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Clear Channel Outdoor reports 5% revenue increase for Q1

Clear Channel Outdoor reports 5% revenue increase for Q1

Clear Channel site

Clear Channel Outdoor has reported a 5% year on year revenue increase for Q1 2010 to $608.8 million (£411.4 million).

The out-of-home advertising company’s rise was boosted by favourable exchange rates, which increased its international revenues by more than $25 million.

However, Clear Channel’s US revenues remained static, mainly due to airport revenue increases, which were in part offset by the disposal of the company’s Taxi Media business.

Overall, the company made a net loss of $47.8 million, down significantly from the $87.9 million drop in Q1 2009.

Its operating loss was also reduced, down to $2.9 million from $26.7 million last year.

Clear Channel’s CEO, Mark Mays, said: “Our first quarter results reflect the market leadership of our asset base in an improving advertising environment, as well as the positive impact of our restructuring initiatives.”

Since the end of 2008, the company has spent over $92 million on its restructuring plan.

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