Clear Channel Outdoor Holdings, Inc. Reports Results for 2012 Fourth Quarter and Full Year

  Clear Channel Outdoor Holdings, Inc. Reports Results for 2012 Fourth Quarter
  and Full Year

  *Annual revenue increased 1% to $3.0 billion with Americas up 2% and
    International up 1%, adjusting for divestitures and foreign exchange
  *Fourth quarter revenue rose slightly year over year, adjusting for
    divestitures and foreign exchange
  *2012 results include $221 million pre-tax loss for refinancing $2.5
    billion of 9.25% debt in the fourth quarter at 6.5%

Business Wire

SAN ANTONIO, Texas -- February 19, 2013

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial
results for the fourth quarter and full year ended December 31, 2012.

“Under CEO William Eccleshare’s leadership, our Outdoor business continues to
use its global scale, efficiency, and creativity to connect brands with
people,” said Bob Pittman, Executive Chairman of Clear Channel Outdoor
Holdings, Inc. “Heading into 2013, we are building on the strengths in our
Americas’ business – especially in digital displays, airports and national
advertising. Internationally, we are realigning the business in Europe to the
realities of the market, while still seeing growth in Asia and Latin America.
Looking ahead, we will keep investing strategically across the business to
drive future growth and profitability. ”

“Clear Channel Outdoor continues to make important strides in its digital
transformation,” said Chief Executive Officer William Eccleshare. “Through
several innovative programs, we’re expanding the creative richness of
out-of-home advertising and helping our advertising clients reach people on
the street with greater engagement and immediacy. During this past year, we
put in place the leadership and structure to streamline our business, and
exported successful strategies on a global basis. Despite a very difficult
economic environment, we’re confident that we’re well positioned to drive
greater share for our outdoor assets.”

Fourth Quarter 2012 Results

Total revenues decreased $13 million, or 2% year over year, to $803 million in
the fourth quarter of 2012 compared to $816 million in the same period of
2011. Excluding the effects of movements in foreign exchange rates^1, revenues
declined $7 million, or 1%.

  *Americas revenues rose $5 million, or 1% adjusted for movements in foreign
    exchange rates, driven by higher digital capacity and increased revenue at
    airports. On a reported basis, revenues grew $5 million, or 2%.
  *International revenues decreased $3 million, or less than 1%, adjusting
    for a $9 million revenue reduction due to the divestiture of two
    businesses during the third quarter of 2012 and a $6 million reduction
    from movements in foreign exchange rates. Stronger economic conditions in
    emerging markets and certain other geographies were offset by weakened
    economic conditions in other regions, particularly in Europe. On a
    reported basis, revenues decreased $18 million, or 4%.

The Company’s OIBDAN^1 declined to $205 million, or 10%, in the fourth quarter
of 2012 compared to $229 million in the same quarter of 2011. Excluding the
effects of movements in foreign exchange rates, and a $2 million reduction due
to the divestiture of two businesses during the third quarter of 2012, OIBDAN
totaled $207 million, down $20 million, or 9%. Included in the 2012 fourth
quarter OIBDAN were $18 million of operating and corporate expenses associated
with the Company’s strategic revenue and cost initiatives to attract
additional advertising dollars to the business and improve operating
efficiencies. The fourth quarter of 2011 included $7 million of such expenses.
Also reducing OIBDAN in the fourth quarter of 2012 were $3 million of
litigation expenses and $7 million of legal and other costs in Latin America.

The Company’s net loss was $148 million in the fourth quarter of 2012 compared
to net income of $23 million in the same period of 2011. Fourth quarter 2012
results included a $221 pre-tax loss on extinguishment of debt related to
refinancing activities.

Full Year 2012 Results

Total revenues declined 2% to $2.95 billion for the full year 2012 compared to
$3.0 billion in 2011. Excluding the effects of movements in foreign exchange
rates, total revenues increased 1% to $3.03 billion.

  *Americas revenues rose $27 million, or 2% adjusted for movements in
    foreign exchange rates, compared to 2011, from increased digital capacity
    and increased airport revenues driven by higher occupancy and rates. On a
    reported basis, revenues also grew $27 million, or 2%.
  *International revenues increased $11 million, or approximately 1%, after
    adjusting for a $15 million revenue reduction due to the divestiture of
    two businesses during the third quarter of 2012 and a $79 million decrease
    from movements in foreign exchange rates. Stronger economic conditions in
    emerging markets and certain other geographies were offset by weakened
    economic conditions in other regions, particularly in Europe. On a
    reported basis, revenues decreased $83 million, including the effects of
    movements in foreign exchange rates.

The Company’s OIBDAN^1 decreased 11% to $664 million in 2012 compared to $745
million in 2011. Excluding the effects of movements in foreign exchange rates
and a $3 million reduction due to the divestiture of two businesses during the
third quarter of 2012, OIBDAN declined 10% to $672 million. Included in the
full year 2012 OIBDAN were $44 million of operating and corporate expenses
related to the Company’s strategic revenue and cost initiatives to attract
additional advertising dollars to the business and improve operating
efficiencies. OIBDAN for 2011 included $17 million in such expenses. Also
reducing OIBDAN in 2012 were $5 million of litigation expenses and $27 million
of legal and other costs in Latin America.

The Company’s net loss was $183 million for 2012 compared to net income of $43
million in 2011. Full year 2012 results included a $221 million pre-tax loss
on extinguishment of debt related to refinancing activities.

