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iHeartMedia, Inc. Reports-Results for 2014 Fourth-Quarter and Full-Year

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UserAlias1   Thursday, 02/19/15 07:20:58 AM
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iHeartMedia, Inc. Reports-Results for 2014 Fourth-Quarter and Full-Year

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Last update: 19/02/2015 7:12:21 am

iHeartMedia, Inc. Reports Results for 2014 Fourth Quarter and Full Year

-- Fourth quarter revenues up 1% -- Excluding impact of foreign exchange rates, revenues(1) up 3%

-- Fourth quarter OIBDAN(1) up 6% -- Excluding impact of foreign exchange rates, OIBDAN(1) up 7.5%

-- Full year revenues up 1% totaling $6.3 billion -- Excluding impact of foreign exchange rates, revenues(1) up 2%

-- Full year OIBDAN(1) up 3% totaling $1.8 billion
SAN ANTONIO--(BUSINESS WIRE)--February 19, 2015--

iHeartMedia, Inc. (OTCBB:IHRT) today reported financial results for the fourth quarter and full year ended December 31, 2014.

"Throughout 2014, we further strengthened iHeartMedia's position as the leading media and entertainment company in the digital age -- building on our one-of-a-kind multi-platform assets that deliver unparalleled reach, scale and impact. We continue to develop powerful marketing solutions for our advertising and brand partners while providing the most live entertainment -- with more content and more events in more places on more devices -- to the industry's most engaged audiences, wherever they are," Chairman and Chief Executive Officer Bob Pittman said. "We once again outperformed the broadcast radio market last year, a testament to our ability to attract advertising dollars to our platform. At iHeartRadio, we recently surpassed 60 million registered users, growing faster than any other digital radio or music service, and our social media presence is stronger than ever with more than 70 million social followers. At outdoor, we saw steady improvement this year in our domestic business, while continuing our strong momentum internationally. We look forward to more progress in 2015, as we continue to run our businesses more efficiently than ever and launch innovative initiatives across our unique mix of broadcast radio, digital, mobile, social and event platforms."

The Company also announced today that Richard Bressler, currently iHeartMedia, Inc.'s President and CFO, is adding the title of Chief Operating Officer for iHeartMedia, Inc. in order to better reflect his actual role and responsibilities since joining the Company in August 2013.

"Since joining us internally at iHeartMedia, Inc. in 2013, Rich has been an enormously valuable partner, both for me and for our entire company," said Pittman. "In the last year we have made incredible strides, and Rich has played an important role in operations and finance, as well as strategy, for all of iHeartMedia, Inc. We're delighted to recognize his contributions by adding this title, which better reflects the impact he has made and will continue to make."

"Both iHeartMedia and our Outdoor business delivered revenue and OIBDAN growth in 2014, even in the face of a challenging first half of the year, " said Rich Bressler, President, Chief Financial and Operating Officer of iHeartMedia, Inc. "Our focus on improving operating efficiency resulted in virtually flat expenses year over year and OIBDAN growth of 3%. We continued to execute on our revenue and efficiency initiatives that are building a strong foundation for our long-term success, and most importantly, our capital markets activities over the past months -- including refinancing approximately $1 billion of our term loans and announcing the sale of a select portfolio of tower assets for up to $400 million -- have given us even more financial and operating flexibility."

Full Year 2014 Results

Consolidated revenues increased 2% to $6.3 billion in 2014 compared to 2013 after adjusting for a $23 million unfavorable impact from movements in foreign exchange rates. Growth at iHeartMedia, International outdoor and our media representation business was partially offset by a decline at Americas outdoor. On a reported basis, consolidated revenue increased 1%.
-- iHeartMedia revenues increased $30 million, or 1%, compared to 2013,
driven primarily by political advertising, our traffic and weather
business and core national broadcast radio. Higher revenues were
partially offset by lower core local broadcast radio and syndication
revenues.

