Friday, November 2, 2012

Analyst Calls CC Financials “Messy”

CC Media Holdings, the parent company of radio giant Clear Channel Communications, on Friday reported slightly higher first-quarter revenue and a narrowed loss.

The company’s revenue rose 2 percent to $1.59 billion. Media and entertainment revenue grew  1 percent driven by 3 percent growth in radio revenue amid increased national advertising, which posted a 7 percent jump, as well as digital radio services and the iHeartRadio Music Festival.

CC Media's loss of $39 million was down from a year-ago loss of $67 million thanks to the higher revenue and lower depreciation and amortization expenses.

Wells Fargo analyst Marci Ryvicker told the financials were "a bit messy" due to various special items and circumstances.” Radio revenue was up 3 percent, but this includes a lot of different pieces, so we are unsure as to how the true radio ad sales did in the quarter ," she said.

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