CC Media Holdings, Inc. Reports Results

CC Media Holdings, Inc. Monday reported results for the fourth quarter and year ended December 31, 2010.

"We executed our strategic plan and returned our operations to growth in 2010,” said Mark Mays, President and CEO of CC Media Holdings. “We drove considerable improvement in the operating fundamentals of both our radio and outdoor platforms as we benefitted from a recovering global economy, increasing revenues and improving margins. This all led to healthy growth in our cash flows for 2010.”

“Our global asset base remains well positioned to benefit from the ongoing advertising market recovery,” Mays continued. “In the year ahead, we remain focused on driving innovation across our operations, increasing market share and maintaining a disciplined approach to cost-management. Given the trends we are seeing across our business and the operating leverage in our model, we are optimistic that we can generate improved results in the year ahead.”

Full Year 2010 Results

For 2010, CC Media Holdings’ revenues grew 6% to $5.87 billion. The increase over the $5.55 billion reported for 2009 resulted from an improved advertising environment driven by the strengthening economy and occurred across the Company’s businesses.

Radio revenues increased $162 million, or 6%, from local and national revenues on improved rates.

Americas Outdoor revenues increased $52 million, or 4%, across products, particularly digital, on improved rates and occupancy. Excluding the impact of the disposition of the Company’s Taxi Media business, and excluding the effects of foreign exchange 1, revenues were up $82 million, or 7%

International Outdoor revenues increased $48 million, or 3%, from street furniture growth across various countries. Excluding the effects of foreign exchange 1, revenues were up 4%

The Company substantially completed its restructuring program during 2010, benefitting from cost reductions and experiencing lower restructuring expenses compared to 2009. The growth in revenues, along with expanded margins, driven by cost reductions, resulted in OIBDAN 1 growth of 29% over 2009.

The Company’s loss before income taxes for the full year 2010 was $623 million compared to a loss before taxes of $4.54 billion for 2009. Included in the 2010 results were impairment charges of $15 million compared to impairment charges of $4.12 billion included in the 2009 results.