Clear Channel Outdoor Reports Fourth Quarter
and Full Year 2009 Results
March 11, 2010 04:04 PM Eastern Time
SAN ANTONIO--(EON: Enhanced Online News)--Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today
reported results for the fourth quarter and year ended December 31, 2009.
Clear Channel Outdoor reported revenues of $2.7 billion for 2009, a decrease of 18%, as compared to 2008. In
2009, revenues in the outdoor and overall advertising industries decreased as a result of the global economic
downturn. During 2009, the Company undertook a restructuring program to maximize efficiency and realign
expenses with its current and long-term business outlook.
Mark Mays, CEO of Clear Channel Outdoor, commented: "During the global recession, we have focused on
investing in our digital assets, strengthening our management team and improving the effectiveness of our sales
functions, while aggressively realigning our cost structure. These efforts have put us in a solid position to execute our
plan as an economic rebound takes hold.”
Clear Channel Outdoor reported a 3% decrease in revenues with a 6% decrease in operating expenses for the
fourth quarter of 2009 as compared to the fourth quarter of 2008. Mark Mays further noted: “Our fourth quarter
results reflect a recovering advertising climate across many of our markets, as well as the positive impact of our cost
restructuring initiatives. We achieved a significant gain in operating profitability during the quarter, capitalizing on
improved revenue trends and a more efficient operating structure. As we look to 2010, we remain focused on
driving innovation across our worldwide platform, maximizing our revenues and fully capitalizing on the operating
leverage in our business model."
Fourth Quarter 2009 Results
The Company reported revenues of $763.1 million in the fourth quarter of 2009, a 3% decrease from the $785.5
million reported for the fourth quarter of 2008, and excluding the effects of movements in foreign exchange rates, the
revenu