-- Americas outdoor revenues decreased $34 million, or 3%, compared to 2013,
after adjusting for a $3 million unfavorable impact from movements in
foreign exchange rates. On a reported basis, revenues decreased $37
million, or 3%, compared to 2013. Revenue decrease was driven primarily
by lower national advertising and lower revenues in our Los Angeles
market as a result of our digital boards that became inactive in April
2013. Growth in digital revenues was partially offset by decreases in
revenues from traditional product lines.

-- International outdoor revenues increased $72 million, or 4%, after
adjusting for a $19 million unfavorable impact from movements in foreign
exchange rates. On a reported basis, revenues increased $52 million, or
3%, compared to 2013. Revenue growth was driven primarily by strong
performance in Italy, Sweden, France and the UK, as well as in emerging
markets, including China and Mexico.

The Company's OIBDAN(1) was up 3% to $1.8 billion in 2014 compared to 2013, both on a reported basis and excluding the effects of movements in foreign exchange rates. Included in the full year 2014 OIBDAN were $37 million of operating expenses and $34 million of corporate expenses related to the Company's strategic revenue and efficiency initiatives to generate additional advertising dollars and improve operating efficiencies, compared to $37 million and $21 million of such expenses in 2013, respectively. The growth in OIBDAN was impacted by $20 million of litigation expenses in 2014 compared to $23 million in 2013.

The Company's consolidated net loss totaled $762 million for 2014 compared to a consolidated net loss of $584 million in 2013, due primarily to higher interest expense, higher tax expense resulting from a valuation allowance required in the current year and a gain on sale of marketable securities in 2013, partially offset by increases in operating income resulting from higher revenue.

Fourth Quarter 2014 Results

Consolidated revenues increased 3% to $1.8 billion compared to the fourth quarter of 2013 after adjusting for a $34 million unfavorable impact from movements in foreign exchange rates. On a reported basis, consolidated revenues increased 1% to $1.7 billion.
-- iHeartMedia revenues increased $9 million, or 1%, driven primarily by
political advertising and our traffic and weather business. Higher
revenues were partially offset by lower core local broadcast radio and
syndication revenues.

-- Americas outdoor revenue decreased $1 million, or nearly flat, year over
year, after adjusting for a $1 million unfavorable impact from movements
in foreign exchange rates. On a reported basis, revenues decreased $2
million, or 1%, compared to 2013. The decrease was driven primarily by
lower national revenues. Higher digital revenues were more than offset by
a decrease in revenues from traditional product lines.

-- International outdoor revenues increased $31 million, or 7%, after
adjusting for a $33 million unfavorable impact from movements in foreign
exchange rates. On a reported basis, revenues were down $2 million, or
nearly flat, year over year. Revenue growth was driven primarily by
strong performance in Europe as well as emerging markets, including China
and Mexico.

After adjusting for the movements in foreign exchange, the Company's OIBDAN(1) was up 7.5% in the fourth quarter, compared to the same period in 2013. On a reported basis, OIBDAN was up 6% to $562 million for the quarter compared to the same period in 2013. Consolidated operating expenses decreased primarily as a result of lower expenses at iHeartMedia, resulting primarily from execution of efficiency initiatives, partially offset by higher variable expenses at International outdoor in connection with higher revenues. Corporate expenses increased $19 million. Included in the 2014 fourth quarter OIBDAN were $11 million of operating expenses and $9 million of corporate expenses associated with the Company's strategic revenue and efficiency initiatives, compared to $12 million and $6 million of such expenses in the prior year, respectively. OIBDAN growth was impacted by $17 million of litigation expense during the fourth quarter of 2014 compared to $2 million in the fourth quarter of 2013.

The Company's consolidated net loss was $50 million in the fourth quarter of 2014 compared to a consolidated net loss of $302 million in the same period of 2013. The decrease was due primarily to higher operating income, resulting primarily from higher revenue and the impact of equity in losses of nonconsolidated affiliates and a loss on extinguishment of debt recognized in the fourth quarter of 2013. These increases were partially offset by higher interest expense in the fourth quarter of 2014 as compared to the prior year.

Key Highlights

The Company's recent key highlights include:

(MORE TO FOLLOW) Dow Jones Newswires

February 19, 2015 07:12 ET (12:12 GMT)




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