This excerpt taken from the CCO 8-K filed Aug 11, 2009.
Clear Channel Outdoor Reports Second Quarter 2009 Results
San Antonio, Texas August 10, 2009 Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported results for its second quarter June 30, 2009.
The Company reported revenues of $692.1 million in the second quarter of 2009, a 24% decrease from the $914.8 million reported for the second quarter of 2008. Included in the Companys revenue is a $61.0 million decrease due to movements in foreign exchange; excluding the effects of these movements in foreign exchange, the revenue decline would have been 18%. See reconciliation of revenue excluding effects of foreign exchange to revenue at the end of this press release.
Clear Channel Outdoors operating expenses decreased 20% to $513.7 million during the second quarter of 2009 compared to 2008. Included in the Companys second quarter 2009 expenses is a $51.3 million decrease due to movements in foreign exchange; excluding the effects of these movements in foreign exchange, decline in expenses would have been 12%. See reconciliation of expenses excluding effects of foreign exchange to expenses at the end of this press release. Also included in the Companys second quarter 2009 operating expenses are approximately $2.8 million of non-cash compensation expense, compared to non-cash compensation expense of $3.8 million in the second quarter of 2008, and approximately $10.1 million of restructuring charges.
Clear Channel Outdoors net loss and diluted loss per share were $689.1 million and $1.94, respectively, during the second quarter of 2009. This compares to net income of $80.3 million or $0.23 per diluted share in the second quarter of 2008. The Companys net loss in the second quarter 2009 was primarily attributable to a reduction in revenues and an $812.4 million impairment charge related to goodwill and permits. See reconciliation of net income and diluted earnings per share at the end of this press release.
The Companys OIBDAN was $165.7 million in the second quarter of 2009, a 36% decrease from the second quarter of 2008. The Company defines OIBDAN as Operating Income before Depreciation and amortization, Impairment charge, Non-cash compensation expense and Other operating income (expense) net. See reconciliation of OIBDAN to net income at the end of this press release.
The Company filed its Quarterly Report with the Securities and Exchange Commission (SEC) on Form 10Q earlier today. This Quarterly Report includes further details and discussion of the Companys second quarter results.