Delaware
|
1-32663
|
86-0812139
|
(State or other jurisdiction
|
(Commission File Number)
|
(I.R.S. Employer
|
of incorporation)
|
Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits
|
|
99.1
|
Press Release issued by Clear Channel Outdoor Holdings, Inc. on February 20, 2014
|
|
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
|
|||
Date: February 20, 2014
|
By:
|
/s/ Scott D. Hamilton
|
|
Scott D. Hamilton
|
|||
Senior Vice President, Chief Accounting Officer and
|
|||
Assistant Secretary
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release issued by Clear Channel Outdoor Holdings, Inc. on February 20, 2014
|
|
|
|
● 2013 revenues flat year over year at $2.9 billion, while OIBDAN1 rose 4% to $691 million, excluding foreign exchange and divestitures
|
|
|
● Full year Americas revenues were up 1% and OIBDAN increased 4%, while International revenues
declined 1% and OIBDAN climbed 9%, excluding foreign exchange and divestitures
|
●
|
Americas revenues rose $11 million, or 1%, on a reported basis compared to 2012. New contracts drove higher occupancy and rates in traditional bulletins and posters, while higher revenues in digital displays were due to higher occupancy and capacity. Partially offsetting the growth of digital was the absence of revenue from the 77 digital boards in Los Angeles that were turned off due to a court ruling.
|
●
|
International revenues increased $3 million, or less than 1%, after adjusting for divestitures during the third quarter of 2012 ($20 million revenue reduction) and a $5 million increase from movements in foreign exchange rates. Revenue growth in emerging markets, including China and Brazil, as well as strong performance in the UK, were offset in part by declines in developed markets, some of which faced challenging economic conditions, such as France. On a reported basis, revenues decreased $12 million, or 1%, compared to 2012.
|
●
|
Americas revenues decreased $6 million, or 2%, driven by lower revenues at airports due to lost contracts and the absence of revenue from the 77 digital boards in Los Angeles that were turned off due to a court ruling. Partially offsetting these declines were higher occupancy and rate on traditional bulletins, as well as our growth from rising rates, capacity and occupancy of digital bulletins in our markets.
|
●
|
International revenues rose $9 million, or 2%. Revenue growth in emerging markets, including China, was partly offset by declines in developed markets, some of which faced challenging economic conditions, such as France.
|
●
|
Installing 67 new digital billboards for a year-end total of 1,148 across 37 U.S. markets.
|
●
|
Putting up three new full-motion digital billboards at the highly trafficked Penn Plaza, across from Madison Square Garden in New York City.
|
●
|
Launching 75 advertising displays and two digital screens in Boston’s South Station and becoming the new operator and media provider for the San Diego Metropolitan System’s 400-plus bus shelters.
|
●
|
Partnering with Washington State Municipalities and Seahawks sponsors to pay tribute to Super Bowl-winning Seattle Seahawks by dedicating 20 billboards within two miles of CenturyLink Field for two weeks to Seahawks’ fans as “the best in the NFL.”
|
●
|
Launching Clear Channel Airports’ new indoor digital media network for Philadelphia International Airport; renewing our multi-year deal with Signature Flight Support, the exclusive media provider for the company’s 62 private aviation terminals in the U.S; and announcing the first 24-hour-a-day airport radio station – AIR Chicago – from Clear Channel Airports and iHeartRadio for O’Hare and Midway travelers.
|
●
|
Naming Kenneth Shapiro, an eighteen-year veteran of Turner Broadcasting Sales, as Executive Vice President of Sales for Clear Channel Outdoor – North America, responsible for sales to national clients in the U.S. and maximizing the results of all local selling in the U.S. and Canada.
|
●
|
Contracting with the City of Rio de Janeiro in Brazil to convert static panels to digital on 70 clocks situated along the iconic beaches of Copacabana, Ipanema, Leblon and other high traffic spots in Rio City. These premium sites will be ready for advertisers for the 2014 FIFA World Cup Brazil.
|
●
|
Becoming the exclusive operator of advertising space at Rome’s two airports to reach the 41 million air passengers traveling through Italy’s capital annually with new technology and state-of-the-art digital panels.
