Exhibit 99.1
 

 
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. REPORTS
RESULTS FOR 2012 FOURTH QUARTER AND FULL YEAR

● 
Annual revenue increased 1% to $3.0 billion with Americas up 2% and International up 1%, adjusting for divestitures and foreign exchange
 
● 
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%

----------------

San Antonio, Texas, February 19, 2013…
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 rates1, 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 OIBDAN1 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.
 
 
 
1

The following information was filed by Clear Channel Outdoor Holdings, Inc. (CCO) on Tuesday, February 19, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Clear Channel Outdoor Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Clear Channel Outdoor Holdings, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account