Clear Channel Media and Entertainment parent company CC Media Holdings has reported its financial results for the first quarter of 2012, with revenue up three percent to $1.36 billion from $1.32 billion a year ago. CCME revenue was up $39 million, a six percent increase, due to its acquisition of additional traffic operations as well as increased revenue from national advertising and digital radio services. CCME revenue reached $671.5 million in Q1, up from just under $633 million in Q1 '11.
CCME operating expenses were up 11 percent, to $456.1 million while its OIBDAN fell three percent to $215.3 million. Operating expenses grew due to costs related to CC's traffic acquisition, as well as growth in its digital initiatives.
American outdoor revenue rose $10 million, or four percent, to $280.15 million and international outdoor revenue fell two percent to $371.1 million.
CC Media Holdings' consolidated net loss grew to $144 million in the first quarter of 2012 compared to a consolidated net loss of $131 million for Q1 '11# Among CC's key highlights of Q1 was "surpassing 75 million downloads and upgrades of the iHeartRadio application, while reaching 107 million total listening hours in March, up 104 percent year over year."
"Since the start of 2012, we have continued to invest in our rapidly growing digital products and services, while strengthening our operations to better serve our marketing partners and our consumers," CEO Bob Pittman said. "We have enhanced our ability to help our partners take advantage of the unique size and scale of our media, entertainment and outdoor assets, with a particular focus on multi-platform solutions that no other company is able to deliver."
"Despite the slow advertising recovery, we generated growth of 3 percent in revenues during our traditionally slow first quarter," Tom Casey, EVP/CFP said. "As a result of a successful debt offering by a subsidiary of Clear Channel Outdoor Holdings, Inc., we were able to apply the special cash dividend proceeds received to enhance our debt maturity profile and liquidity by paying down debt due in 2014. During the remainder of 2012, we plan to continue to invest strategically in our infrastructure, while closely managing our costs."