Exhibit 99.1

 

LOGO

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. REPORTS

RESULTS FOR 2016 FOURTH QUARTER AND FULL YEAR

 

 

San Antonio, February 23, 2017 – Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial results for the fourth quarter and year ended December 31, 2016.

“We continue to invest in transforming our Americas and International outdoor businesses to more effectively compete in an increasingly digital world,” said Bob Pittman, Executive Chairman and Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Both Americas outdoor and International outdoor made great progress in building out their industry-leading data-rich, analytics capabilities and programmatic ad-buying solutions to do business in the same way that the advertising industry does today while expanding their digital networks and winning new contracts.”

“We are pleased with the successful execution of our strategic initiatives this year,” said Rich Bressler, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc. “In the fourth quarter and full year 2016, consolidated revenue declined and operating income increased. However, excluding the impact of the 2016 sales of certain U.S. markets and International businesses as well as foreign exchange, Americas outdoor and International outdoor revenues, operating income and OIBDAN all increased. Throughout 2016, we continued to invest in innovative products at both businesses for the benefit of our audiences and partners while maintaining tight operating and financial discipline.”

Key Financial Highlights

The Company’s key financial highlights for the fourth quarter of 2016 include:

 

    Consolidated revenue decreased 5.9%. Consolidated revenue increased 4.7%, after adjusting for a $19.8 million impact from movements in foreign exchange rates and the $58.9 million impact of markets and businesses sold in 2016.

 

    Americas revenues decreased $17.2 million, or 4.7%. Revenues increased $10.5 million, or 3.1%, after adjusting for a $0.1 million impact from movements in foreign exchange rates and a $27.9 million impact from the sale of non-strategic markets in the first quarter of 2016.

 

    International revenues decreased $28.4 million, or 7.0%. Revenues increased $22.5 million, or 6.2%, after adjusting for a $19.9 million impact from movements in foreign exchange rates and a $31.0 million impact from the sale of our businesses in Turkey in the second quarter of 2016 and Australia in the fourth quarter of 2016.

 

    Operating income increased 115.7% to $250.9 million.

 

    OIBDAN decreased 3.8%. OIBDAN increased 9.6%, excluding the impact from movements in foreign exchange rates and the impact of the non-strategic markets sold in 2016.

The Company’s key financial highlights for 2016 include:

 

    Consolidated revenue decreased 3.7%. Consolidated revenue increased 2.7%, after adjusting for a $47.6 million impact from movements in foreign exchange rates and the $125.4 million impact of the markets and businesses sold in 2016.

 

    Americas outdoor revenues decreased $70.6 million, or 5.2%. Revenues increased $39.9 million, or 3.2%, after adjusting for a $7.7 million impact from movements in foreign exchange rates and a $102.7 million impact from the non-strategic markets sold in the first quarter of 2016.

 

    International outdoor revenues decreased $33.2 million, or 2.3%. Revenues increased $29.3 million, or 2.2%, after adjusting for a $39.9 million impact from movements in foreign exchange rates and a $22.7 million impact from the sale of our businesses in Turkey in the second quarter of 2016 and Australia in the fourth quarter of 2016.

 

    Operating income increased $376.5 million, or 144.3%.

 

    OIBDAN decreased 4.1% and increased 4.9%, excluding the impact from movements in foreign exchange rates and the impact of the markets and businesses sold in 2016.

 

1


The following information was filed by Clear Channel Outdoor Holdings, Inc. (CCO) on Thursday, February 23, 2017 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.

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