Clear Channel Outdoor Holdings, Inc. Reports Results for Third Quarter 2012

  Clear Channel Outdoor Holdings, Inc. Reports Results for Third Quarter 2012

 Revenues of $731 million decline 2%; grow 1% excluding foreign exchange rate
                                   impacts

               -- Americas up 2%; 3% excluding foreign exchange

           -- International down 6%; 0% excluding foreign exchange

   OIBDAN of $179 million decreases 5%; 4% excluding foreign exchange rate
                                   impacts

Business Wire

SAN ANTONIO -- November 02, 2012

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial
results for the third quarter ended September 30, 2012.

“We continue to make progress under CEO William Eccleshare’s unified
leadership in optimizing our U.S. operations to maximize our revenue and
profit potential,” said Bob Pittman, Executive Chairman of Clear Channel
Outdoor Holdings, Inc. “At the same time, we are taking the necessary steps to
adjust to the new economic realities in Europe with a reduced cost structure
to drive future profitability while continuing to seek promising opportunities
in other international markets.”

"The business continues to operate in challenging market conditions,
particularly in Europe, and we have taken significant measures to reduce costs
in response to this market uncertainty,” Chief Executive Officer William
Eccleshare said. “However, we are seeing consistent growth in both
Asia-Pacific and Latin America and our U.K. business received a boost over the
summer due to the Olympics. As we are refining our vision of how to transform
our U.S. business, we are continuing to invest in new digital solutions for
advertisers – such as surpassing the milestone of 1,000 digital billboards in
the U.S. and launching our new digital TV network for airports called
ClearVision during the quarter.”

Third Quarter 2012 Results

The Company reported revenues of $731 million in the third quarter of 2012, a
decrease from the $748 million in the same period of 2011. Excluding the
effects of movements in foreign exchange rates,^1 revenues grew $8 million, or
1%.

  *Americas revenues rose $8 million, or 2%, compared to the same quarter of
    2011, driven mainly by revenue growth from bulletins due to the continued
    deployment of digital displays and increased airport revenues on higher
    occupancy by the Company’s largest U.S. airport customers.
  *International revenues decreased $1 million compared to the third quarter
    of 2011, excluding the effects of movements in foreign exchange rates.
    Excluding a $6 million revenue reduction due to the divestiture of two
    businesses during the quarter, as well as the effects of movements in
    foreign exchange rates, revenues increased $5 million, or 1%. Revenue
    growth resulted mainly from higher street furniture revenues, particularly
    in Australia and China, and the Summer Olympic Games in the U.K.,
    partially offset by revenue declines from advertising weakness in certain
    European countries. On a reported basis, revenues decreased $25 million,
    or 6%, due to unfavorable movements in foreign exchange rates.

OIBDAN^1 totaled $179 million in the third quarter of 2012 compared to $189
million in the same quarter of 2011, reflecting a decrease of 5%. OIBDAN
declined 4% during the third quarter of 2012, excluding the negative impact of
movements in foreign exchange rates. In the third quarter of 2012, the Company
incurred $10 million of expenses related to investments in its strategic
revenue and cost initiatives to attract additional advertising dollars to the
business and improve operating efficiencies in light of the current economic
environment.

Net income attributable to the Company totaled $17 million, or $0.05 per
diluted share, in the third quarter of 2012. This compares to net income
attributable to the Company of $3 million, or $0.01 per diluted share, in the
same period of 2011.

Key Highlights

The Company’s key highlights in the quarter include:

  *Installing 41 new digital billboards for a total of 1,004 across 37 U.S.
    markets;
  *Launching Clear Channel Airport's ClearVision, an innovative in-airport TV
    network featuring top entertainment, news, music, and sports programming
    that is accessible from travelers' mobile devices - debuting at
    Raleigh-Durham International Airport this fall;
  *Introducing a digital malls network in Switzerland, with screens installed
    in four of the country's biggest and busiest shopping centers, with
    additional confirmed bookings from new and existing national clients -
    taking CCI's digital presence to more than 7,000 displays in 13 countries;
    and
  *Starting to book advertising campaigns for 2013 across all public
    transport in Oslo and Akershus as part of one of the largest outdoor
    advertising contracts in Norway with the transportation company
    Sporveis-Annonsene AS signed in the second quarter.

