company's radio stations and content can be heard on AM/FM, HD digital radio, satellite radio, on the Internet at iHeartRadio.com and on the company's radio station websites, on the iHeartRadio mobile app, in enhanced auto dashes, on iPads and smartphones, and on gaming consoles.
iHeartRadio, iHeartMedia's digital radio platform, is the No. 1 all-in-one digital audio service with over 345 million downloads; it reached its first 20 million registered users faster than any digital service in Internet history and reached 50 million users faster than any digital music service and even faster than Twitter, Facebook and Pinterest. The company's operations include radio broadcasting, online, mobile, digital and social media, live concerts and events, syndication, music research services and independent media representation.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc., (NYSE: CCO) is one of the world's largest outdoor advertising companies, with more than 750,000 displays in over 40 countries across five continents, including 48 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 950 digital billboards across 37 U.S. markets. Clear Channel Outdoor Holdings' International segment operates in nearly 30 countries across Asia, Australia, Europe and Latin America in a wide variety of formats.
Like us on Facebook at facebook.com/iHeartRadio Follow us on Twitter at twitter.com/iHeartRadio
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140916005537r1&sid=cmtx6&distro=nx&lang=en
SOURCE: iHeartMedia, Inc.
iHeartMedia, Inc.
Wendy Goldberg, 212-377-1105
wendygoldberg@iheartmedia.com
or
Angel Aristone, 212-377-7802
angelaristone@iheartmedia.com
Short @$8.04, Hoping for a scalp, downtrend possibly coming.
$CCO - CC Media 3rd-Quarter Loss Widens; Clear Channel Outdoor Profit Down 76%
7:35 AM ET 11/7/13 | Dow Jones
By Tess Stynes
CC Media Holdings Inc.'s (CCMO) third-quarter loss widened and sister firm Clear Channel Outdoor Holdings Inc.'s (CCO) third-quarter earnings fell 76% as the companies faced a tough comparison with the year-earlier period that included a big gain on the sale of its international neon business.
CC Media, the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize Clear Channel Communications in 2008, reported a loss of $102 million, compared with a year-earlier loss of $51 million. Revenue was flat at $1.59 billion. Revenue from media and entertainment, the company's largest business segment, increased 3%, driven mostly by local, national and digital sales.
Clear Channel Outdoor has been seeking to attract more advertising customers globally while also increasing its base of digital advertising displays. Like many other companies, Clear Channel Outdoor has been striving to expand its presence in emerging markets.
Clear Channel Outdoor, which sells space on traditional and digital billboards, reported a profit of $4.2 million, or a penny a share, down from $17.3 million, or five cents a share, a year earlier. Revenue decreased 1.1% to $723 million.
Analysts polled by Thomson Reuters recently expected a per-share loss of a penny and revenue of $714 million.
Clear Channel Outdoor shares closed Wednesday at $9.04 and CC Media shares closed at $6.50. Neither was active in recent premarket trading.
Write to Tess Stynes at tess.stynes@wsj.com
Order free Annual Report for CC Media Holdings, Inc.
Visit http://djnweurope.ar.wilink.com/?ticker=US12502P1021 or call +44 (0)208 391 6028
Order free Annual Report for Clear Channel Outdoor Holdings, Inc.
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> Dow Jones Newswires
November 07, 2013 07:35 ET (12:35 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.
$CCO Breakout/Continuation Alert! Alert up 27% from 7.50-9.53
ManicTrader Member Level Saturday, 07/06/13 06:30:48 PM
Re: ManicTrader post# 12833
Post # of 13974
$CCO Alert 7.50, Must hold 7.25-7.19 support here and she is holding the 200ma right below. This sector is hot and cramer even showed interest even though i dont follow the guy.
An article on insidermonkey gave some details about the hedge fund activity related to the stock. The article mentioned that in preparation for Q3'13, 10 of the hedge funds tracked by them were bullish on Clear Channel (an increase of 11% from the first quarter). There were a few notable hedge funds which increased their stake. Joshua Friedman and Mitchell Julis's Canyon Capital Advisors had the largest position in Clear Channel worth close around $39.4 million, while Mason Capital Management had around $31.1 million position. Further, a Judge in Delaware approved a $200 million dividend payment by Clear Channel Outdoor Holdings Inc. to settle a shareholder lawsuit over cash transfers to its parent company. The stock has, meanwhile moved up a bit during the last one month. It is looking a bit better, and the volumes average are a bit higher. The performance of the company over the years has not been very consistent because the bottom and the top line has not shown continuous growth. The recent quarter was much better with growth in revenues on a sequential and yoy basis. The company posted a net income after reporting a couple of quarters of net loss. The ttm operating margins are around 10% and the company has a net loss of $200 million including the $258 million impairment for extinguishment of debt. A few more good quarters can help it become much stronger and regain the lost momentum. However, growing the topline is not easy in view of the competition in the market. There is direct competition from other outoor advertising giants like Lamar (LAMR) and CBS, and there is competition from other segments of the advertising market. IZEA (IZEA), a company active in the social media sponsorship space, recently reported results of a survey which point to increasing popularity of native advertising. The next quarter results will be important.
The stock has not done much since the last earnings. This is despite the fact that the results were better than estimates, and the company posted a net profit after a couple of quarters of net loss. In any case, the stock has done well over the past one year with a 45% appreciation. However, it seems to be still recovering from the massive fall in June. On a ttm basis, the gross profit is $1.34 billion on a revenue of $2.95 billion. The operating margin on a ttm basis is around 10%. The ttm net loss is around $200 million, but that is mainly due to the $258 million impairment hit in Q4'12 on account of extinguishment of debt. The company needs to post a few more good quarters to be able to improve the sentiments. This is because the company has not done too well over the years as the revenue growth has been inconsistent. Even the bottom-line performance has been erratic. Further, the debt on books is high, and has increased over the last year. The cash position has also weakened over the last few quarters. So the investors may like to see more evidence of improvement in fundamentals. Q2'13 seems to be a good start. The outdoor advertising segment has the presence of big players like Lamar (LAMR) and CBS (CBS). Advertising itself is a dynamic field and outdoor segment has been facing challenges from online advertising. Concepts like social media sponsorship /native advertising are gaining importance. A company in this segment, IZEA (IZEA) recently posted record Q2 numbers. Clear Channel has to continuously adapt the changing marketplace to maintain its competitive advantage. If it can keep the debt under control, and post more quarters of net profit, then the outlook will improve. The power of a company like Clear Channel cannot be underestimated.
Do you know if CCO has ever been courted by a bigger outfit?
There have been analyst upgrades for Clear Channel recently. The recent results were better than estimates both for the top and the bottom line. Importantly, the company reported a net profit of $8.91 million or $0.02 per share for the quarter, compared to a loss of $8.12 million or $0.02 per share in Q2'12. The revenues increased marginally from $761 million to $766 million (up ~1%). The stock has done well over the past one year. It has appreciated by 48% during the period, though it has remained in a tight range over the last few months. The reason for that is that the performance of the company in Q4'12 and Q1'13 was not very good. In Q4'12, the company reported a huge net loss due to impairments and extinguishment of debt. In Q1'13, the revenues declined significantly on sequential basis, and the net loss was substantial. The performance in Q2'13 is expected to change the sentiments, and if the company reports a few more good quarters, then it may gain more strength. Outdoor advertising is facing competition from various segments of the advertising market. Online advertising is also a source of competition, and new concepts like social media advertising are gaining importance. Advertisers favor online advertising for its reach, and concepts like social media sponsorship etc. are also gaining in popularity. Social media sponsorship company IZEA (IZEA) is using the power of celebrity influence to help advertisers attract customers. Within the outdoor segment also, there are formidable players like Lamar (LAMR) and CBS (CBS). Like many other peers, CCO has a large debt on books. On June 30, it was nearly $5 billion, and the cash on books was less than $400 million. However, the recent performance does improve the outlook, and hopefully stock will continue its upward march in the medium term.
Person mark for you...thanks for the post.
Ever looked at DAKT?
The investors have been rewarded with good returns over the last one year. Clear Channel is up by 48% on a 52 week basis. Over the longer term, the story is not good as the stock has declined significantly over the last five years. In the last two years, it has fallen by 40%. The crash in March 2012, has been majorly responsible for the recent bad performance. It had recovered till Q3'12 on back of growth in revenues and decline in losses. However, the last two quarters have not been very good. In Q4'12, the revenue went up significantly on a sequential basis, but the bottomline took a hit from impairments / debt extinguishment charges. In Q1'13 also, the performance was not good as the revenues remained flat on a yoy basis, and the net losses increased by nearly 68%. The stock has corrected from the 52 week high of $8.75, and seems to be a bit stable. Further growth in the stock will depend on improvement in fundamentals. While revenue growth is important, improvement in the bottomline is even more crucial. Outdoor advertising represents only a small percentage of the dollars spent on advertising in the United States, and even that is facing challenges from new concepts / internet advertising etc. The company has made efforts to promote outdoor advertising as an effective method to attract customers, but many advertisers are preferring social media / online advertising etc. Social media sponsorship companies like IZEA (IZEA) are using the power of celebrity influence to attract customers for the advertisers. Peers like Lamar (LAMR), JCDecaux and CBS (CBS) are formidable. So the company will face challenges, but its experience and penetration cannot be underestimated. It is quite possible that the company will make a comeback, and the stock will become stronger.
