CC Media Holdings Q2 Revs Up 4%, Loss Narrows
| RADIO ONLINE | Monday, August 9, 2010 |
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CC Media Holdings, parent company of Clear Channel, reported second quarter revenues of $1.49 billion, an increase of 4% from $1.44 billion in 2009. Operating expenses declined 2%. The company posted a consolidated net loss of $77.2 million as compared with a loss of $3.68 billion in the year-ago period. Included in the results are impairment charges of $4.04 billion and gains of $440.3 million associated with debt repurchases.
"Our second quarter results reflect the positive impact of the global advertising market recovery combined with the ongoing execution of our strategic plan to maximize our performance and improve profitability across our operations," said President/CEO Mark Mays.
He continued, "During the quarter, we saw improvement in both revenue and profit margins across our radio and outdoor platforms. The fundamentals of our business are clearly improving, as we return to revenue growth and attain the benefits of our cost reduction efforts."
Mays further noted that a result of its restructuring efforts, including the divestiture of non-strategic assets during the past year, the company is now a more "efficient and focused" company.
