This excerpt taken from the CCO 8-K filed Feb 15, 2008.
Fourth Quarter 2007 Results
The Company reported revenues of $936.7 million in the fourth quarter of 2007, a 13% increase over the $830.7 million reported for the fourth quarter of 2006. Included in the Company’s revenue is a $46.9 million increase due to movements in foreign exchange; strictly excluding the effects of these movements in foreign exchange, revenue growth would have been 7%. See reconciliation of revenue excluding effects of foreign exchange to revenue at the end of this press release.
Clear Channel Outdoor’s expenses increased 14% to $621.7 million during the fourth quarter of 2007 compared to 2006. Included in the Company’s expenses is a $36.0 million increase due to movements in foreign exchange. During the fourth quarter of 2006, the Company recorded a reduction to expenses of $9.8 million as a result of the favorable settlement of a legal proceeding. Strictly excluding the effects of movements in foreign exchange in the 2007 expenses and the $9.8 million reduction to expenses in 2006, expense growth would have been 5%. See reconciliation of expense excluding effects of foreign exchange to expense and fourth quarter 2006 reduction to operating expense due to legal settlement at the end of this press release. Also included in the Company’s 2007 expenses is approximately $3.2 million of non-cash compensation expense.
Clear Channel Outdoor’s net income and diluted earnings per share were $106.6 million and $0.30, respectively, during the fourth quarter of 2007. This compares to net income of $65.1 million or $0.18 per diluted share in the fourth quarter of 2006.
The Company’s OIBDAN (defined as Operating Income before Depreciation & amortization, Non-cash compensation expense and Gain (loss) on disposition of assets – net) was $297.1 million in the fourth quarter of 2007, a 12% increase from the fourth quarter of 2006. See reconciliation of OIBDAN to net income at the end of this press release.