The share price managed to stay positive in the face of the late day market downturn (and the clowns from Motley Fool banging it).
Trueheart
The share price is reacting mildly to the recent downturn. It's holding pretty well.
Trueheart
I agree that it should be on my radar, too. Thanks for the info. That's one heck of a six-month chart. I'm going to look into their financials.
Trueheart
Clear Channel Outdoor Holdings, Inc. Reports Results for 2012 Fourth Quarter and Full Year
4:01 PM ET 2/19/13 | BusinessWire
--Fourth quarter revenue rose slightly year over year, adjusting for divestitures and foreign exchange
--2012 results include $221 million pre-tax loss for refinancing $2.5 billion of 9.25% debt in the fourth quarter at 6.5%
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial results for the fourth quarter and full year ended December 31, 2012.
"Under CEO William Eccleshare's leadership, our Outdoor business continues to use its global scale, efficiency, and creativity to connect brands with people," said Bob Pittman, Executive Chairman of Clear Channel Outdoor Holdings, Inc. "Heading into 2013, we are building on the strengths in our Americas' business - especially in digital displays, airports and national advertising. Internationally, we are realigning the business in Europe to the realities of the market, while still seeing growth in Asia and Latin America. Looking ahead, we will keep investing strategically across the business to drive future growth and profitability. "
"Clear Channel Outdoor continues to make important strides in its digital transformation," said Chief Executive Officer William Eccleshare. "Through several innovative programs, we're expanding the creative richness of out-of-home advertising and helping our advertising clients reach people on the street with greater engagement and immediacy. During this past year, we put in place the leadership and structure to streamline our business, and exported successful strategies on a global basis. Despite a very difficult economic environment, we're confident that we're well positioned to drive greater share for our outdoor assets."
Fourth Quarter 2012 Results
Total revenues decreased $13 million, or 2% year over year, to $803 million in the fourth quarter of 2012 compared to $816 million in the same period of 2011. Excluding the effects of movements in foreign exchange rates(1), revenues declined $7 million, or 1%.
-- Americas revenues rose $5 million, or 1% adjusted for movements in foreign exchange rates, driven by higher digital capacity and increased revenue at airports. On a reported basis, revenues grew $5 million, or 2%.
-- International revenues decreased $3 million, or less than 1%, adjusting for a $9 million revenue reduction due to the divestiture of two businesses during the third quarter of 2012 and a $6 million reduction from movements in foreign exchange rates. Stronger economic conditions in emerging markets and certain other geographies were offset by weakened economic conditions in other regions, particularly in Europe. On a reported basis, revenues decreased $18 million, or 4%.
The Company's OIBDAN(1) declined to $205 million, or 10%, in the fourth quarter of 2012 compared to $229 million in the same quarter of 2011. Excluding the effects of movements in foreign exchange rates, and a $2 million reduction due to the divestiture of two businesses during the third quarter of 2012, OIBDAN totaled $207 million, down $20 million, or 9%. Included in the 2012 fourth quarter OIBDAN were $18 million of operating and corporate expenses associated with the Company's strategic revenue and cost initiatives to attract additional advertising dollars to the business and improve operating efficiencies. The fourth quarter of 2011 included $7 million of such expenses. Also reducing OIBDAN in the fourth quarter of 2012 were $3 million of litigation expenses and $7 million of legal and other costs in Latin America.
The Company's net loss was $148 million in the fourth quarter of 2012 compared to net income of $23 million in the same period of 2011. Fourth quarter 2012 results included a $221 pre-tax loss on extinguishment of debt related to refinancing activities.
Full Year 2012 Results
Total revenues declined 2% to $2.95 billion for the full year 2012 compared to $3.0 billion in 2011. Excluding the effects of movements in foreign exchange rates, total revenues increased 1% to $3.03 billion.
-- Americas revenues rose $27 million, or 2% adjusted for movements in foreign exchange rates, compared to 2011, from increased digital capacity and increased airport revenues driven by higher occupancy and rates. On a reported basis, revenues also grew $27 million, or 2%.
-- International revenues increased $11 million, or approximately 1%, after adjusting for a $15 million revenue reduction due to the divestiture of two businesses during the third quarter of 2012 and a $79 million decrease from movements in foreign exchange rates. Stronger economic conditions in emerging markets and certain other geographies were offset by weakened economic conditions in other regions, particularly in Europe. On a reported basis, revenues decreased $83 million, including the effects of movements in foreign exchange rates.
The Company's OIBDAN(1) decreased 11% to $664 million in 2012 compared to $745 million in 2011. Excluding the effects of movements in foreign exchange rates and a $3 million reduction due to the divestiture of two businesses during the third quarter of 2012, OIBDAN declined 10% to $672 million. Included in the full year 2012 OIBDAN were $44 million of operating and corporate expenses related to the Company's strategic revenue and cost initiatives to attract additional advertising dollars to the business and improve operating efficiencies. OIBDAN for 2011 included $17 million in such expenses. Also reducing OIBDAN in 2012 were $5 million of litigation expenses and $27 million of legal and other costs in Latin America.
The Company's net loss was $183 million for 2012 compared to net income of $43 million in 2011. Full year 2012 results included a $221 million pre-tax loss on extinguishment of debt related to refinancing activities.
Key Highlights
The Company's recent key highlights include:
-- Americas installed 178 new digital billboards for a total of 1,035 across 37 U.S. markets, a 21% increase from 2011.
-- Clear Channel Airport's ClearVision, an innovative in-airport TV network featuring top entertainment, news, music, and sports programming that is accessible from travelers' mobile devices, launched in Raleigh-Durham International Airport and, in February 2013, in Louis Armstrong New Orleans International Airport.
-- In January 2013, Suzanne Grimes, a highly-regarded advertising executive, joined as President & COO for the United States and Canada. Grimes formerly served as President of the U.S. Lifestyles Communities Group at Readers Digest, spent a decade at Conde Nast, and was publisher of TV Guide at News Corp.
-- International increased its digital presence to more than 3,400 displays in 13 countries.
-- Launched the first digital out-of-home network in the outdoor environment in the United Kingdom with 100 screens in central London targeting premium shopping areas.
-- France launched the only scale digital network in the country in 46 premium malls, reaching a quarter of the population every two weeks.
-- International won a major public transportation contract in Norway that went live in January 2013.
-- Strengthened the International leadership team with Mark Thewlis, Executive Chairman of Clear Media (China) and Aris de Juan, Regional President of Latin America, improving Clear Channel's presence in some of the world's fastest-growing advertising markets.
View data
Revenues, Operating Expenses, and OIBDAN
by Segment
---------------------------------------------------------------------------------------
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
----------------------------- -----------------------------
2012 2011 Change 2012 2011 Change
------- ------- -------- --------- --------- --------
Revenue(1)
Americas $ 343,407 $ 337,925 2 % $ 1,279,257 $ 1,252,725 2 %
International (3) 459,787 478,077 (4 %) 1,667,687 1,751,149 (5 %)
------- ------- --------- ---------
Consolidated revenue $ 803,194 $ 816,002 (2 %) $ 2,946,944 $ 3,003,874 (2 %)
== ======= == ======= = ========= = =========
Operating Expenses(1,2)
Americas $ 212,938 $ 201,510 6 % $ 793,585 $ 765,302 4 %
International (3) 356,868 362,522 (2 %) 1,384,569 1,403,605 (1 %)
------- ------- --------- ---------
Consolidated operating expenses $ 569,806 $ 564,032 1 % $ 2,178,154 $ 2,168,907 0 %
== ======= == ======= = ========= = =========
OIBDAN(1)
Americas $ 130,469 $ 136,415 (4 %) $ 485,672 $ 487,423 (0 %)
International (3) 102,919 115,555 (11 %) 283,118 347,544 (19 %)
Corporate (28,036 ) (22,845 ) (105,243 ) (90,058 )
------- -- ------- -- --------- - --------- -
Consolidated OIBDAN $ 205,352 $ 229,125 (10 %) $ 663,547 $ 744,909 (11 %)
== ======= == ======= = ========= = =========
Revenues, Operating Expenses, and OIBDAN by Segment --------------------------------------------------------------------------------------- (In thousands) Three Months Ended Year Ended December 31, % December 31, % ----------------------------- ----------------------------- 2012 2011 Change 2012 2011 Change ------- ------- -------- --------- --------- -------- Revenue(1) Americas $ 343,407 $ 337,925 2 % $ 1,279,257 $ 1,252,725 2 % International (3) 459,787 478,077 (4 %) 1,667,687 1,751,149 (5 %) ------- ------- --------- --------- Consolidated revenue $ 803,194 $ 816,002 (2 %) $ 2,946,944 $ 3,003,874 (2 %) == ======= == ======= = ========= = ========= Operating Expenses(1,2) Americas $ 212,938 $ 201,510 6 % $ 793,585 $ 765,302 4 % International (3) 356,868 362,522 (2 %) 1,384,569 1,403,605 (1 %) ------- ------- --------- --------- Consolidated operating expenses $ 569,806 $ 564,032 1 % $ 2,178,154 $ 2,168,907 0 % == ======= == ======= = ========= = ========= OIBDAN(1) Americas $ 130,469 $ 136,415 (4 %) $ 485,672 $ 487,423 (0 %) International (3) 102,919 115,555 (11 %) 283,118 347,544 (19 %) Corporate (28,036 ) (22,845 ) (105,243 ) (90,058 ) ------- -- ------- -- --------- - --------- - Consolidated OIBDAN $ 205,352 $ 229,125 (10 %) $ 663,547 $ 744,909 (11 %) == ======= == ======= = ========= = =========
Certain prior period amounts have been reclassified to conform to the 2012 presentation of financials throughout the press release.