|
●
|
Winning a five-year contract with Sydney Trains to roll out one of the largest digital out-of-home infrastructures in the Sydney outdoor market, including an extensive network planned across premium concourse precincts at Sydney’s Central Business District key railway stations.
|
Revenues, Operating Expenses and OIBDAN by Segment
|
||||||||||||||||||||||||
(In thousands)
|
Three Months Ended
December 31,
|
%
Change
|
Year Ended
December 31,
|
%
Change
|
||||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||||||
Revenue1
|
||||||||||||||||||||||||
Americas
|
337,620 | 343,407 | (2 | %) | 1,290,452 | 1,279,257 | 1 | % | ||||||||||||||||
International3
|
468,476 | 459,787 | 2 | % | 1,655,738 | 1,667,687 | (1 | %) | ||||||||||||||||
Consolidated revenue
|
$ | 806,096 | $ | 803,194 | 0 | % | $ | 2,946,190 | $ | 2,946,944 | (0 | %) | ||||||||||||
Operating expenses1,2
|
||||||||||||||||||||||||
Americas
|
202,493 | 212,938 | (5 | %) | 787,401 | 793,585 | (1 | %) | ||||||||||||||||
International3
|
349,946 | 356,868 | (2 | %) | 1,350,899 | 1,384,569 | (2 | %) | ||||||||||||||||
Consolidated operating expenses
|
$ | 552,439 | $ | 569,806 | (3 | %) | $ | 2,138,300 | $ | 2,178,154 | (2 | %) | ||||||||||||
OIBDAN1
|
||||||||||||||||||||||||
Americas
|
135,127 | 130,469 | 4 | % | 503,051 | 485,672 | 4 | % | ||||||||||||||||
International3
|
118,530 | 102,919 | 15 | % | 304,839 | 283,118 | 8 | % | ||||||||||||||||
Corporate1
|
(30,886 | ) | (28,036 | ) | 10 | % | (116,674 | ) | (105,243 | ) | 11 | % | ||||||||||||
Consolidated OIBDAN
|
$ | 222,771 | $ | 205,352 | 8 | % | $ | 691,216 | $ | 663,547 | 4 | % |
1
|
See the end of this press release for reconciliations of (i) OIBDAN for each segment to consolidated operating income; (ii) revenues excluding the effects of foreign exchange and divestitures to revenues; (iii) direct operating and SG&A expenses excluding the effects of foreign exchange and divestitures to expenses; (iv) OIBDAN excluding the effects of foreign exchange and divestitures to OIBDAN; (v) corporate expenses excluding non-cash compensation expenses to corporate expenses; and (vi) OIBDAN to net income (loss). See also the definition of OIBDAN under the Supplemental Disclosure section in this release.
|
2
|
The Company’s operating expenses include direct operating and SG&A expenses.
|
3
|
During 2012, the Company disposed of international businesses. For the year ended December 31, 2012, these businesses contributed $20 million in revenues, $17 million in operating expenses, and $3 million in OIBDAN.
