iHeartMedia Q1 Consolidated Revenues Up 1.4%

RADIO ONLINE | Wednesday, May 4, 2016

iHeartMedia reported first quarter consolidated revenues increased 1.4% to $1.36 billion from $1.34 billion in 2015. iHeartMedia revenue was up 5.9% to $738.8 million from $697.8 million, while operating expenses grew 3.7% and OIBDAN gained 10.6% to $247 million. The company's Q1 consolidated net loss was $59 million compared to a consolidated net loss of $387 million in the year-ago period.

"We're pleased with the success of our growth initiatives in the quarter," said Chairman/CEO Bob Pittman. "We expect this momentum to continue to build, as we keep investing in our employees and transforming iHeartMedia, Inc. into a multiplatform, 21st century media and entertainment company with groundbreaking programmatic, data-learning and research capabilities. Our iHeartMedia results reflect our growing audiences across broadcast radio, digital, social, mobile and events, as well as our enhanced ability to monetize them, such as our ongoing success in attracting political campaign spending."

"Building on our continuing investments, iHeartMedia and Americas outdoor were both up in revenues and OIBDAN, with International outdoor essentially flat, excluding the impact from foreign exchange rates and adjusted for the non-strategic asset sales," added COO/CFO Rich Bressler. "This solid performance of our operating businesses provides us with the flexibility to manage our capital structure in a prudent manner, and allows us to keep evaluating opportunities to strengthen our balance sheet and our businesses."