(1)See the end of this press release for reconciliations of (i) OIBDAN for each segment to consolidated operating income (loss); (ii) revenues excluding foreign exchange effects to revenues; (iii) direct operating and SG&A expenses excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects to OIBDAN; (v) direct operating and SG&A expenses excluding non-cash compensation expenses to expenses; (vi) corporate expenses excluding non-cash compensation expenses to corporate expenses; and (vii) OIBDAN to net income (loss). See also the definition of OIBDAN under the Supplemental Disclosure section of this release.
(2)The Company's operating expenses include direct operating expenses and SG&A expenses, but exclude non-cash compensation expenses associated with the Company's stock option grants and restricted stock and restricted stock unit awards. Corporate expenses also exclude non-cash compensation expenses associated with the Company's stock option grants and restricted stock and restricted stock unit awards.
(3) During 2012, the Company disposed of two international businesses resulting in decreases in revenue, operating expenses and OIBDAN of $15 million,$12 million and $3 million, respectively, for the year ended December 31, 2012 and decreases in revenue, operating expenses and OIBDAN of $10 million, $8 million and $2 million, respectively for the quarter ended December 31, 2012.
Americas
Americas revenues, excluding foreign exchange impacts, rose $27 million, or 2%, compared to 2011, driven by higher digital bulletin capacity and higher airport occupancy and rates. Partially offsetting this growth in 2012 was a decline in revenues from traditional bulletins and posters. On a reported basis, revenues increased $27 million, or 2% compared to 2011, including the effects of movements in foreign exchange rates.
Operating expenses, excluding foreign exchange impacts, grew $29 million to $794 million in 2012, including an $11 million increase in 2012 expenses related to certain investments in strategic revenue and cost savings programs. Expenses increased due to personnel costs, growth from the airports business, and higher site lease expenses resulting in part from the deployment of 178 digital billboards during the year. On a reported basis, expenses increased $28 million, or 4%, compared to 2011, including the effects of movements in foreign exchange rates.
OIBDAN, excluding foreign exchange impacts, declined less than 1% to $486 million in 2012, including expenses related to certain investments in strategic revenue and cost savings programs of $15 million in 2012 and $4 million in 2011. On a reported basis, OIBDAN decreased $2 million compared to 2011, including the effects of movements in foreign exchange rates.
International
Adjusting for a $15 million revenue reduction due to the divestiture of two businesses during the third quarter of 2012, as well as a $79 million decrease due to movements in foreign exchange rates, International revenues were up $11 million, or approximately 1%. Revenues increased primarily from new contracts in countries including Australia, China and Mexico where economic conditions were stronger, and in the U.K. which benefitted from the Summer Olympic Games. Revenue increases were partially offset by weakened macroeconomic conditions in certain geographies, particularly in southern Europe and the Nordic countries. On a reported basis, revenues decreased $83 million, or 5%, compared to 2011, including the effects of movements in foreign exchange rates.
Operating expenses, excluding foreign exchange impacts, grew $64 million in 2012, adjusting for $12 million of expenses due to the divestiture of two businesses during the third quarter of 2012 and excluding a $71 million decrease from movements in foreign exchange rates. Operating expense increased due to new contracts and higher personnel costs. This $64 million increase includes a $27 million increase in legal and other expenses in Latin America and a $6 million increase in investments in strategic revenue and cost savings programs. On a reported basis, operating expenses declined $18 million, including movements in foreign exchange rates.
Adjusting for a $3 million OIBDAN reduction due to the divestiture of two businesses during the third quarter of 2012 and excluding an $8 million decrease from movements in foreign exchange rates, International OIBDAN in 2012 declined $54 million, or 16%, to $291 million. OIBDAN for 2012 includes $27 million increase in legal and other expenses in Latin America, and $19 million of costs incurred for investments in strategic revenue and cost savings programs compared to $13 million included in 2011 OIBDAN. On a reported basis, OIBDAN decreased 19% to $283 million.
Conference Call
The Company, along with its parent company, CC Media Holdings, Inc., will host a conference call to discuss results on February 19, 2013 at 4:30 p.m. Eastern Time. The conference call number is 866-254-5936 and the passcode is 281432. A live audio webcast of the conference call will also be available on the investor section of www.clearchanneloutdoor.com and www.clearchannel.com. A replay of the call will be available after the live conference call, beginning at 5:30 p.m. Eastern Time, 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 281432. An archive of the webcast will be available beginning 24 hours after the call for a period of 30 days.
View data
TABLE 1 - Financial Highlights of Clear
Channel Outdoor Holdings, Inc. and Subsidiaries
-----------------------------------------------------------------------------------------------------------
(In thousands, except per share data) Three Months Ended Year Ended
December 31, December 31,
------------------------------ ---------------------------------
2012 2011 2012 2011
-------- ------- --------- ---------
Revenue $ 803,194 $ 816,002 $ 2,946,944 $ 3,003,874
Direct operating expenses 416,980 423,817 1,611,262 1,638,801
Selling, general and administrative expenses 154,374 142,840 577,296 540,872
Corporate expenses 28,061 22,881 105,428 90,205
Depreciation and amortization 106,907 109,171 399,264 432,035
Impairment charges 37,651 7,614 37,651 7,614
Other operating income (expense) - net 1,797 (548 ) 50,943 8,591
-------- ------- -- --------- ---------
Operating income 61,018 109,131 266,986 302,938
Interest expense - net 100,480 58,840 373,876 242,435
Interest income on due from Clear Channel Communications 14,779 13,673 63,761 45,459
Gain (loss) on marketable securities (2,578 ) (4,827 ) (2,578 ) (4,827 )
Equity in loss of nonconsolidated affiliates 813 4,389 843 6,029
Loss on extinguishment of debt (221,071 ) - (221,071 ) -
Other income (expense) - net (64 ) (1,624 ) (364 ) (649 )
-------- -- ------- -- --------- -- --------- --
Loss before income taxes (247,583 ) 61,902 (266,299 ) 106,515
Income tax benefit (expense) 108,089 (32,289 ) 107,089 (43,296 )
-------- ------- -- --------- --------- --
Consolidated net income (loss) (139,494 ) 29,613 (159,210 ) 63,219
Amount attributable to noncontrolling interest 8,916 7,034 23,902 20,273
Net income (loss) attributable to the Company $ (148,410 ) $ 22,579 $ (183,112 ) $ 42,946
== ======== == == ======= == ========= == == =========
Diluted net earnings (loss) per share $ (0.42 ) $ 0.06 $ (0.54 ) $ 0.11
-- -------- -- -- ------- -- --------- -- -- ---------
Weighted average shares outstanding - Diluted 357,232 356,503 356,915 356,528
TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc. and Subsidiaries ----------------------------------------------------------------------------------------------------------- (In thousands, except per share data) Three Months Ended Year Ended December 31, December 31, ------------------------------ --------------------------------- 2012 2011 2012 2011 -------- ------- --------- --------- Revenue $ 803,194 $ 816,002 $ 2,946,944 $ 3,003,874 Direct operating expenses 416,980 423,817 1,611,262 1,638,801 Selling, general and administrative expenses 154,374 142,840 577,296 540,872 Corporate expenses 28,061 22,881 105,428 90,205 Depreciation and amortization 106,907 109,171 399,264 432,035 Impairment charges 37,651 7,614 37,651 7,614 Other operating income (expense) - net 1,797 (548 ) 50,943 8,591 -------- ------- -- --------- --------- Operating income 61,018 109,131 266,986 302,938 Interest expense - net 100,480 58,840 373,876 242,435 Interest income on due from Clear Channel Communications 14,779 13,673 63,761 45,459 Gain (loss) on marketable securities (2,578 ) (4,827 ) (2,578 ) (4,827 ) Equity in loss of nonconsolidated affiliates 813 4,389 843 6,029 Loss on extinguishment of debt (221,071 ) - (221,071 ) - Other income (expense) - net (64 ) (1,624 ) (364 ) (649 ) -------- -- ------- -- --------- -- --------- -- Loss before income taxes (247,583 ) 61,902 (266,299 ) 106,515 Income tax benefit (expense) 108,089 (32,289 ) 107,089 (43,296 ) -------- ------- -- --------- --------- -- Consolidated net income (loss) (139,494 ) 29,613 (159,210 ) 63,219 Amount attributable to noncontrolling interest 8,916 7,034 23,902 20,273 Net income (loss) attributable to the Company $ (148,410 ) $ 22,579 $ (183,112 ) $ 42,946 == ======== == == ======= == ========= == == ========= Diluted net earnings (loss) per share $ (0.42 ) $ 0.06 $ (0.54 ) $ 0.11 -- -------- -- -- ------- -- --------- -- -- --------- Weighted average shares outstanding - Diluted 357,232 356,503 356,915 356,528
Foreign exchange rate movements decreased the Company's 2012 fourth quarter revenues and direct operating and SG&A expenses by approximately $6 million and $4 million, respectively, compared to the same period of 2011. Foreign exchange rate movements decreased the Company's 2012 revenues and direct operating and SG&A expenses by approximately $79 million and $71 million, respectively, compared to 2011.