                                                                  
Revenues, Operating Expenses and OIBDAN by Segment
                                                                            
(In thousands)                     Three Months Ended
                                   September 30,                      %
                                   2012           2011          Change
Revenues^1:                                      
Americas                           $ 335,021         $ 326,882         2    %
International                       396,120         421,568        (6   %)
Consolidated revenues              $ 731,141        $ 748,450        (2   %)
                                                                       
Operating expenses^1, 2:
Americas                           $ 198,946         $ 192,081         4    %
International                       328,275         345,271        (5   %)
Consolidated operating             $ 527,221        $ 537,352        (2   %)
expenses
                                                                       
OIBDAN^1:
Americas                           $ 136,075         $ 134,801         1    %
International                        67,845          76,297            (11  %)
Corporate^1, 2                      (25,160 )       (22,267   )       
Consolidated OIBDAN                $ 178,760        $ 188,831        (5   %)
                                                                            

Certain prior period amounts have been reclassified to conform to the 2012
presentation of financials throughout the press release.

^1See the end of this press release for reconciliations of (i) OIBDAN for each
segment to consolidated operating income (loss); (ii) revenues excluding
foreign exchange effects to revenues; (iii) direct operating and SG&A expenses
excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign
exchange effects to OIBDAN; (v) direct operating and SG&A expenses excluding
non-cash compensation expenses to expenses; (vi) corporate expenses excluding
non-cash compensation expenses to corporate expenses; and (vii) OIBDAN to net
income (loss). See also the definition of OIBDAN under the Supplemental
Disclosure section of this release.

^2The Company’s operating expenses include direct operating expenses and SG&A
expenses, but exclude non-cash compensation expenses associated with the
Company’s stock option grants and restricted stock and restricted stock unit
awards. Corporate expenses also exclude non-cash compensation expenses
associated with the Company’s stock option grants and restricted stock and
restricted stock unit awards.

Americas

Americas revenues rose $8 million, or 2%, compared to the third quarter of
2011, driven by bulletin revenue growth resulting from the Company’s continued
deployment of digital displays, as well as higher airport sales on increased
occupancy by the Company’s largest U.S. airport customers. Declines in poster
revenues partially offset overall revenue growth.

Operating expenses grew $7 million during the third quarter of 2012 compared
to the same period of 2011, including increased personnel costs and $3 million
of expenses associated with strategic revenue initiatives, as well as higher
site lease expenses resulting primarily from the deployment of 236 digital
billboards since the third quarter of 2011.

Americas OIBDAN for the third quarter of 2012 totaled $136 million, an
increase of 1% compared to OIBDAN of $135 million for the same period of 2011.

International

International revenues decreased $1 million compared to the third quarter of
2011, excluding the effects of movements in foreign exchange rates. Adjusting
for a $6 million revenue reduction due to the divestiture of two businesses
during the quarter, as well as the effects of movements in foreign exchange
rates, revenues grew $5 million, or 1%. Certain countries, including Australia
and China, experienced higher revenues, related primarily to the street
furniture business, while revenues in the U.K. benefitted from the Summer
Olympic Games hosted in London. Revenue increases were partially offset by
declines resulting from the continued weakened macroeconomic conditions across
France, southern Europe and the Nordic countries. On a reported basis,
revenues decreased $25 million, or 6%, compared to the same quarter of 2011,
resulting from $25 million of unfavorable movements in foreign exchange rates.

Operating expenses rose $5 million, excluding the effects of movements in
foreign exchange rates, reflecting $5 million of increased expenses related to
strategic revenue and cost initiatives, including sales personnel incentives
and branch rationalization in markets weakened by economic conditions. On a
reported basis, operating expenses decreased $17 million, including a $22
million decline due to the effects of movements in foreign exchange rates.

Excluding the effects of movements in foreign exchange rates, International
OIBDAN for the third quarter of 2012 declined 8%. On a reported basis, OIBDAN
decreased 11% to $68 million from $76 million in 2011.

