Clear Channel Q4 Overall Revs Up, Radio Down 3%
February 14, 2008 at 2:02 PM (PT)
CLEAR CHANNEL fourth-quarter revenues rose 4% to $1.84 billion (including $46.9 million from movements in foreign exchange, without which the rise would have been 1%). Income before discontinued operations rose 22% to $223.6 million (45 cents/share). Operating income before depreciation and amortization, non-cash compensation expense and gain (loss) on disposition of assets (OIBDAN) rose 2% to $615.7 million.
Radio revenues fell 3% to $874.58 million, with outdoor up 13% to $936.726 million.
For full year 2007, revenues rose 6% to $6.82 billion ($139.5 million of which came from foreign exchange movements). Net income rose 37% to $938.5 million ($1.89/diluted share). Full year radio revenue ws essentially flat at $3.4 million, with outdoor up 13% to $3.28 million. 2007 saw radio network, traffic, syndication, and online revenues rise but local and national revenues fall due to overall weakness in advertising and declines in automotive, retail, and political advertising. The company's average minute rate declined for the year.
CEO MARK MAYS said, "We delivered excellent results with record earnings per share in 2007. Full year and fourth quarter growth in revenue and OIBDAN reflected continued strength throughout our Outdoor operations, which posted double-digit gains in revenue and OIBDAN. Our Radio team continued its successful track record of out-performing our competitors in the radio industry. As we enter 2008, we remain optimistic across all our businesses. We have seen improving trends in the current year in our radio division and would expect that to continue through the end of the year. In Outdoor, we exceeded our forecast for the roll-out of digital boards last year and are on course to accelerate the roll-out this year. Results like these don‘t occur without a great team at the helm. We are proud of their performance in 2007 and are confident in their leadership as we capitalize on the many opportunities presented in 2008."
Revenues are pacing up 0.2% for first quarter and 1.4% for the full year. Radio revenues, however, are pacing down 4% for the quarter and 0.9% for the year.
The company expects to close on its buyout by BAIN CAPITAL and THOMAS H. LEE PARTNERS on or before MARCH 31st.