Friday, April 21, 2017
iHM: 1Q Radio Revenue Increased 1.5 Percent
iHeartMedia Inc. on Thursday filed a preliminary first-quarter earnings report showing a decline in revenue from the same quarter in 2016, according to mysantonio.com.
Revenue fell 2.4 percent to $1.33 billion, compared with $1.36 billion in the first quarter last year, according to a U.S. Securities and Exchange Commission filing.
But the 2016 results included $40.6 million generated by selling some of its U.S. billboards, according to a Debtwire analyst report. In addition, 2017 results were weighed down by a charge of $12.8 million tied to foreign exchange rate changes, said the report by the corporate debt research firm based in New York.
The quarterly report comes amid a massive $14.6 billion debt-exchange offer to lenders and bondholders that is intended to give the company more time to repay its debt. iHeartMedia has more than $21 billion in debt, $16.5 billion held by the radio portion of the company and $5 billion by the billboard subsidiary.
The SEC filing shows that the radio portion of iHeartMedia generated $784.6 million in the first quarter, a 1.5 percent increase from the year-ago period.
The preliminary report’s numbers could change when the company issues its formal first-quarter earnings report. A date for iHeartMedia’s first-quarter report has not been announced.
The company’s lenders and bondholders have been watching the company’s operating performance as loans and bonds mature.
iHeartMedia has $317 million in debt obligations maturing this year and $324 million in 2018, but $8.4 billion due in 2019. As of March 31, iHeartMedia had $365 million in cash, $201 million of that held by the billboard subsidiary, according to Debtwire.
Posted 2:49:00 PM