View data
TABLE 2 - Selected Balance Sheet
Information
-----------------------------------------------------------------------------------------
Selected balance sheet information for December 31, 2012 and 2011:
(In millions) December 31, December 31,
------------ ------------
2012 2011
------------ ------------
Cash 562.0 542.7
Total Current Assets 1,515.4 1,453.7
Net Property, Plant and Equipment 2,207.7 2,246.7
Due from Clear Channel Communications 729.2 656.0
Total Assets 7,105.8 7,088.2
Current Liabilities (excluding current portion of long-term debt) 802.0 697.2
Long-Term Debt (including current portion of long-term debt) 4,944.8 2,545.9
Shareholders' Equity 446.1 2,740.2
TABLE 2 - Selected Balance Sheet Information ----------------------------------------------------------------------------------------- Selected balance sheet information for December 31, 2012 and 2011: (In millions) December 31, December 31, ------------ ------------ 2012 2011 ------------ ------------ Cash 562.0 542.7 Total Current Assets 1,515.4 1,453.7 Net Property, Plant and Equipment 2,207.7 2,246.7 Due from Clear Channel Communications 729.2 656.0 Total Assets 7,105.8 7,088.2 Current Liabilities (excluding current portion of long-term debt) 802.0 697.2 Long-Term Debt (including current portion of long-term debt) 4,944.8 2,545.9 Shareholders' Equity 446.1 2,740.2
View data
TABLE 3 - Total Debt
-------------------------------------------------------------------------------------
At December 31, 2012 and December 31, 2011, Clear Channel Outdoor
Holdings had total net debt of:
(In millions) December 31, December 31,
---------------- ---------------
2012 2011
------- -------
Clear Channel Worldwide Holdings Senior Notes:
9.25% Series A Senior Notes Due 2017 $ - $ 500.0
9.25% Series B Senior Notes Due 2017 - 2,000.0
6.5% Series A Senior Notes Due 2022 735.7 -
6.5% Series B Senior Notes Due 2022 1,989.3 -
Clear Channel Worldwide Holdings Senior Subordinated Notes:
7.625% Series A Senior Subordinated Notes Due 2020 275.0 -
7.625% Series B Senior Subordinated Notes Due 2020 1,925.0 -
Other Debt 27.1 45.9
Original Issue Discount (7.3 ) -
------- - -------
Total 4,944.8 2,545.9
Cash 562.0 542.7
------- -------
Net Debt $ 4,382.8 $ 2,003.2
===== ======= ====== =======
TABLE 3 - Total Debt ------------------------------------------------------------------------------------- At December 31, 2012 and December 31, 2011, Clear Channel Outdoor Holdings had total net debt of: (In millions) December 31, December 31, ---------------- --------------- 2012 2011 ------- ------- Clear Channel Worldwide Holdings Senior Notes: 9.25% Series A Senior Notes Due 2017 $ - $ 500.0 9.25% Series B Senior Notes Due 2017 - 2,000.0 6.5% Series A Senior Notes Due 2022 735.7 - 6.5% Series B Senior Notes Due 2022 1,989.3 - Clear Channel Worldwide Holdings Senior Subordinated Notes: 7.625% Series A Senior Subordinated Notes Due 2020 275.0 - 7.625% Series B Senior Subordinated Notes Due 2020 1,925.0 - Other Debt 27.1 45.9 Original Issue Discount (7.3 ) - ------- - ------- Total 4,944.8 2,545.9 Cash 562.0 542.7 ------- ------- Net Debt $ 4,382.8 $ 2,003.2 ===== ======= ====== =======
The current portion of long-term debt was $9 million as of December 31, 2012.
Liquidity and Financial Position
For the year ended December 31, 2012, cash flow provided by operating activities was $355 million, cash flow used for investing activities totaled $234 million, and cash flow used for financing activities was $106 million, for a net increase in cash of $19 million.
Capital expenditures for the year ended December 31, 2012 totaled approximately $276 million compared to $291 million for 2011.
In February 2012, Clear Channel Worldwide Holdings, Inc. issued $275 million of 7.625% Series A Senior Subordinated Notes due 2020 and $1,925 million of 7.625% Series B Senior Subordinated Notes due 2020. Through an intercompany loan, a total of $2,170 million in proceeds from both notes was paid as a special cash dividend to shareholders. In November 2012, Clear Channel Worldwide Holdings, Inc. issued $736 million of 6.5% Series A Senior Notes due 2022 and $1,989 million 6.5% Series B Senior Notes due 2022. The proceeds and cash on hand were used to repay $500 million of 9.25% Series A Senior Notes due 2017 and $2,000 million of Series B Senior Notes due 2017 in addition to fees and premiums.
The Series A Clear Channel Worldwide Holdings, Inc. Senior Notes indenture and Series B Clear Channel Worldwide Holdings, Inc. Senior Notes indenture restrict the Company's ability to incur additional indebtedness but permit the Company to incur additional indebtedness based on an incurrence test. In order to incur (i) additional indebtedness under this test, the Company's debt to adjusted EBITDA ratios (as defined by the indentures) must be lower than 7.0:1 and 5.0:1 for total debt and senior debt, respectively, and (ii) additional indebtedness that is subordinated to the Clear Channel Worldwide Holdings, Inc. Senior Notes under this test, the Company's debt to adjusted EBITDA ratios (as defined by the indentures) must be lower than 7.0:1 for total debt. The indentures contain certain other exceptions that allow the Company to incur additional indebtedness. The Series B Clear Channel Worldwide Holdings, Inc. Senior Notes indenture also permits the Company to pay dividends from the proceeds of indebtedness or the proceeds from asset sales if the Company's debt to adjusted EBITDA ratios (as defined by the indentures) are lower than 7.0:1 and 5.0:1 for total debt and senior debt, respectively. The Series A Clear Channel Worldwide Holdings, Inc. Senior Notes indenture does not limit our ability to pay dividends. The Series B Clear Channel Worldwide Holdings, Inc. Senior Notes indenture contains certain exceptions that allow the Company to pay dividends, including (i) $525.0 million of dividends made pursuant to general restricted payment baskets and (ii) dividends made using proceeds received upon a demand by the Company of amounts outstanding under the revolving promissory note issued by Clear Channel Communications to the Company.
Consolidated leverage, defined as total debt divided by EBITDA for the preceding four quarters was 6.3:1 at December 31, 2012, and senior leverage, defined as senior debt divided by EBITDA for the preceding four quarters was 3.5:1 at December 31, 2012. The Company's adjusted EBITDA of $788.3 million is calculated as operating income (loss) before depreciation, amortization, impairment charges and other operating income (expense) - net, plus non-cash compensation, and is further adjusted for the following: (i) an increase of $48.0 million related to costs incurred in connection with the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities; (ii) an increase of $36.4 million for non-recurring or unusual gains or losses; (iii) an increase of $34.4 million for non-cash items; and (iv) an increase of $6.0 million for various other items.
Supplemental Disclosure Regarding Non-GAAP Financial Information
The following tables set forth the Company's OIBDAN for the three months and years ended December 31, 2012 and 2011. The Company defines OIBDAN as consolidated net income (loss) adjusted to exclude non-cash compensation expenses and the following line items presented in its Statement of Operations: Income tax benefit (expense); Other income (expense) - net; Equity in earnings (loss) of nonconsolidated affiliates; Gain (loss) on marketable securities; Interest expense; Other operating income (expense) - net; D&A and Impairment charges.
The Company uses OIBDAN, among other things, to evaluate the Company's operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company's operational strength and performance of its business because it provides a link between profitability and net income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.
