Thanks in large part to a bump in national radio business, Clear Channel posted a 4% increase in radio revenue in its second quarter, though its parent company still reported a loss.
The media firm said radio broadcast revenue increased $31.2 million compared to the same period a year earlier, to a total of $748.7 million.
“The company experienced an increase in average rate per minute during the second quarter compared to the same period of 2009. Increases occurred across various advertising categories including retail, food and beverage, telecommunications and automotive,” it stated.
It also trimmed operating expenses during the second quarter and boosted another income metric, its radio broadcasting OIBDAN, by 20%.
Parent CC Media Holdings said overall revenue increased 4% in the quarter to $1.49 billion, and that its OIBDAN was up 14%. CC Media Holdings posted a consolidated net loss in the quarter of $77.2 million compared to a loss of $3.68 billion for the period in 2009, a period that included impairment charges and debt repurchases.
President/CEO Mark Mays stated, “We saw improvement in both revenue and profit margins across our radio and outdoor platforms. The fundamentals of our business are clearly improving, as we return to revenue growth and attain the benefits of our cost reduction efforts.”
Mays believes that, thanks to its recent restructuring efforts including divestiture of some of its assets, “we are now a more efficient and focused company, positioned to drive returns for our shareholders.”
