iHeartMedia Preliminary First Quarter Results Show Revenue Up, Net Loss Widening

Q1 Prelims

In a filing with the SEC to inform the agency of a delay in filing first quarter's financials because of a delay in a subsidiary's financial statements, iHEARTMEDIA nevertheless disclosed that its first quarter consolidated revenue is expected to rise from $1.329 billion to $1.37 billion, mostly due to movements in foreign exchange rates of $35 million and international revenue growth. 

The filing also shows consolidated operating income dropping from $114.1 million to $62 million, due primarily to increased direct operating expenses and selling, general and administrative expenses, and a $28.6 million gain on the swap of the INDIANAPOLIS outdoor market for ATLANTA assets. Net loss is expected to widen from $388.2 million to $412 million, based on decreased operating income and reorganization costs, partially offset by an income tax benefit for 2018.

iHEARTMEDIA is in the process of reorganization under Chapter 11 bankruptcy; the delay in filing the quarterly report is being attributed to the suspension of trading on the HONG KONG Stock Exchange of shares in subsidiary CLEAR MEDIA LIMITED and the resultant delay in filing iHEART's annual report for 2017.

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