The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company's management. The Company believes it helps improve investors' ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different capital structures, stock option structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.
Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Company's ability to fund its cash needs. As it excludes certain financial information compared with operating income and net income (loss), the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.
In addition, because a significant portion of the Company's advertising operations are conducted in foreign markets, principally the Euro area, the U.K. and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the 2012 actual foreign revenues, expenses and OIBDAN at average 2011 foreign exchange rates) allows for comparison of operations independent of foreign exchange rate movements.
As required by the SEC, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) OIBDAN for each segment to consolidated operating income (loss); (ii) Revenues excluding foreign exchange effects to revenues; (iii) Expenses excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects to OIBDAN; (v) Expenses excluding non-cash compensation expenses to expenses; (vi) Corporate expenses excluding non-cash compensation expenses to Corporate expenses; and (vii) OIBDAN to net income (loss).
View data
Reconciliation of OIBDAN for each segment to Consolidated
Operating Income (Loss)
(In thousands)
Operating income Non-cash Depreciation and Other operating OIBDAN
(loss) compensation amortization income (expense) -
expenses net and
impairment
charges
-------------- ------------ ---------------- ---------------- ------------
Three Months Ended December 31, 2012
Americas $ 79,338 $ 810 $ 50,321 $ - $ 130,469
International 46,408 738 55,773 - 102,919
Impairment charges (37,651 ) - - 37,651 -
Corporate (28,874 ) 25 813 - (28,036 )
Other operating income - net 1,797 - - (1,797 ) -
-------- ------ -------- ------- --- --------
Consolidated $ 61,018 $ 1,573 $ 106,907 $ 35,854 $ 205,352
===== ======== ====== ====== ======== ======== ====== ======= == ========
Three Months Ended December 31, 2011
Americas $ 82,611 $ 1,856 $ 51,948 $ - $ 136,415
International 58,634 769 56,152 - 115,555
Impairment charges (7,614 ) - - 7,614 -
Corporate (23,952 ) 36 1,071 - (22,845 )
Other operating income - net (548 ) - - 548 -
-------- - ------ -------- ------- --------
Consolidated $ 109,131 $ 2,661 $ 109,171 $ 8,162 $ 229,125
===== ======== ====== ====== ======== ======== ====== ======= == ========
Year Ended December 31, 2012
Americas $ 287,774 $ 5,875 $ 192,023 $ - $ 485,672
International 73,331 4,529 205,258 - 283,118
Impairment charges (37,651 ) - - 37,651 -
Corporate (107,411 ) 185 1,983 - (105,243 )
Other operating income - net 50,943 - - (50,943 ) -
-------- ------ -------- ------- --- --------
Consolidated $ 266,986 $ 10,589 $ 399,264 $ (13,292 ) $ 663,547
===== ======== ====== ====== ======== ======== ====== ======= === == ========
Year Ended December 31, 2011
Americas $ 268,766 $ 7,601 $ 211,056 $ - $ 487,423
International 124,471 3,165 219,908 - 347,544
Impairment charges (7,614 ) - - 7,614 -
Corporate (91,276 ) 147 1,071 - (90,058 )
Other operating income - net 8,591 - - (8,591 ) -
-------- ------ -------- ------- --- --------
Consolidated $ 302,938 $ 10,913 $ 432,035 $ (977 ) $ 744,909
===== ======== ====== ====== ======== ======== ====== ======= === == ========
Reconciliation of OIBDAN for each segment to Consolidated Operating Income (Loss) (In thousands) Operating income Non-cash Depreciation and Other operating OIBDAN (loss) compensation amortization income (expense) - expenses net and impairment charges -------------- ------------ ---------------- ---------------- ------------ Three Months Ended December 31, 2012 Americas $ 79,338 $ 810 $ 50,321 $ - $ 130,469 International 46,408 738 55,773 - 102,919 Impairment charges (37,651 ) - - 37,651 - Corporate (28,874 ) 25 813 - (28,036 ) Other operating income - net 1,797 - - (1,797 ) - -------- ------ -------- ------- --- -------- Consolidated $ 61,018 $ 1,573 $ 106,907 $ 35,854 $ 205,352 ===== ======== ====== ====== ======== ======== ====== ======= == ======== Three Months Ended December 31, 2011 Americas $ 82,611 $ 1,856 $ 51,948 $ - $ 136,415 International 58,634 769 56,152 - 115,555 Impairment charges (7,614 ) - - 7,614 - Corporate (23,952 ) 36 1,071 - (22,845 ) Other operating income - net (548 ) - - 548 - -------- - ------ -------- ------- -------- Consolidated $ 109,131 $ 2,661 $ 109,171 $ 8,162 $ 229,125 ===== ======== ====== ====== ======== ======== ====== ======= == ======== Year Ended December 31, 2012 Americas $ 287,774 $ 5,875 $ 192,023 $ - $ 485,672 International 73,331 4,529 205,258 - 283,118 Impairment charges (37,651 ) - - 37,651 - Corporate (107,411 ) 185 1,983 - (105,243 ) Other operating income - net 50,943 - - (50,943 ) - -------- ------ -------- ------- --- -------- Consolidated $ 266,986 $ 10,589 $ 399,264 $ (13,292 ) $ 663,547 ===== ======== ====== ====== ======== ======== ====== ======= === == ======== Year Ended December 31, 2011 Americas $ 268,766 $ 7,601 $ 211,056 $ - $ 487,423 International 124,471 3,165 219,908 - 347,544 Impairment charges (7,614 ) - - 7,614 - Corporate (91,276 ) 147 1,071 - (90,058 ) Other operating income - net 8,591 - - (8,591 ) - -------- ------ -------- ------- --- -------- Consolidated $ 302,938 $ 10,913 $ 432,035 $ (977 ) $ 744,909 ===== ======== ====== ====== ======== ======== ====== ======= === == ========
View data
Reconciliation of Revenues excluding Effects of Foreign
Exchange Rates to Revenues
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
----------------------------- ---------------------------
2012 2011 Change 2012 2011 Change
------- ------- -------- --------- --------- --------
Revenue $ 803,194 $ 816,002 (2 %) $ 2,946,944 $ 3,003,874 (2 %)
Excluding: Foreign exchange decrease (increase) 5,630 - 79,347 -
------- ------- --------- ---------
Revenue excluding effects of foreign exchange $ 808,824 $ 816,002 (1 %) $ 3,026,291 $ 3,003,874 1 %
=== ======= === ======= == ========= == =========
Americas Outdoor revenue $ 343,407 $ 337,925 2 % $ 1,279,257 $ 1,252,725 2 %
Excluding: Foreign exchange decrease (increase) (486 ) - 410 -
------- --- ------- --------- ---------
Americas revenue excluding effects of foreign exchange $ 342,921 $ 337,925 1 % $ 1,279,667 $ 1,252,725 2 %
=== ======= === ======= == ========= == =========
International Outdoor revenue $ 459,787 $ 478,077 (4 %) $ 1,667,687 $ 1,751,149 (5 %)
Excluding: Foreign exchange decrease (increase) 6,116 - 78,937 -
------- ------- --------- ---------
International revenue excluding effects of foreign exchange $ 465,903 $ 478,077 (3 %) $ 1,746,624 $ 1,751,149 (0 %)
=== ======= === ======= == ========= == =========
Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to Revenues (In thousands) Three Months Ended Year Ended December 31, % December 31, % ----------------------------- --------------------------- 2012 2011 Change 2012 2011 Change ------- ------- -------- --------- --------- -------- Revenue $ 803,194 $ 816,002 (2 %) $ 2,946,944 $ 3,003,874 (2 %) Excluding: Foreign exchange decrease (increase) 5,630 - 79,347 - ------- ------- --------- --------- Revenue excluding effects of foreign exchange $ 808,824 $ 816,002 (1 %) $ 3,026,291 $ 3,003,874 1 % === ======= === ======= == ========= == ========= Americas Outdoor revenue $ 343,407 $ 337,925 2 % $ 1,279,257 $ 1,252,725 2 % Excluding: Foreign exchange decrease (increase) (486 ) - 410 - ------- --- ------- --------- --------- Americas revenue excluding effects of foreign exchange $ 342,921 $ 337,925 1 % $ 1,279,667 $ 1,252,725 2 % === ======= === ======= == ========= == ========= International Outdoor revenue $ 459,787 $ 478,077 (4 %) $ 1,667,687 $ 1,751,149 (5 %) Excluding: Foreign exchange decrease (increase) 6,116 - 78,937 - ------- ------- --------- --------- International revenue excluding effects of foreign exchange $ 465,903 $ 478,077 (3 %) $ 1,746,624 $ 1,751,149 (0 %) === ======= === ======= == ========= == =========
View data
Reconciliation of Expenses (Direct Operating and SG&A Expenses)
excluding Effects of Foreign Exchange Rates to Expenses
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
----------------------------- ---------------------------
2012 2011 Change 2012 2011 Change
------- ------- -------- --------- --------- --------
Consolidated expense $ 571,354 $ 566,657 1 % $ 2,188,558 $ 2,179,673 0 %
Excluding: Foreign exchange decrease (increase) 3,857 - 71,362 -
------- ------- --------- ---------
Expense excluding effects of foreign exchange $ 575,211 $ 566,657 2 % $ 2,259,920 $ 2,179,673 4 %