|
TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc. and Subsidiaries
|
||||||||||||||||
(In thousands)
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenue
|
$ | 806,096 | $ | 803,194 | $ | 2,946,190 | 2,946,944 | |||||||||
Operating expenses:
|
||||||||||||||||
Direct operating expenses
|
412,885 | 415,821 | 1,594,728 | 1,603,492 | ||||||||||||
Selling, general and administrative expenses
|
139,554 | 153,985 | 543,572 | 574,662 | ||||||||||||
Corporate expenses
|
32,964 | 29,609 | 124,399 | 115,832 | ||||||||||||
Depreciation and amortization
|
106,933 | 106,907 | 403,170 | 399,264 | ||||||||||||
Impairment charges
|
13,150 | 37,651 | 13,150 | 37,651 | ||||||||||||
Other operating income, net
|
10,575 | 1,797 | 22,979 | 50,943 | ||||||||||||
Operating income
|
111,185 | 61,018 | 290,150 | 266,986 | ||||||||||||
Interest expense
|
88,658 | 100,480 | 352,783 | 373,876 | ||||||||||||
Interest income on Due from Clear Channel Communications
|
14,854 | 14,779 | 54,210 | 63,761 | ||||||||||||
Loss on marketable securities
|
- | (2,578 | ) | (18 | ) | (2,578 | ) | |||||||||
Equity in earnings (loss) of nonconsolidated affiliates
|
(1,131 | ) | 813 | (2,092 | ) | 843 | ||||||||||
Loss on extinguishment of debt
|
- | (221,071 | ) | - | (221,071 | ) | ||||||||||
Other income (expense), net
|
788 | (64 | ) | 1,016 | (364 | ) | ||||||||||
Income (loss) before income taxes
|
37,038 | (247,583 | ) | (9,517 | ) | (266,299 | ) | |||||||||
Income tax benefit (expense)
|
(17,935 | ) | 108,089 | (14,809 | ) | 107,089 | ||||||||||
Consolidated net income (loss)
|
19,103 | (139,494 | ) | (24,326 | ) | (159,210 | ) | |||||||||
Less: Amount attributable to noncontrolling interest
|
6,411 | 8,916 | 24,134 | 23,902 | ||||||||||||
Net income (loss) attributable to the Company
|
$ | 12,692 | $ | (148,410 | ) | $ | (48,460 | ) | $ | (183,112 | ) |
TABLE 2 - Selected Balance Sheet Information
|
||||||||
Selected balance sheet information for December 31, 2013 and 2012:
|
||||||||
(In millions)
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
Cash and cash equivalents
|
$ | 314.5 | $ | 562.0 | ||||
Total current assets
|
1,238.4 | 1,509.3 | ||||||
Net property, plant and equipment
|
2,081.1 | 2,207.7 | ||||||
Due from Clear Channel Communications
|
879.1 | 729.2 | ||||||
Total assets
|
6,759.4 | 7,105.8 | ||||||
Current liabilities (excluding current portion of long term debt)
|
757.6 | 802.0 | ||||||
Long-term debt (including current portion of long term debt)
|
4,935.4 | 4,944.8 | ||||||
Shareholder's deficit
|
160.1 | 446.1 |
TABLE 3 - Total Debt
|
||||||||
At December 31, 2013 and 2012, Clear Channel Outdoor Holdings had a total net debt of:
|
||||||||
(In millions)
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
Clear Channel Worldwide Senior Notes:
|
||||||||
6.5% Series A Senior Notes Due 2022
|
$ | 735.7 | $ | 735.7 | ||||
6.5% Series B Senior Notes Due 2022
|
1,989.3 | 1,989.3 | ||||||
Clear Channel Worldwide Holdings Senior Subordinated Notes:
|
- | |||||||
7.625% Series A Senior Subordinated Notes Due 2020
|
275.0 | 275.0 | ||||||
7.625% Series B Senior Subordinated Notes Due 2020
|
1,925.0 | 1,925.0 | ||||||
Other debt
|
17.1 | 27.1 | ||||||
Original issue discount
|
(6.7 | ) | (7.3 | ) | ||||
Total debt
|
4,935.4 | 4,944.8 | ||||||
Cash
|
314.5 | 562.0 | ||||||
Net Debt
|
$ | 4,620.9 | $ | 4,382.8 | ||||
The current portion of long-term debt was $16.0 million and $9.4 million as of December 31, 2013 and 2012, respectively.
