This excerpt taken from the CCO 8-K filed Feb 15, 2008.
Full Year 2007 Results
For the full year, Clear Channel Outdoor reported revenues of $3.3 billion, an increase of 13% when compared to revenues of $2.9 billion for the same period in 2006. The Company’s expenses increased 14% to $2.3 billion during the year compared to 2006. Included in the Company’s expenses is approximately $10.2 million of non-cash compensation expense.
The Company’s net income was $246.0 million or $0.69 per diluted share for 2007. This compares to net income of $153.1 million or $0.43 per diluted share in 2006. The Company’s 2006 net income included approximately $13.2 million of pre-tax gains, $0.02 per diluted share after-tax, on the swap of certain assets. Excluding these gains, Clear Channel Outdoor’s 2006 net income would have been $145.4 million or $0.41 per diluted share. See reconciliation of net income and diluted earnings per share at the end of this press release.
“Clear Channel Outdoor’s results in 2007 were outstanding,” commented Mark P. Mays, Chief Executive Officer of Clear Channel Outdoor. “Once again, we chalked up double digit gains in revenue and OIBDAN with superior performance by our Americas and International operations. We exceeded our forecast for the roll-out of digital boards last year and are on course to accelerate the roll-out this year. Results like these don’t occur without a great team at the helm. We are proud of their performance in 2007 and are confident in their leadership as we capitalize on the many opportunities presented in 2008.”
“We are pleased with the continued revenue and OIBDAN growth in our Americas business in 2007.” stated Paul Meyer, Global President and COO. “As we look into 2008, we will continue to enhance our structures to provide advertisers with additional opportunities to reach their target consumers, including conversion to digital displays, which we believe will play an important role in our revenue and profit growth going forward. We also are pleased with the broad progress made across our International markets in improving profitability, from large, more mature markets like Spain and Italy to smaller developing markets, like Turkey and Poland. This momentum should continue in 2008, led by the strength of our Chinese business.”