Conference Call

The Company, along with its parent company CC Media Holdings, Inc., will host
a teleconference to discuss results today at 9:00 a.m. Eastern Time. The
conference call number is 1-800-260-0719 and the passcode is 268765. The
teleconference will also be available via a live audio cast on the investor
section of the Clear Channel Outdoor Holdings, Inc. website, located at
http://www.clearchanneloutdoor.com/corporate/investor-relations/. A replay of
the call will be available after the live conference call, beginning at 11:00
a.m. Eastern Time, for a period of 30 days. The replay numbers are
1-800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the
passcode is 268765. The audio cast will also be archived on the website and
will be available beginning 24 hours after the call for a period of 30 days.

                                             
TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc. and
Subsidiaries
                                                 
                                                 Three Months Ended
(In thousands, except per share data)            September 30,
                                                  2012         2011    
Revenues                                         $ 731,141         $ 748,450
Operating expenses:
Direct operating expenses (excludes                393,334           408,132
depreciation and amortization)
Selling, general and administrative
expenses (excludes depreciation and                137,488           131,915
amortization)
Corporate expenses (excludes depreciation          25,219            22,303
and amortization)
Depreciation and amortization                      100,352           114,934
Other operating income – net                      42,397          37      
Operating income                                   117,145           71,203
                                                                   
Interest expense                                   102,612           61,809
Interest income on Due from Clear Channel          16,913            12,215
Equity in earnings (loss) of                       (234    )         1,038
nonconsolidated affiliates
Other income (expense) – net                      1,825           (1,859  )
Income before income taxes                         33,037            20,788
Income tax expense                                (8,212  )        (11,002 )
Consolidated net income                            24,825            9,786
Less: amount attributable to                      7,541           6,573   
noncontrolling interest
                                                                   
Net income attributable to the Company           $ 17,284         $ 3,213   
                                                                   
Diluted net income per share                     $ 0.05           $ 0.01    
                                                                   
Weighted average shares outstanding –              357,547           356,428
Diluted
                                                                             

      Foreign exchange rate movements decreased the Company’s 2012 third
   quarter revenues and direct operating and SG&A expenses by approximately
      $25 million and $22 million, respectively, compared to the same period
      of 2011.
      
      Other operating income – net increased $42 million compared to the same
      quarter of 2011 primarily related to the gain on the sale of the
      Company’s international neon business in August 2012.
      

                                                           
TABLE 2 - Selected Balance Sheet Information
Selected balance sheet information for September 30, 2012 and December 31,
2011 was:
                                                                  
(In millions)                                 September 30,       December 31,
                                              2012                2011
                                                                  
Cash                                          $   534.9           $   542.7
Total Current Assets                          $   1,446.7         $   1,453.7
Net Property, Plant and Equipment             $   2,196.4         $   2,246.7
Due from Clear Channel Communications         $   723.3           $   656.0
Total Assets                                  $   7,074.2         $   7,088.2
                                                                  
Current Liabilities (excluding current        $   689.2           $   697.2
portion of long-term debt)
Long-Term Debt (including current             $   4,738.5         $   2,545.9
portion of long-term debt)
Shareholders’ Equity                          $   564.5           $   2,740.2
                                                                  

                                                           
TABLE 3 - Total Debt
At September 30, 2012 and December 31, 2011, Clear Channel Outdoor Holdings
had net debt of:
                                                                  
                                             September 30,       December 31,
(In millions)                                 2012                2011
                                                                  
Clear Channel Worldwide Holdings Senior
Notes:
9.25% Series A Senior Notes Due 2017          $   500.0           $   500.0
9.25% Series B Senior Notes Due 2017              2,000.0             2,000.0
Clear Channel Worldwide Holdings Senior
Subordinated Notes:
7.625% Series A Senior Subordinated               275.0               —
Notes Due 2020
7.625% Series B Senior Subordinated               1,925.0             —
Notes Due 2020
Other Debt                                       38.5               45.9
Total                                             4,738.5             2,545.9
Cash                                             534.9              542.7
Net Debt                                      $   4,203.6         $   2,003.2
                                                                  

The current portion of long-term debt, which is included in Other Debt, was
$19.7 million as of September 30, 2012.

Liquidity and Financial Position

For the quarter ended September 30, 2012, cash flow provided by operating
activities was $66 million, cash flow used for investing activities was $10
million, cash flow used for financing activities was $16 million, and the
effect of exchange rate changes on cash was $4 million, for a net increase in
cash of $44 million.