|
(In millions) Note numbers may not sum due to rounding
|
Year Ended
|
|||
December 31, 2013
|
||||
Consolidated EBITDA (as defined by the CCWH Senior Notes indentures)
|
$ | 780 | ||
Less adjustments to consolidated EBITDA (as defined by the CCWH Senior Notes indentures):
|
||||
Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting
fees, and other permitted activities
|
(39 | ) | ||
Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the
definition of consolidated EBITDA in the CCWH Senior Notes indentures)
|
(19 | ) | ||
Non-cash charges
|
(22 | ) | ||
Other items
|
(8 | ) | ||
Less: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and
Share-based compensation expense
|
(402 | ) | ||
Operating income
|
290 | |||
Plus: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and
Share-based compensation expense
|
402 | |||
Less: interest expense
|
(353 | ) | ||
Plus: Interest income on Due from Clear Channel Communications
|
54 | |||
Less: Current income tax benefit
|
(46 | ) | ||
Plus: Other income, net
|
1 | |||
Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including
Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net
and Other reconciling items, net)
|
14 | |||
Change in assets and liabilities, net of assets acquired and liabilities assumed
|
53 | |||
Net cash provided by operating activities
|
$ | 415 |
Reconciliation of OIBDAN for each segment to Consolidated Operating Income
|
||||||||||||||||||||
(In thousands)
|
Operating income
|
Non-cash compensation expenses
|
Depreciation and amortization
|
Other operating income, net and impairment charges
|
OIBDAN
|
|||||||||||||||
Three Months Ended December 31, 2013
|
||||||||||||||||||||
Americas
|
$ | 82,786 | $ | - | $ | 52,341 | $ | - | $ | 135,127 | ||||||||||
International
|
64,616 | - | 53,914 | - | 118,530 | |||||||||||||||
Impairment Charges
|
(13,150 | ) | - | - | 13,150 | - | ||||||||||||||
Corporate
|
(33,642 | ) | 2,078 | 678 | - | (30,886 | ) | |||||||||||||
Other operating income, net
|
10,575 | - | - | (10,575 | ) | - | ||||||||||||||
Consolidated
|
$ | 111,185 | $ | 2,078 | $ | 106,933 | $ | 2,575 | $ | 222,771 | ||||||||||
Three Months Ended December 31, 2012
|
||||||||||||||||||||
Americas
|
$ | 80,148 | $ | - | $ | 50,321 | $ | - | $ | 130,469 | ||||||||||
International
|
47,146 | - | 55,773 | - | 102,919 | |||||||||||||||
Impairment Charges
|
(37,651 | ) | - | - | 37,651 | - | ||||||||||||||
Corporate
|
(30,422 | ) | 1,573 | 813 | - | (28,036 | ) | |||||||||||||
Other operating income, net
|
1,797 | - | - | (1,797 | ) | - | ||||||||||||||
Consolidated
|
$ | 61,018 | $ | 1,573 | $ | 106,907 | $ | 35,854 | $ | 205,352 | ||||||||||
Year Ended December 31, 2013
|
||||||||||||||||||||
Americas
|
$ | 306,454 | $ | - | $ | 196,597 | $ | - | $ | 503,051 | ||||||||||
International
|
100,912 | - | 203,927 | - | 304,839 | |||||||||||||||
Impairment Charges
|
(13,150 | ) | - | - | 13,150 | - | ||||||||||||||
Corporate
|
(127,045 | ) | 7,725 | 2,646 | - | (116,674 | ) | |||||||||||||
Other operating income, net
|
22,979 | - | - | (22,979 | ) | - | ||||||||||||||
Consolidated
|
$ | 290,150 | $ | 7,725 | $ | 403,170 | $ | (9,829 | ) | $ | 691,216 | |||||||||
Year Ended December 31, 2012
|
||||||||||||||||||||
Americas
|
$ | 293,649 | $ | - | $ | 192,023 | $ | - | $ | 485,672 | ||||||||||
International
|
77,860 | - | 205,258 | - | 283,118 | |||||||||||||||
Impairment Charges
|
(37,651 | ) | - | - | 37,651 | - | ||||||||||||||
Corporate
|
