CC Q2 Radio Revenues Off 6%
August 11, 2008 at 5:29 AM (PT)
CC MEDIA HOLDINGS, the new CLEAR CHANNEL ownership entity, reported second-quarter revenues up 2% to $1.83 billion, but excluding a $52.2 million gain from movements in foreign exchange, revenues fell 1%. Radio revenues fell 6% to $891,483,000, blamed on "overall weakness in advertising," while outdoor revenues rose 9% to $914,808,000. Income before discontinued operations increased 28% to $277.3 million (56 cents/diluted share); the income for 2008 includes a one-time $27 million (5 cents/share) gain from the termination of a forward exchange contract and the sale of the related shares.
CEO MARK MAYS said, "Results for the first half and second quarter of 2008 were impressive in the context of this challenging economic and advertising climate. We reported higher revenue and earnings per share for the second quarter and continued to outperform many in the media arena. Strong relative performance in both Outdoor and Radio are a testament to the wisdom of continuing to do what we do best. We exert strict cost discipline and invest in the growth drivers of our core businesses. As we enter the second half of the year with our merger closed, we are hopeful that our streamlined operations coupled with a concentration on growth and execution will enable us to continue to perform well, despite a difficult economic environment."