=== ======= === ======= == ========= == =========
Americas Outdoor expense $ 213,748 $ 203,366 5 % $ 799,460 $ 772,903 3 %
Excluding: Foreign exchange decrease (increase) (412 ) - 357 -
------- --- ------- --------- ---------
Americas expense excluding effects of foreign exchange $ 213,336 $ 203,366 5 % $ 799,817 $ 772,903 3 %
=== ======= === ======= == ========= == =========
International Outdoor expense $ 357,606 $ 363,291 (2 %) $ 1,389,098 $ 1,406,770 (1 %)
Excluding: Foreign exchange decrease (increase) 4,269 - 71,005 -
------- ------- --------- ---------
International expense excluding effects of foreign exchange $ 361,875 $ 363,291 (0 %) $ 1,460,103 $ 1,406,770 4 %
=== ======= === ======= == ========= == =========
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding Effects of Foreign Exchange Rates to Expenses (In thousands) Three Months Ended Year Ended December 31, % December 31, % ----------------------------- --------------------------- 2012 2011 Change 2012 2011 Change ------- ------- -------- --------- --------- -------- Consolidated expense $ 571,354 $ 566,657 1 % $ 2,188,558 $ 2,179,673 0 % Excluding: Foreign exchange decrease (increase) 3,857 - 71,362 - ------- ------- --------- --------- Expense excluding effects of foreign exchange $ 575,211 $ 566,657 2 % $ 2,259,920 $ 2,179,673 4 % === ======= === ======= == ========= == ========= Americas Outdoor expense $ 213,748 $ 203,366 5 % $ 799,460 $ 772,903 3 % Excluding: Foreign exchange decrease (increase) (412 ) - 357 - ------- --- ------- --------- --------- Americas expense excluding effects of foreign exchange $ 213,336 $ 203,366 5 % $ 799,817 $ 772,903 3 % === ======= === ======= == ========= == ========= International Outdoor expense $ 357,606 $ 363,291 (2 %) $ 1,389,098 $ 1,406,770 (1 %) Excluding: Foreign exchange decrease (increase) 4,269 - 71,005 - ------- ------- --------- --------- International expense excluding effects of foreign exchange $ 361,875 $ 363,291 (0 %) $ 1,460,103 $ 1,406,770 4 % === ======= === ======= == ========= == =========
View data
Reconciliation of OIBDAN excluding Effects of Foreign Exchange
Rates to OIBDAN
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
----------------------------- -----------------------
2012 2011 Change 2012 2011 Change
------- ------- -------- ------- ------- --------
OIBDAN $ 205,352 $ 229,125 (10 %) $ 663,547 $ 744,909 (11 %)
Excluding: Foreign exchange decrease (increase) 1,773 - 7,985 -
------- ------- ------- -------
OIBDAN excluding effects of foreign exchange $ 207,125 $ 229,125 (10 %) $ 671,532 $ 744,909 (10 %)
=== ======= === ======= == ======= == =======
Americas OIBDAN $ 130,469 $ 136,415 (4 %) $ 485,672 $ 487,423 (0 %)
Excluding: Foreign exchange decrease (increase) (73 ) - 53 -
------- --- ------- ------- -------
Americas OIBDAN excluding effects of foreign exchange $ 130,396 $ 136,415 (4 %) $ 485,725 $ 487,423 (0 %)
=== ======= === ======= == ======= == =======
International OIBDAN $ 102,919 $ 115,555 (11 %) $ 283,118 $ 347,544 (19 %)
Excluding: Foreign exchange decrease (increase) 1,846 - 7,932 -
------- ------- ------- -------
International OIBDAN excluding effects of foreign exchange $ 104,765 $ 115,555 (9 %) $ 291,050 $ 347,544 (16 %)
=== ======= === ======= == ======= == =======
Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN (In thousands) Three Months Ended Year Ended December 31, % December 31, % ----------------------------- ----------------------- 2012 2011 Change 2012 2011 Change ------- ------- -------- ------- ------- -------- OIBDAN $ 205,352 $ 229,125 (10 %) $ 663,547 $ 744,909 (11 %) Excluding: Foreign exchange decrease (increase) 1,773 - 7,985 - ------- ------- ------- ------- OIBDAN excluding effects of foreign exchange $ 207,125 $ 229,125 (10 %) $ 671,532 $ 744,909 (10 %) === ======= === ======= == ======= == ======= Americas OIBDAN $ 130,469 $ 136,415 (4 %) $ 485,672 $ 487,423 (0 %) Excluding: Foreign exchange decrease (increase) (73 ) - 53 - ------- --- ------- ------- ------- Americas OIBDAN excluding effects of foreign exchange $ 130,396 $ 136,415 (4 %) $ 485,725 $ 487,423 (0 %) === ======= === ======= == ======= == ======= International OIBDAN $ 102,919 $ 115,555 (11 %) $ 283,118 $ 347,544 (19 %) Excluding: Foreign exchange decrease (increase) 1,846 - 7,932 - ------- ------- ------- ------- International OIBDAN excluding effects of foreign exchange $ 104,765 $ 115,555 (9 %) $ 291,050 $ 347,544 (16 %) === ======= === ======= == ======= == =======
View data
Reconciliation of Expenses (Direct Operating and SG&A Expenses)
excluding Non-cash compensation expenses to Expenses
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
----------------------------- ---------------------------------
2012 2011 Change 2012 2011 Change
------- ------- -------- --------- --------- --------
Americas Outdoor $ 213,748 $ 203,366 5 % $ 799,460 $ 772,903 3 %
Less: Non-cash compensation expense (810 ) (1,856 ) (5,875 ) (7,601 )
------- -- ------- -- --------- -- --------- --
212,938 201,510 6 % 793,585 765,302 4 %
International Outdoor 357,606 363,291 (2 %) 1,389,098 1,406,770 (1 %)
Less: Non-cash compensation expense (738 ) (769 ) (4,529 ) (3,165 )
------- -- ------- -- --------- -- --------- --
356,868 362,522 (2 %) 1,384,569 1,403,605 (1 %)
Plus: Non-cash compensation expense 1,548 2,625 10,404 10,766
------- ------- --------- ---------
Consolidated divisional operating expenses $ 571,354 $ 566,657 1 % $ 2,188,558 $ 2,179,673 0 %
== ======= == ======= == ========= == =========
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding Non-cash compensation expenses to Expenses (In thousands) Three Months Ended Year Ended December 31, % December 31, % ----------------------------- --------------------------------- 2012 2011 Change 2012 2011 Change ------- ------- -------- --------- --------- -------- Americas Outdoor $ 213,748 $ 203,366 5 % $ 799,460 $ 772,903 3 % Less: Non-cash compensation expense (810 ) (1,856 ) (5,875 ) (7,601 ) ------- -- ------- -- --------- -- --------- -- 212,938 201,510 6 % 793,585 765,302 4 % International Outdoor 357,606 363,291 (2 %) 1,389,098 1,406,770 (1 %) Less: Non-cash compensation expense (738 ) (769 ) (4,529 ) (3,165 ) ------- -- ------- -- --------- -- --------- -- 356,868 362,522 (2 %) 1,384,569 1,403,605 (1 %) Plus: Non-cash compensation expense 1,548 2,625 10,404 10,766 ------- ------- --------- --------- Consolidated divisional operating expenses $ 571,354 $ 566,657 1 % $ 2,188,558 $ 2,179,673 0 % == ======= == ======= == ========= == =========
View data
Reconciliation of Corporate Expenses excluding Non-cash
compensation expenses to Corporate Expenses
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
--------------------------- ----------------------------
2012 2011 Change 2012 2011 Change
------ ------ -------- ------- ------ --------
Corporate Expense $ 28,061 $ 22,881 23 % $ 105,428 $ 90,205 17 %
Less: Non-cash compensation expense (25 ) (36 ) (185 ) (147 )
------ -- ------ -- ------- -- ------ --
$ 28,036 $ 22,845 23 % $ 105,243 $ 90,058 17 %
== ====== == ====== == ======= == ======
Reconciliation of Corporate Expenses excluding Non-cash compensation expenses to Corporate Expenses (In thousands) Three Months Ended Year Ended December 31, % December 31, % --------------------------- ---------------------------- 2012 2011 Change 2012 2011 Change ------ ------ -------- ------- ------ -------- Corporate Expense $ 28,061 $ 22,881 23 % $ 105,428 $ 90,205 17 % Less: Non-cash compensation expense (25 ) (36 ) (185 ) (147 ) ------ -- ------ -- ------- -- ------ -- $ 28,036 $ 22,845 23 % $ 105,243 $ 90,058 17 % == ====== == ====== == ======= == ======
View data
Reconciliation of OIBDAN to Net Loss
(In thousands) Three Months Ended Year Ended
December 31, % December 31, %
------------------------------ --------------------------
2012 2011 Change 2012 2011 Change
-------- ------- -------- -------- ------- --------
OIBDAN $ 205,352 $ 229,125 (10 %) $ 663,547 $ 744,909 (11 %)
Non-cash compensation expense 1,573 2,661 10,589 10,913
Depreciation and amortization 106,907 109,171 399,264 432,035
Impairment charges 37,651 7,614 37,651 7,614
Other operating income (expense) - net 1,797 (548 ) 50,943 8,591
-------- ------- -- -------- -------
Operating income 61,018 109,131 266,986 302,938
Interest expense - net 100,480 58,840 373,876 242,435
Interest income on due from Clear Channel Communications 14,779 13,673 63,761 45,459
Gain (loss) on marketable securities (2,578 ) (4,827 ) (2,578 ) (4,827 )
Equity in earnings (loss) of nonconsolidated affiliates 813 4,389 843 6,029
Loss on extinguishment of debt (221,071 ) - (221,071 ) -
Other income (expense) - net (64 ) (1,624 ) (364 ) (649 )
