iHeartMedia Revenues Up For First Quarter
May 4, 2016 at 5:19 AM (PT)
iHEARTMEDIA first-quarter consolidated revenues increased 4.1% (after adjustment for foreign exchange rate changes and $20 million impact from sale of non-strategic AMERICAS Outdoor markets; up 1.4% on a reported basis) to $1.4 billion, with the iHEARTMEDIA (radio) division up 5.9% to $739 million, AMERICAS Outdoor down 4.5% to $283 million, and International Outdoor off 3.4% to $308 million.
For radio, the increase was driven primarily by increases in political ad sales, live events, traffic and weather, and PREMIERE NETWORKS' growth in News-Talk sales.
Operating income before depreciation and amortization, net (OIBDAN) rose 8.6% to $300 million, with the radio division up 10.6% to $247 million. Consolidated net loss narrowed from $387 million to $59 million.
“We’re pleased with the success of our growth initiatives in the quarter,” said Chairman/CEO BOB PITTMAN. “We expect this momentum to continue to build, as we keep investing in our employees and transforming iHEARTMEDIA, INC. into a multi-platform, 21st century media and entertainment company with groundbreaking programmatic, data-learning and research capabilities. Our iHEARTMEDIA results reflect our growing audiences across broadcast radio, digital, social, mobile and events, as well as our enhanced ability to monetize them, such as our ongoing success in attracting political campaign spending. At AMERICAS outdoor, we have also seen continued evolution based on our introduction of a full range of innovative technologies that use aggregated, anonymous, statistical insights from third-party data providers to enable marketers for the first time to buy our inventory with the same sophisticated tools used in digital campaigns. At International outdoor, we are seeing our business plan gaining traction, including key contract wins and notable progress in the digital conversion of our inventory worldwide.”
“Building on our continuing investments, iHEARTMEDIA and AMERICAS outdoor were both up in revenues and OIBDAN, with International outdoor essentially flat, excluding the impact from foreign exchange rates and adjusted for the non-strategic asset sales,” said Pres./COO/CFO RICH BRESSLER. “This solid performance of our operating businesses provides us with the flexibility to manage our capital structure in a prudent manner, and allows us to keep evaluating opportunities to strengthen our balance sheet and our businesses.”
The company said it has about $979 million of cash on its balance sheet, a net increase of $206 million.