Revs Down As CC Media Holdings Spins To Q1 Loss
May 11, 2009 at 11:20 AM (PT)
CC MEDIA HOLDINGS, the parent company of CLEAR CHANNEL RADIO, saw revenues drop 23% to $1.2 billion in first quarter 2009. The drop includes $64.5 million in losses due to movements in foreign exchange, without which revenues fell 19%. Radio revenues fell 22% to $603.622 million. Operating expenses also fell 12% to $1 billion, leaving the company falling from net income of $169.8 million in 2008 to a loss of $428 million in 2009. The loss includes $287.1 million in interest expense due to an increase in outstanding debt.
CEO MARK MAYS said, "Our companies performed well on a relative basis in a difficult economic environment and weakened ad market. We commend our employees for their ongoing efforts to engage their audiences, customers and communities through our strong brands, high-impact mediums, and great portfolio of properties. "
President RANDALL MAYS added, "Radio and outdoor remain incredibly efficient marketing mediums. Our focus across our great businesses is to maximize the efficacy of our mediums for the benefit of advertisers. We thank our employees for their unwavering dedication and commitment."