-------- -- ------- -- -------- - ------- -
Loss before income taxes (247,583 ) 61,902 (266,299 ) 106,515
Income tax benefit (expense) 108,089 (32,289 ) 107,089 (43,296 )
-------- ------- -- -------- ------- -
Consolidated net loss (139,494 ) 29,613 (159,210 ) 63,219
Amount attributable to noncontrolling interest 8,916 7,034 23,902 20,273
-------- ------- -------- -------
Net income (loss) attributable to the Company $ (148,410 ) $ 22,579 $ (183,112 ) $ 42,946
== ======== == == ======= = ======== = = =======
Reconciliation of OIBDAN to Net Loss (In thousands) Three Months Ended Year Ended December 31, % December 31, % ------------------------------ -------------------------- 2012 2011 Change 2012 2011 Change -------- ------- -------- -------- ------- -------- OIBDAN $ 205,352 $ 229,125 (10 %) $ 663,547 $ 744,909 (11 %) Non-cash compensation expense 1,573 2,661 10,589 10,913 Depreciation and amortization 106,907 109,171 399,264 432,035 Impairment charges 37,651 7,614 37,651 7,614 Other operating income (expense) - net 1,797 (548 ) 50,943 8,591 -------- ------- -- -------- ------- Operating income 61,018 109,131 266,986 302,938 Interest expense - net 100,480 58,840 373,876 242,435 Interest income on due from Clear Channel Communications 14,779 13,673 63,761 45,459 Gain (loss) on marketable securities (2,578 ) (4,827 ) (2,578 ) (4,827 ) Equity in earnings (loss) of nonconsolidated affiliates 813 4,389 843 6,029 Loss on extinguishment of debt (221,071 ) - (221,071 ) - Other income (expense) - net (64 ) (1,624 ) (364 ) (649 ) -------- -- ------- -- -------- - ------- - Loss before income taxes (247,583 ) 61,902 (266,299 ) 106,515 Income tax benefit (expense) 108,089 (32,289 ) 107,089 (43,296 ) -------- ------- -- -------- ------- - Consolidated net loss (139,494 ) 29,613 (159,210 ) 63,219 Amount attributable to noncontrolling interest 8,916 7,034 23,902 20,273 -------- ------- -------- ------- Net income (loss) attributable to the Company $ (148,410 ) $ 22,579 $ (183,112 ) $ 42,946 == ======== == == ======= = ======== = = =======
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world's largest outdoor advertising companies with more than 650,000 displays in 28 countries in the International segment across Asia, Australia, Europe, and Latin America, and approximately 108,000 display structures in the Americas segment, covering 48 of the 50 largest US markets. Clear Channel Outdoor offers a wide range of displays which span traditional and digital formats on roadside billboards, street furniture and in retail, point of sale, airport, transit and lifestyle environments. More information is available at www.clearchanneloutdoor.com and www.clearchannelinternational.com.
Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases "guidance," "believe," "expect," "anticipate," "estimates," "forecast" and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements.
Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in business, political and economic conditions in the United States and in other countries in which the Company currently does business (both general and relative to the advertising industry); changes in operating performance; changes in governmental regulations and policies and actions of regulatory bodies; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; fluctuations in exchange rates and currency values; the outcome of litigation; fluctuations in interest rates; taxes and tax disputes; shifts in population and other demographics; access to capital markets and borrowed indebtedness; risks relating to the integration of acquired businesses; and risks that we may not achieve or sustain anticipated cost savings. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release. Other key risks are described in the Company's reports and other documents filed with the U.S. Securities and Exchange Commission, including in the section entitled "Item 1A. Risk Factors" of Clear Channel Outdoor Holdings, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this document, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130219007049r1&sid=cmtx4&distro=nx
SOURCE: Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc.
Media
Wendy Goldberg, 212-549-0965
Senior Vice President - Communications
or
Investors
Gregory Lundberg, 212-549-1717
Senior Vice President - Investor Relations
This one is back on my radar...
CCO, multi billion dollar media giant, has partnered with a promising up-and-coming small cap company, see article below:
Article at: http://online.wsj.com/article/PR-CO-20120912-905055.html?mod=WSJ_qtpressrel_pressrel
LOS ANGELES, Sept. 12, 2012 /PRNewswire/ -- IC Places, Inc. (OTCQB:ICPA) and ClearVision announced today the companies will kick off their four year Production/Content Partnership, at Raleigh-Durham International Airport this Fall, airing two new shows over the network. The ClearVision Airport Network will provide IC Places with an unparalleled ability to reach and engage air travelers by offering full episodes of their shows on the innovative Airport TV Network.
The Hollywood Fast Lane and Travel Tech will be the first two IC Places shows to air over the ClearVision Airport Networks.
The Hollywood Fast Lane, hosted by Steven Samblis, delivers intimate conversations with top actors in Hollywood. Previous episodes have featured interviews with Matt Bomer, Matthew McConaughey, Alex Pettyfer, Michelle Pfeiffer, Adam Rodriguez, Channing Tatum, Will Ferrell, Zach Galifianakis, Dylan McDermott, Jay Roach, Ashley Greene, Queen Latifah, Dolly Parton, Robin Williams, Sam Worthington, James Cameron, Ed Helms, Susan Sarandon, and Jason Segel. Additional segments in the show include the weekly "Instant Movie Review" and "The Hollywood Rewind" with Jim Ferguson. http://www.facebook.com/icHollywood
Travel Tech is hosted by Steve Samblis and Tom Choi. The show is directed and edited by Pascal Leister. This weekly show offers viewers the latest and coolest gadgets to make life on the road better. The show is unique as it was developed in partnership with ClearVision specifically for the Airport Network. http://www.facebook.com/TraveltechTV
"The ClearVision Network offers us interactivity with each airport in a way no in-home network could," said Steven Samblis, Chairman of IC Places, Inc. "Many of the products we feature in the show are available though shops near the gates from where people will be watching the show. This offers an incredible opportunity to promote the purchase of items within the show. Due to the technical advances of the network, each monitor at each gate, in each airport, can direct the viewers to the closest shop to purchase an item. This can be done in real time, while Tom and I talk about the items on the screen."
Travel Tech is is produced in partnership between IC Places, Inc., Lodestar Film and Tension Films.
"The ClearVision Airport Network is a revolution in network television because of the space it lives in," said Steven Samblis, Chairman of IC Places, Inc. "It operates as a 24/7 network but lives in airports, delivering true day-parted shows to the millions of people waiting at gates between flights. Along with the revenue stream the network will provide, it is also a perfect match for our cross-channel platforms which IC Places uses to engage not just loyal, regular viewers, but to capture new viewers."
"Our partnership with IC Places sets in motion the creation of original programming that is appealing and highly relevant to our viewers in airport environments throughout the U.S.," said David Tetreault, Chief Marketing Officer at ClearVision/ConnectiVISION, "We are extremely excited about the prospects of Travel Tech and its appeal to our advertisers and brands who demand a cohesive integration of their messages into our overall programming experience."
About IC Places:
The future of entertainment has arrived with IC Places. IC Places is a public company which trades on the OTCQB: Symbol ICPA. ( www.icplaces.com )
Uniquely sensitive to the fact that the world's populations want to access its entertainment, (when, where, and how they want it), IC Places is a transmedia entertainment complex that produces entertainment content for distribution across multiple mediums.
On August 11th, IC Places announced it had completed the purchase of Punch TV Network giving the company a broadcast TV network available in 50 million households. This network is growing every month. In August 2012, the network expanded into New York and Houston TX adding 14 million households. Punch TV Network has a roster of original programing which includes 36 new dramas, comedies, variety shows, talk shows, children's shows, and inspirational entertainment.
