iHM Reports Loss For 3Q 2016

iHeartMedia Inc. reported its 27th consecutive quarterly loss Wednesday as the radio, billboard and digital giant continues to hemorrhage money under the weight of more than $20 billion in debt, according to mysanantonio.com.

The San Antonio-based company’s third-quarter loss narrowed to $34.95 million from a loss of $221.9 million during the same three months last year, the company said in releasing its earnings results.

Revenues for the debt-laden, San Antonio-based company fell to $1.57 billion in the third quarter, from $1.58 billion a year ago.

“In this quarter, our Americas and International outdoor businesses continued to invest in building programmatic buying platforms and developing new research analytics tools to help ensure our place with our advertisers in an increasingly digital world,” said Bob Pittman, Chairman and Chief Executive Officer of Clear Channel Outdoor Holdings, Inc.

“To stay as competitive as possible, we believe it’s critical to do business with advertising and marketing partners in the same way that the digital advertising industry does today. And, we continue to invest in our digital out-of-home network to expand our ability to offer innovative solutions to our marketing partners.”

“International outdoor delivered growth in both revenues and operating income,” said Rich Bressler, Chief Financial Officer. “Americas outdoor revenue and operating income declined due to the sale of nine non-strategic markets. Excluding the sale, Americas outdoor revenues increased.”

Key Financial Highlights

The Company’s key financial highlights for the third quarter of 2016 include:

• Consolidated revenue decreased 3.3%. Consolidated revenue increased 2.3%, after adjusting for a $5.9 million impact from movements in foreign exchange rates and the $32.8 million impact of non-strategic markets sold in 2016.
• Americas revenues decreased $24.3 million, or 7.0%. Revenues increased $3.5 million, or 1.1%, after adjusting for a $0.1 million impact from movements in foreign exchange rates and a $27.9 million impact from the sale of non-strategic markets.
• International revenues increased $1.2 million, or 0.3%. Revenues increased $12.1 million, or 3.5%, after adjusting for a $6.0 million impact from movements in foreign exchange rates and a $4.9 million impact from the sale of our business in Turkey in the second quarter of 2016.
• Operating income increased 14.7% to $60.8 million. OIBDAN decreased 5.8%. OIBDAN increased 1.6%, excluding the impact from movements in foreign exchange rates and the impact of the non-strategic markets sold in 2016.