iHeartMedia Reports Revenue Up A Little In Third Quarter
October 28, 2014 at 4:47 AM (PT)
iHEARTMEDIA, INC. third-quarter 2014 consolidated revenue rose 3% to $42.5 million, with the iHEARTMEDIA division up just 1% to $831 million, credited to core national broadcast radio, political advertising, and traffic and weather services offset by lower core local radio revenues.
Revenue at the American outdoor division fell 1% to $329.5 million, due to lower national account revenues offsetting higher digital revenues; international outdoor revenues rose 6% to $413.3 million. Consolidated net loss attributable to the Company widened from $102 million to $115 million, but narrowed when considered before income taxes from $166 million to $83 million, credited to higher revenue, lower corporate expenses and a non-cash gain from the swap that added 29 stations from QANTUM in exchange for ALOHA TRUST's AC WALK-A-F/PATCHOGUE, LONG ISLAND, NY, which ultimately went to CONNOISSEUR MEDIA.
Chairman/CEO BOB PITTMAN said, “This quarter we became ‘iHEARTMEDIA’ to better reflect who we are today -- the leading media and entertainment company in the digital age. We are a one-of-a-kind multi-platform media company that delivers unparalleled reach, scale and impact while continuing to provide the most live entertainment -- with more content and more events in more places on more devices -- to the industry’s most engaged audiences, wherever they are. And last month, our fourth annual iHEARTRADIO MUSIC FESTIVAL generated more buzz than ever with five billion social media impressions, more than double last year’s total, and on par with the ACADEMY AWARDS. Our constantly expanding platform of assets enables advertisers and partners to engage seamlessly across all of our diverse media platforms -- broadcast, digital, outdoor, mobile, social and events.”
Pres./CFO RICH BRESSLER added, “We were pleased to continue to grow overall revenues while tightly managing our expenses through operating efficiencies to generate a 9% growth in OIBDAN this quarter. We delivered year-over-year increases in revenues and OIBDAN at iHEARTMEDIA and our International Outdoor business. Our AMERICAS Outdoor segment continues to improve after coming off of a challenging first half of the year. We also continued to build our financial flexibility with three successful debt refinancing activities during the third quarter, as well as $57.1 million in discounted repurchases of our 2016 and 2018 debt that we have completed in OCTOBER, further extending our runway and enabling us to keep focusing on our operations and growth.”