(117,815 | ) | 10,589 | 1,983 | - | (105,243 | ) | |||||||||||||
Other operating income, net
|
50,943 | - | - | (50,943 | ) | - | ||||||||||||||
Consolidated
|
$ | 266,986 | $ | 10,589 | $ | 399,264 | $ | (13,292 | ) | $ | 663,547 |
Reconciliation of Revenues excluding Effects of Foreign Exchange Rates and Divestitures to Revenues
|
||||||||||||||||||||||||
(In thousands)
|
Three Months Ended
December 31,
|
%
Change
|
Year Ended
December 31,
|
%
Change
|
||||||||||||||||||||
2013
|
2012
|
2013 | 2012 | |||||||||||||||||||||
Consolidated revenue
|
$ | 806,096 | 803,194 | 0 | % | $ | 2,946,190 | 2,946,944 | (0 | %) | ||||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
(2,172 | ) | - | (3,515 | ) | - | ||||||||||||||||||
Excluding: Divestiture of businesses
|
- | - | - | (20,404 | ) | |||||||||||||||||||
Revenue excluding effects of foreign
exchange
|
$ | 803,924 | $ | 803,194 | 0 | % | $ | 2,942,675 | $ | 2,926,540 | 1 | % | ||||||||||||
Americas revenue
|
$ | 337,620 | $ | 343,407 | (2 | %) | $ | 1,290,452 | $ | 1,279,257 | 1 | % | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
897 | - | 1,679 | - | ||||||||||||||||||||
Americas revenue excluding effects of
foreign exchange
|
$ | 338,517 | $ | 343,407 | (1 | %) | $ | 1,292,131 | $ | 1,279,257 | 1 | % | ||||||||||||
International revenue
|
$ | 468,476 | $ | 459,787 | 2 | % | $ | 1,655,738 | $ | 1,667,687 | (1 | %) | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
(3,069 | ) | - | (5,194 | ) | - | ||||||||||||||||||
Excluding: Divestiture of businesses
|
- | - | - | (20,404 | ) | |||||||||||||||||||
International revenue excluding effects
of foreign exchange
|
$ | 465,407 | $ | 459,787 | 1 | % | $ | 1,650,544 | $ | 1,647,283 | 0 | % |
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding Effects of Foreign Exchange Rates and Divestitures to Expenses
|
||||||||||||||||||||||||
(In thousands)
|
Three Months Ended
December 31,
|
%
Change
|
Year Ended
December 31,
|
%
Change
|
||||||||||||||||||||
2013
|
2012
|
2013 | 2012 | |||||||||||||||||||||
Consolidated expense
|
$ | 552,439 | $ | 569,806 | (3 | %) | $ | 2,138,300 | $ | 2,178,154 | (2 | %) | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
(1,745 | ) | - | (5,348 | ) | - | ||||||||||||||||||
Excluding: Divestiture of businesses
|
- | - | - | (17,196 | ) | |||||||||||||||||||
Consolidated expense excluding effects
of foreign exchange
|
$ | 550,694 | $ | 569,806 | (3 | %) | $ | 2,132,952 | $ | 2,160,958 | (1 | %) | ||||||||||||
Americas expense
|
$ | 202,493 | $ | 212,938 | (5 | %) | $ | 787,401 | $ | 793,585 | (1 | %) | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
702 | - | 1,350 | - | ||||||||||||||||||||
Americas expense excluding effects of
foreign exchange
|
$ | 203,195 | $ | 212,938 | (5 | %) | $ | 788,751 | $ | 793,585 | (1 | %) | ||||||||||||
International expense
|
$ | 349,946 | $ | 356,868 | (2 | %) | $ | 1,350,899 | $ | 1,384,569 | (2 | %) | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
(2,447 | ) | - | (6,698 | ) | - | ||||||||||||||||||
Excluding: Divestiture of businesses
|
- | - | - | (17,196 | ) | |||||||||||||||||||
International expense excluding effects
of foreign exchange
|
$ | 347,499 | $ | 356,868 | (3 | %) | $ | 1,344,201 | $ | 1,367,373 | (2 | %) |
Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates and Divestitures to OIBDAN
|
||||||||||||||||||||||||
(In thousands)
|
Three Months Ended
December 31,
|
%
Change
|
Year Ended
December 31,
|
%
Change
|
||||||||||||||||||||
2013
|
2012
