Clear Channel Outdoor books smaller 2Q loss after year-ago charges

Clear Channel Outdoor books smaller 2Q loss

SAN ANTONIO — Clear Channel Outdoor Holdings Inc. reported a narrower second-quarter loss Monday, with revenue up 1 percent.

Results improved over the same quarter a year ago mainly because the outdoor advertising company booked more than $812 million in charges in the year-earlier quarter to account for the falling value of its assets.

Channel Outdoor recorded a net loss of $9.1 million, or 3 cents per share, in the most recent quarter. That compares with a loss of $689.1 million, or $1.94 per share, a year ago.

Revenue climbed 1 percent to $701.4 million, as businesses began to spend again on advertising after a pullback during the recession.

“We continued to see positive business momentum across many of our markets during the second quarter,” CEO Mark Mays said in a statement.

Results fell below Wall Street forecasts, however. Analysts surveyed by Thomson Reuters expected a loss of 2 cents per share and revenue of $709.8 million, on average.

Separately, Clear Channel Communications Inc., a subsidiary of CC Media Holdings Inc. and parent company of Clear Channel Outdoor, said its board has approved a plan to buy back up to $100 million of the two companies’ stock.

Clear Channel Communications did not say how much of that $100 million will go toward buying CC Media shares and how much will go to Clear Channel Outdoor shares. Clear Channel Communications is privately held.