Capital expenditures for the quarter ended September 30, 2012 totaled
approximately $57 million compared to $60 million for the quarter ended
September 30, 2011.

The Clear Channel Worldwide Holdings, Inc. Senior Notes indentures restrict
the Company’s ability to incur additional indebtedness but permit the Company
to incur additional indebtedness based on an incurrence test. In order to
incur additional indebtedness under this test, the Company’s debt to adjusted
EBITDA ratios (as defined by the indentures) must be lower than 6.5:1 and
3.25:1 for total debt and senior debt, respectively. The Clear Channel
Worldwide Holdings, Inc. Series B Senior Notes indenture permits the Company
to pay dividends from the proceeds of indebtedness or the proceeds from asset
sales if the Company’s debt to adjusted EBITDA ratios (as defined by the
indenture) are lower than 6.0:1 and 3.0:1 for total debt and senior debt,
respectively. If these ratios are not met, the Company has certain exceptions
that allow the Company to pay dividends, including a $500 million exception
for the payment of dividends.

Consolidated leverage ratio, defined as total debt divided by EBITDA for the
preceding four quarters, was 6.1:1 at September 30, 2012, and senior leverage
ratio, defined as senior debt divided by EBITDA for the preceding four
quarters, was 3.3:1 at September 30, 2012. The Company’s adjusted EBITDA of
$781.7 million is calculated as operating income (loss) before depreciation,
amortization, impairment charges and other operating income (expense) – net,
plus non-cash compensation, and is further adjusted for the following items:
(i) an increase of $34.3 million for non-cash items; (ii) an increase of $55.9
million related to expenses incurred in connection with the closure and/or
consolidation of facilities, retention charges, consulting fees and other
permitted activities; and (iii) an increase of $4.2 million for various other
items.

       Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three months ended
September 30, 2012 and 2011. The Company defines OIBDAN as consolidated net
income (loss) adjusted to exclude non-cash compensation expenses and the
following line items presented in its Statement of Operations: Income tax
benefit (expense); Other income (expense) - net; Equity in earnings (loss) of
nonconsolidated affiliates; Gain (loss) on marketable securities; Interest
expense; Other operating income (expense) – net; D&A and Impairment charges.

The Company uses OIBDAN, among other things, to evaluate the Company's
operating performance. This measure is among the primary measures used by
management for the planning and forecasting of future periods, as well as for
measuring performance for compensation of executives and other members of
management. We believe this measure is an important indicator of the Company's
operational strength and performance of its business because it provides a
link between profitability and net income. It is also a primary measure used
by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful
for investors because it allows investors to view performance in a manner
similar to the method used by the Company's management. The Company believes
it helps improve investors' ability to understand the Company's operating
performance and makes it easier to compare the Company's results with other
companies that have different capital structures, stock option structures or
tax rates. In addition, the Company believes this measure is also among the
primary measures used externally by the Company's investors, analysts and
peers in its industry for purposes of valuation and comparing the operating
performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should
not be considered in isolation of, or as a substitute for, net income as an
indicator of operating performance and may not be comparable to similarly
titled measures employed by other companies. OIBDAN is not necessarily a
measure of the Company's ability to fund its cash needs. As it excludes
certain financial information compared with operating income and net income
(loss), the most directly comparable GAAP financial measures, users of this
financial information should consider the types of events and transactions
that are excluded.

In addition, because a significant portion of the Company's advertising
operations are conducted in foreign markets, principally the Euro area, the
U.K. and China, management reviews the operating results from its foreign
operations on a constant dollar basis. A constant dollar basis (in which a
foreign currency adjustment is made to show the 2012 actual foreign revenues,
expenses and OIBDAN at average 2011 foreign exchange rates) allows for
comparison of operations independent of foreign exchange rate movements.

As required by the SEC, the Company provides reconciliations below to the most
directly comparable amounts reported under GAAP, including (i) OIBDAN for each
segment to consolidated operating income (loss); (ii) Revenues excluding
foreign exchange effects to revenues; (iii) Expenses excluding foreign
exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects
to OIBDAN; (v) Expenses excluding non-cash compensation expenses to expenses;
(vi) Corporate expenses excluding non-cash compensation expenses to Corporate
expenses; and (vii) OIBDAN to net income (loss).

