From the company via BusinessWire:
iHeartMedia, Inc. Reports Results for 2017 First Quarter
San Antonio, Texas - May 4, 2017 - iHeartMedia, Inc. (PINK: IHRT) today reported financial results for the first quarter ended March 31, 2017....MORE
“We are a true multi-platform, 21st-century media company, leveraging our leading broadcast radio, digital, outdoor, mobile, social, live events and data businesses to continue to innovate for the benefit of our marketing partners,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “This quarter the iHeartMedia segment improved its innovative programmatic solution by introducing SmartAudio - a digital data product for advertisers that combines the massive scale of broadcast radio with the power of digital data and more informed audience targeting. At Outdoor, we continue to enhance our data analytics capabilities and automated ad-buying while staying focused on building out our digital networks.”
Rich Bressler, President, Chief Operating Officer and Chief Financial Officer, said: “Our consolidated revenues, operating income and OIBDAN declined in the first quarter. Adjusting for sales and foreign exchange, however, our revenues increased. At the iHeartMedia segment, this quarter marked the sixteenth consecutive quarter of year-over-year increases in revenue. We remain focused on balancing financial discipline with investments to grow our businesses while continuing to work on our capital structure.”
Key Financial Highlights
The Company’s key financial highlights for the first quarter of 2017 include:
- Consolidated revenue decreased 2.4%. Consolidated revenue increased 1.6%, after adjusting for a $12.8 million impact from movements in foreign exchange rates and the $40.6 million impact of the outdoor markets and businesses sold.
- iHM revenues increased $18.3 million, or 2.5%. Revenues increased $27.3 million, or 3.8%, excluding political revenue.
- Americas outdoor revenues decreased $3.1 million, or 1.1%. Revenues increased $0.7 million, or 0.2%, after adjusting for a $1.4 million impact from movements in foreign exchange rates and a $5.2 million impact from the sale of nonstrategic markets.
- International outdoor revenues decreased $41.2 million, or 13.4%. Revenues increased $8.3 million, or 3.1%, after adjusting for a $14.2 million impact from movements in foreign exchange rates and a $35.4 million impact from the sale of our businesses in Australia and Turkey.
- Operating income decreased $306.7 million, or 72.9%, primarily due to the net gain of $278.3 million on the sale of nonstrategic Americas outdoor markets in the first quarter of 2016 compared to the net gain of $28.6 million on the sale of our Americas outdoor Indianapolis market in the first quarter of 2017.
- OIBDAN decreased 21.3% and decreased 19.0%, excluding the impact from movements in foreign exchange rates and the impact of the outdoor markets and businesses sold.
In other private equity news FT Alphaville's Further Reading post directs us to this Reuters story:
Super-rich private equity stars rue 'lousy' reputation, say they are misunderstood
...Conference Call
iHeartMedia, Inc. along with its wholly owned subsidiary, iHeartCommunications, Inc., and its publicly traded subsidiary, Clear Channel Outdoor Holdings, Inc., will host a conference call to discuss results on May 4, 2017, at 8:30 a.m. Eastern Time. The conference call number is (800) 398-9386 (U.S. callers) and (612) 332-0418 (International callers) and the passcode for both is 422506. A live audio webcast of the conference call will also be available on the investor section of www.iheartmedia.com and www.clearchanneloutdoor.com. After the live conference call, a replay will be available for a period of thirty days. The replay numbers are (800) 475-6701 (U.S. callers) and (320) 365-3844 (International callers) and the passcode for both is 422506. An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days.