|
2013 | 2012 | |||||||||||||||||||||
Consolidated OIBDAN
|
$ | 222,771 | $ | 205,352 | 8 | % | $ | 691,216 | $ | 663,547 | 4 | % | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
(427 | ) | - | 1,833 | - | |||||||||||||||||||
Excluding: Divestiture of businesses
|
- | - | - | (3,208 | ) | |||||||||||||||||||
OIBDAN excluding effects of foreign
exchange
|
$ | 222,344 | $ | 205,352 | 8 | % | $ | 693,049 | $ | 660,339 | 5 | % | ||||||||||||
Americas OIBDAN
|
$ | 135,127 | $ | 130,469 | 4 | % | $ | 503,051 | $ | 485,672 | 4 | % | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
195 | - | 330 | - | ||||||||||||||||||||
Americas OIBDAN excluding effects of
foreign exchange
|
$ | 135,322 | $ | 130,469 | 4 | % | $ | 503,381 | $ | 485,672 | 4 | % | ||||||||||||
International OIBDAN
|
$ | 118,530 | $ | 102,919 | 15 | % | $ | 304,839 | $ | 283,118 | 8 | % | ||||||||||||
Excluding: Foreign exchange (increase)
decrease
|
(622 | ) | - | 1,503 | - | |||||||||||||||||||
Excluding: Divestiture of businesses
|
- | - | - | (3,208 | ) | |||||||||||||||||||
International OIBDAN excluding effects
of foreign exchange
|
$ | 117,908 | $ | 102,919 | 15 | % | $ | 306,342 | $ | 279,910 | 9 | % |
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
||||||||||||||||||||
2013
|
2012
|
Change
|
2013
|
2012
|
Change
|
|||||||||||||||||||
Corporate Expense
|
$ | 32,964 | $ | 29,609 | 11 | % | $ | 124,399 | $ | 115,832 | 7 | % | ||||||||||||
Less: Non-cash compensation expense
|
(2,078 | ) | (1,573 | ) | (7,725 | ) | (10,589 | ) | ||||||||||||||||
$ | 30,886 | $ | 28,036 | 10 | % | $ | 116,674 | $ | 105,243 | 11 | % |
Reconciliation of OIBDAN to Net Income (Loss)
|
||||||||||||||||||||||||
(In thousands)
|
Three Months Ended
December 31,
|
%
Change
|
Year Ended
December 31,
|
%
Change
|
||||||||||||||||||||
2013
|
2012
|
2013 | 2012 | |||||||||||||||||||||
OIBDAN
|
$ | 222,771 | $ | 205,352 | 8 | % | $ | 691,216 | $ | 663,547 | 4 | % | ||||||||||||
Non-cash compensation expense
|
2,078 | 1,573 | 7,725 | 10,589 | ||||||||||||||||||||
Depreciation and amortization
|
106,933 | 106,907 | 403,170 | 399,264 | ||||||||||||||||||||
Impairment charges
|
13,150 | 37,651 | 13,150 | 37,651 | ||||||||||||||||||||
Other operating income, net
|
10,575 | 1,797 | 22,979 | 50,943 | ||||||||||||||||||||
Operating income
|
111,185 | 61,018 | 290,150 | 266,986 | ||||||||||||||||||||
Interest expense
|
88,658 | 100,480 | 352,783 | 373,876 | ||||||||||||||||||||
Interest income on Due from Clear Channel
Communications
|
14,854 | 14,779 | 54,210 | 63,761 | ||||||||||||||||||||
Loss on marketable securities
|
- | (2,578 | ) | (18 | ) | (2,578 | ) | |||||||||||||||||
Equity in earnings (loss) of nonconsolidated
affiliates
|
(1,131 | ) | 813 | (2,092 | ) | 843 | ||||||||||||||||||
Loss of extinguishment of debt
|
- | (221,071 | ) | - | (221,071 | ) | ||||||||||||||||||
Other (income) expense, net
|
788 | (64 | ) | 1,016 | (364 | ) | ||||||||||||||||||
Income (loss) before income taxes
|
37,038 | (247,583 | ) | (9,517 | ) | (266,299 | ) | |||||||||||||||||
Income tax benefit (expense)
|
(17,935 | ) | 108,089 | (14,809 | ) | 107,089 | ||||||||||||||||||
Consolidated net income (loss)
|
19,103 | (139,494 | ) | (24,326 | ) | (159,210 | ) | |||||||||||||||||
Less: Amount attributable to noncontrolling
interest
|
6,411 | 8,916 | 24,134 | 23,902 | ||||||||||||||||||||
Net income (loss) attributable to the Company
|
$ | 12,692 | $ | (148,410 | ) | $ | (48,460 | ) | $ | (183,112 | ) |