                                                                              
Reconciliation of OIBDAN for each segment to Consolidated Operating Income (Loss)
                                                                                              
                                      Non-cash           
(In                 Operating         compensation       Depreciation       Other
thousands)                                                                  operating
                    income            expenses           and                income –          OIBDAN
                    (loss)                               amortization       net
                                                                                              
Three Months Ended September 30, 2012
Americas            $ 84,005          $    1,893         $   50,177         $ —               $ 136,075
International         16,397               1,708             49,740           —                 67,845
Corporate             (25,654 )            59                435              —                 (25,160 )
Other
operating            42,397             —                —               (42,397 )        —       
income – net
Consolidated        $ 117,145        $    3,660         $   100,352        $ (42,397 )       $ 178,760 
                                                                                              
Three Months Ended September 30, 2011
Americas            $ 72,781          $    1,903         $   60,117         $ —               $ 134,801
International         20,688               792               54,817           —                 76,297
Corporate             (22,303 )            36                —                —                 (22,267 )
Other
operating            37                 —                —               (37     )        —       
income – net
Consolidated        $ 71,203         $    2,731         $   114,934        $ (37     )       $ 188,831 
                                                                                              

                                                                 
Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to
Revenues
                                                                            
(In thousands)                          Three Months Ended
                                        September 30,                   %
                                         2012        2011          Change
                                                                        
Consolidated revenues                   $ 731,141       $ 748,450       (2  %)
Excluding: Foreign exchange              24,879         —
decrease (increase)
Revenues excluding effects of           $ 756,020       $ 748,450       1   %
foreign exchange
                                                                        
Americas revenues                       $ 335,021       $ 326,882       2   %
Excluding: Foreign exchange              201            —
decrease (increase)
Americas revenues excluding             $ 335,222       $ 326,882       3   %
effects of foreign exchange
                                                                        
International revenues                  $ 396,120       $ 421,568       (6  %)
Excluding: Foreign exchange              24,678         —
decrease (increase)
International revenues excluding        $ 420,798       $ 421,568       0   %
effects of foreign exchange
                                                                            

                                                                
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Effects of Foreign Exchange Rates to Expenses
                                                                            
(In thousands)                Three Months Ended
                              September 30,                             %
                              2012              2011                 Change
                                                                        
Consolidated                  $  530,822           $  540,047           (2  %)
expenses
Excluding: Foreign
exchange decrease               22,442              —
(increase)
Expenses excluding
effects of foreign            $  553,264           $  540,047           2   %
exchange
                                                                        
Americas expenses             $  200,839           $  193,984           4   %
Excluding: Foreign
exchange decrease               493                 —
(increase)
Americas expenses
excluding effects of          $  201,332           $  193,984           4   %
foreign exchange
                                                                        
International                 $  329,983           $  346,063           (5  %)
expenses
Excluding: Foreign
exchange decrease               21,949              —
(increase)
International
expenses excluding            $  351,932           $  346,063           2   %
effects of foreign
exchange
                                                                            

                                                                 
Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN
                                                                        
(In thousands)                        Three Months Ended
                                      September 30,                     %
                                      2012          2011            Change
                                                                        
Consolidated OIBDAN                   $ 178,760         $ 188,831       (5  %)
Excluding: Foreign exchange            2,437           —
decrease (increase)
OIBDAN excluding effects of           $ 181,197        $ 188,831       (4  %)
foreign exchange
                                                                        
Americas OIBDAN                       $ 136,075         $ 134,801       1   %
Excluding: Foreign exchange            (292    )        —
decrease (increase)
Americas OIBDAN excluding             $ 135,783        $ 134,801       1   %
effects of foreign exchange
                                                                        
International OIBDAN                  $ 67,845          $ 76,297        (11 %)
Excluding: Foreign exchange            2,729           —
decrease (increase)
International OIBDAN excluding        $ 70,574         $ 76,297        (8  %)
effects of foreign exchange
                                                                        

                                                                 
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Non-cash compensation expenses to Expenses
                                                                        
(In thousands)           Three Months Ended
                         September 30,                                  %
                           2012               2011               Change
                                                                        
