Clear Channel Radio Revenues Down Double Digits

[Cameron]

SAN ANTONIO -- May 11, 2009: Clear Channel Communications parent CC Media Holdings saw its revenues fall by 23 percent in the first quarter, to $1.2 billion from $1.6 billion. The figures include movements in foreign exchange; without that, revenues would have been down 19 percent.

CC Media Holdings' OIBDAN fell by 56 percent in Q1, to $174.2 million from $395.2 million, and the company's net loss came in at $428 million -- due to both the decrease in revenue and increased interest expenses -- compared to net income of $169.8 million in Q1 of last year.

In the radio division, revenues fell by 22 percent in the quarter, to $603.6 million from $769.6 million. Radio OIBDAN was $138.1 million, off 50 percent from $273.6 million a year before.

"Our companies performed well on a relative basis in a difficult economic environment and weakened ad market," said CC Media Holdings CEO Mark Mays. "We commend our employees for their ongoing efforts to engage their audiences, customers, and communities through our strong brands, high-impact mediums, and great portfolio of properties."

President Randall Mays said, "Radio and outdoor remain incredibly efficient marketing mediums. Our focus across our great business is to maximize the efficacy of our mediums for the benefit of advertisers. We thank our employees for their unwavering dedication and commitment."