Through multiple long term partnerships, clips and full episodes of the company's shows are available to more than 300 million people a month outside the traditional set top box. This exposure serves as both a profit center and marketing component promoting the TV Network, its line up and the company's new media specific programming across multiple platforms.
One of the core components of this multiple platform approach is IC Places 350 city-based websites. These online "websites/TV stations" offer virtual keyhole views of life in each community they serve. These sites offer local, regional and national news, as well as programing. They deliver Punch TV to communities in which the network is not currently available through traditional means.
In May of 2012, IC Places signed a content distribution and development agreement with connectiVISION Digital Networks for their new Clear Vision Airport Network. connectiVISION Digital Networks for the Healthcare Industry expands that agreement by adding IC Places content to the Away From Home Television network in waiting areas of Hospitals, Doctors offices, Clinics and Care Centers across the country. This extended ad based network offers IC Places another another revenue stream for the shows it produces as well as additional exposure for its newly acquired Punch TV Network.
Additional partnerships deliver IC Places content to Checkout TV Network, HDTV network, Dining Network further expanding its footprint in breadth and depth to levels unimaginable as recent as a decade ago.
To complete its reach, IC Places signed a 2nd window and International distribution agreement with Spartan Bay, a company that will profitably deliver IC Places shows to markets around the world.
Through the long arm reach of an intricately woven network of partnerships and owned properties, IC Places stands out as one of the most unique diversified transmedia companies on the planet. Its structure offers the and greatest opportunity to generate the highest level of market awareness and profit for the shows it produces.
About ClearVision
ClearVision is the first real alternative in decades to CNN's news-only airport network. Created through a partnership between Clear Channel Airports and connectiVISION Digital Networks, one of the leading digital media companies, ClearVision provides airports, content partners, and advertisers with an unparalleled ability to reach and engage air travelers.
About connectiVISION Digital Networks
connectiVISION is a revolutionary digital media company that is transforming the digital media landscape with one of the most dynamic away from home television networks ever launched. The company's television content strategy provides Fortune 500 brands and advertisers with optimal engagement and consumer interaction. Visit www.connectivision.com to learn more.
About Clear Channel Airports
Dedicated to airport advertising for more than 37 years, Clear Channel Airports is the premier innovator of contemporary display concepts. The Company, a division of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) , one of the world's largest outdoor advertising companies, currently operates more than 275 airport programs across the globe and has a presence in 32 of the top 50 U.S. markets with major airports. More information can be found on Clear Channel Airports and Clear Channel Outdoor by visiting www.clearchannelairports.com and www.clearchanneloutdoor.com .
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc., (NYSE:CCO) is one of the world's largest outdoor advertising companies, reaches approximately 141 million people in the United States and approximately 374 million internationally; with more than 600,000 displays in over 40 countries across five continents, including 49 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers 914 digital displays across 37 U.S. markets. Clear Channel International operates in 30 countries across Asia, Australia and Europe in a wide variety of formats.
About the Raleigh-Durham International Airport
The launch airport, Raleigh-Durham International Airport is the gateway to the acclaimed Research Triangle Park, which is home to many of the world's leading technology companies. The region the airport serves is also home to leading hospitals and universities, including Duke University, University of North Carolina Chapel Hill and North Carolina State University.
About Punch Television Network
Launched in October 2011, IC Places' Punch Television Network began airing its new season of programs on Saturday, September 1, 2012. Approximately 70% of this programming will be original. New York City area's more than 10 million households will be able to access new detective shows such as Port City PD and Second District. The Hollywood Fast Lane and Luisa will link New York viewers more closely with the world of Hollywood. The dramatic series, Eros, will bring true stories of fairy-tale love. The Punch TV original, Filbert's Big Bash will enchant the children of New York through its family of lovable dinosaurs. The gangsters in Get Thee Behind Me will intrigue. Many, many more new shows will be available when IC Places' Punch Television Network begins airing in New York on WNYN this week. Punch TV believes that New Yorkers are already thirsty for its new programming.
IC Places Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. (A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.) The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information:
IC Places, Inc.
www.icplaces.com
Steven Samblis
407-442-0309 Ext. 2
Press Inquiries:
info@icplaces.com
SOURCE IC Places, Inc.
/Web site: http://www.icplaces.com
6 days until the CCO conference call.
Hopefully some big developments come out in the mean time!
I c ur over here 2. Did c the 21st fillings? Don't really understand it.
U think this will affect us (icp@) in any way ? Just checking
We need some sticky material. PRs welcomed! :)
Good to see some familiar faces here! CCO and ICPA shareholders are both waiting for the PR to hit the news wires any day now, then it's off to the races for both companies.
CCO is continuing to improve their Outdoor Networks, which includes airport terminals. Once the full rollout hits all 260 airports, that contract will generate $98,000,000 in revenues per year via Clear Channel - with 50% going to IC Places.
It is a very exciting time to be a CCO shareholder, and especially an ICPA shareholder. Analysts are shouting "52 week low!" but I think it's a great buying opportunity.
Is a merger in the works?? We shall see!
GTLA!
Philadelphia International Airport Awards New Seven-Year Contract To Clear Channel Airports
Philadelphia International Airport (PHL), the 19th busiest North American airport in terms of passengers with nearly 32 million travellers in 2011, has awarded a seven-year advertising contract to Clear Channel Airports (CCA). The new contract continues the positive momentum for local and national businesses at one of the busiest U.S. airports, and allows Clear Channel Airports to add a full range of digital displays to the high-quality static displays it already has in place at Philadelphia International Airport.
As part of this new contract, CCA will complement its current advertising opportunities with its “Next Generation” initiative, which provides new high-tech advertising options at the airport through innovative digital displays and new technology such as synchronized digital displays and in terminal touch screens. With the continued strength of air travel, Clear Channel Airports can ensure that both national brands and local and regional businesses will have additional choices and capabilities to capture the attention of the millions of air travellers who go through the airport every year.
Clear Channel Airports will install 76 new LCD screens at strategic points throughout some of the most highly trafficked areas of the airport. This innovative digital technology offers advertisers new options and flexibility to address the different goals of their marketing campaigns.
“This is an exciting time for Clear Channel Airports as we are taking our partnership with the Philadelphia International Airport to a whole new level with the integration of digital throughout the airport,” said Toby Sturek, President of Clear Channel Airports. “We are pleased to have the opportunity to offer advertisers dynamic new technology and creative displays to showcase their brands and messaging. Together with Philadelphia International Airport, we are creating the future of airport advertising.”
Among Clear Channel Airports’ additions to the airport are eight synchronized 55-inch vertical digital panels that will display dynamic advertising and digital art. CCA is also implementing thirteen 70 inch double-sided LCDS in all domestic baggage claims and spectacular 50 square foot digital walls on the overhead arches of concourses B and C.
Clear Channel Airports is the industry’s premiere airport advertising company in North America, its programs serve as a catalyst for promoting tourism, economic development and community support for local airports. Clear Channel Airports is currently implementing over 200 airport programs throughout North and Central America, the Caribbean and the Pacific Rim.
About Clear Channel Airports
Dedicated to airport advertising for more than 37 years, Clear Channel Airports is the premier innovator of contemporary display concepts. A division of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), one of the world’s largest outdoor advertising companies, Clear Channel Airports currently operates more than 280 airport programs across the globe and has a presence in 32 of the top 50 U.S. markets with major airports. More information can be found on Clear Channel Airports and Clear Channel Outdoor by visiting www.clearchannelairports.com and www.clearchanneloutdoor.com.
Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Oh and don't forget Travel Tech and the biggest ICPA fan should be playing on TVS in airports this Friday!
Yeah lots of big things happening here! ICPA being partnered with Clear Channel will be a huge success! Should get a PR here anytime
...yes growth from pps@ .03 cents or @ $6.03 - whats the bigger gain?
..though if Clear Channel dips further I think a great time to buy, as their airport TV begins this month, with new airports supposed to be added for MANY months going foward....
ICPA shareholders excited about upcoming Partnership with clear channel! This will be a huge benefit for both companies and future ventures. CCO shareholders check us out on Ihub ICPA growing very fast and just came out of the R & D phase. Huge growth for ICPA in near future!!
Wow this board is dead im a bit surprised. Any cco holder should definitely be checking out ICPA. Im actually looking to start a position here and hold for a while. CCO has a monopoly in the making with this new airport tv. I can't think of a better place to get people to watch tv then a boring airport. This is going to be mega huge for CCO & ICPA.
Dynomite!
Checkout...ICPA....going to be involved with CCO...NEWS COMING SOON...Its what I heard anyway...worth checking out.
Checkout...ICPA....going to be involved with CCO...NEWS COMING SOON...Its what I heard anyway...worth checking out.
Still pending.. ~ Tuesday! $CCO ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $CCO ~ Earnings expected on Tuesday *
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~ $CCO ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $CCO ~ Earnings expected on Monday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
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