Americas                 $  200,839              $  193,984             4   %
Less: Non-cash
compensation               (1,893   )             (1,903   )
expenses
                            198,946                 192,081             4   %
                                                                        
International               329,983                 346,063             (5  %)
Less: Non-cash
compensation               (1,708   )             (792     )
expenses
                            328,275                 345,271             (5  %)
                                                                        
Plus: Non-cash
compensation               3,601                 2,695    
expenses
Consolidated
divisional               $  530,822             $  540,047            (2  %)
operating
expenses
                                                                        

                                                               
Reconciliation of Corporate Expenses excluding Non-cash compensation
expenses to Corporate Expenses
                                                                            
(In thousands)           Three Months Ended
                         September 30,                                 %
                           2012              2011               Change
Corporate                $  25,219              $  22,303              13   %
Expenses
Less: Non-cash
compensation               (59     )             (36     )
expenses
                         $  25,160             $  22,267             13   %
                                                                            

                                             
Reconciliation of OIBDAN to Net Income
                                                 
                                                 Three Months Ended
(In thousands)                                   September 30,
                                                  2012         2011    
OIBDAN                                           $ 178,760         $ 188,831
Non-cash compensation expense                      3,660             2,731
Depreciation and amortization                      100,352           114,934
Other operating income – net                      42,397          37      
Operating income                                   117,145           71,203
                                                                   
Interest expense                                   102,612           61,809
Interest income on Due from Clear Channel          16,913            12,215
Equity in earnings (loss) of                       (234    )         1,038
nonconsolidated affiliates
Other income (expense) – net                      1,825           (1,859  )
Income before income taxes                         33,037            20,788
Income tax expense                                (8,212  )        (11,002 )
Consolidated net income                            24,825            9,786
Less: amount attributable to                      7,541           6,573   
noncontrolling interest
                                                                   
Net income attributable to the Company           $ 17,284         $ 3,213   
                                                                   

About Clear Channel Outdoor Holdings

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world’s largest
outdoor advertising companies, with more than 750,000 displays in over 40
countries across five continents, including 48 of the 50 largest markets in
the United States. Clear Channel Outdoor Holdings offers many types of
displays across its global platform to meet the advertising needs of its
customers. This includes a growing digital platform that now offers over 1,000
digital billboards across 37 U.S. markets. Clear Channel Outdoor Holdings’
International segment operates in nearly 30 countries across Asia, Australia,
Europe, and Latin America in a wide variety of formats.

Certain statements in this release constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Clear Channel Outdoor Holdings, Inc. to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. The words or phrases “guidance,”
“believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words
or expressions are intended to identify such forward-looking statements. In
addition, any statements that refer to expectations or other characterizations
of future events or circumstances are forward-looking statements.

Various risks that could cause future results to differ from those expressed
by the forward-looking statements included in this release include, but are
not limited to: changes in business, political and economic conditions in the
United States and in other countries in which the Company currently does
business (both general and relative to the advertising industry); changes in
operating performance; changes in governmental regulations and policies and
actions of regulatory bodies; changes in the level of competition for
advertising dollars; fluctuations in operating costs; technological changes
and innovations; changes in labor conditions; changes in capital expenditure
requirements; fluctuations in exchange rates and currency values; the outcome
of litigation; fluctuations in interest rates; taxes and tax disputes; shifts
in population and other demographics; access to capital markets and borrowed
indebtedness; risks relating to the integration of acquired businesses; and
risks that we may not achieve or sustain anticipated cost savings. Other
unknown or unpredictable factors also could have material adverse effects on
the Company’s future results, performance or achievements. In light of these
risks, uncertainties, assumptions and factors, the forward-looking events
discussed in this release may not occur. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
stated, or if no date is stated, as of the date of this release. Other key
risks are described in the Company’s reports and other documents filed with
the U.S. Securities and Exchange Commission, including in the section entitled
"Item 1A. Risk Factors” of Clear Channel Outdoor Holdings, Inc.’s Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise
stated in this document, the Company does not undertake any obligation to
publicly update or revise any forward-looking statements because of new
information, future events or otherwise.

Contact:

Clear Channel Outdoor Holdings
Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Brian Coleman, 210-822-2828
Senior Vice President and Treasurer

Or visit the Company’s web site at www.clearchanneloutdoor.com
 
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