Key Highlights

The Company’s recent key highlights include:

  *Americas installed 178 new digital billboards for a total of 1,035 across
    37 U.S. markets, a 21% increase from 2011.
  *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, launched in Raleigh-Durham
    International Airport and, in February 2013, in Louis Armstrong New
    Orleans International Airport.
  *In January 2013, Suzanne Grimes, a highly-regarded advertising executive,
    joined as President & COO for the United States and Canada. Grimes
    formerly served as President of the U.S. Lifestyles Communities Group at
    Readers Digest, spent a decade at Condé Nast, and was publisher of TV
    Guide at News Corp.
  *International increased its digital presence to more than 3,400 displays
    in 13 countries.
  *Launched the first digital out-of-home network in the outdoor environment
    in the United Kingdom with 100 screens in central London targeting premium
    shopping areas.
  *France launched the only scale digital network in the country in 46
    premium malls, reaching a quarter of the population every two weeks.
  *International won a major public transportation contract in Norway that
    went live in January 2013.
  *Strengthened the International leadership team with Mark Thewlis,
    Executive Chairman of Clear Media (China) and Aris de Juan, Regional
    President of Latin America, improving Clear Channel’s presence in some of
    the world’s fastest-growing advertising markets.

                                                                                 
Revenues, Operating Expenses, and OIBDAN by Segment
                                                                                         
(In                 Three Months Ended                   Year Ended
thousands)
                    December 31,                %        December 31,                    %
                     2012       2011      Change    2012         2011        Change
Revenue^1                       
Americas            $ 343,407     $ 337,925     2   %    $ 1,279,257     $ 1,252,725     2   %
International        459,787    478,077    (4  %)    1,667,687    1,751,149    (5  %)
^3
Consolidated        $ 803,194   $ 816,002    (2  %)   $ 2,946,944   $ 3,003,874    (2  %)
revenue
                                                                                         
Operating
Expenses^1,2
Americas            $ 212,938     $ 201,510     6   %    $ 793,585       $ 765,302       4   %
International        356,868    362,522    (2  %)    1,384,569    1,403,605    (1  %)
^3
Consolidated
operating           $ 569,806   $ 564,032    1   %    $ 2,178,154   $ 2,168,907    0   %
expenses
                                                                                         
OIBDAN^1
Americas            $ 130,469     $ 136,415     (4  %)   $ 485,672       $ 487,423       (0  %)
International         102,919       115,555     (11 %)     283,118         347,544       (19 %)
^3
Corporate            (28,036 )   (22,845 )             (105,243  )   (90,058   )
Consolidated        $ 205,352   $ 229,125    (10 %)   $ 663,547     $ 744,909      (11 %)
OIBDAN
                                                                                         

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.

^3 During 2012, the Company disposed of two international businesses resulting
in decreases in revenue, operating expenses and OIBDAN of $15 million,$12
million and $3 million, respectively, for the year ended December 31, 2012 and
decreases in revenue, operating expenses and OIBDAN of $10 million, $8 million
and $2 million, respectively for the quarter ended December 31, 2012.

Americas

Americas revenues, excluding foreign exchange impacts, rose $27 million, or
2%, compared to 2011, driven by higher digital bulletin capacity and higher
airport occupancy and rates. Partially offsetting this growth in 2012 was a
decline in revenues from traditional bulletins and posters. On a reported
basis, revenues increased $27 million, or 2% compared to 2011, including the
effects of movements in foreign exchange rates.

Operating expenses, excluding foreign exchange impacts, grew $29 million to
$794 million in 2012, including an $11 million increase in 2012 expenses
related to certain investments in strategic revenue and cost savings programs.
Expenses increased due to personnel costs, growth from the airports business,
and higher site lease expenses resulting in part from the deployment of 178
digital billboards during the year. On a reported basis, expenses increased
$28 million, or 4%, compared to 2011, including the effects of movements in
foreign exchange rates.

OIBDAN, excluding foreign exchange impacts, declined less than 1% to $486
million in 2012, including expenses related to certain investments in
strategic revenue and cost savings programs of $15 million in 2012 and $4
million in 2011. On a reported basis, OIBDAN decreased $2 million compared to
2011, including the effects of movements in foreign exchange rates.

International

Adjusting for a $15 million revenue reduction due to the divestiture of two
businesses during the third quarter of 2012, as well as a $79 million decrease
due to movements in foreign exchange rates, International revenues were up $11
million, or approximately 1%. Revenues increased primarily from new contracts
in countries including Australia, China and Mexico where economic conditions
were stronger, and in the U.K. which benefitted from the Summer Olympic Games.
Revenue increases were partially offset by weakened macroeconomic conditions
in certain geographies, particularly in southern Europe and the Nordic
countries. On a reported basis, revenues decreased $83 million, or 5%,
compared to 2011, including the effects of movements in foreign exchange
rates.

Operating expenses, excluding foreign exchange impacts, grew $64 million in
2012, adjusting for $12 million of expenses due to the divestiture of two
businesses during the third quarter of 2012 and excluding a $71 million
decrease from movements in foreign exchange rates. Operating expense increased
due to new contracts and higher personnel costs. This $64 million increase
includes a $27 million increase in legal and other expenses in Latin America
and a $6 million increase in investments in strategic revenue and cost savings
programs. On a reported basis, operating expenses declined $18 million,
including movements in foreign exchange rates.

Adjusting for a $3 million OIBDAN reduction due to the divestiture of two
businesses during the third quarter of 2012 and excluding an $8 million
decrease from movements in foreign exchange rates, International OIBDAN in
2012 declined $54 million, or 16%, to $291 million. OIBDAN for 2012 includes
$27 million increase in legal and other expenses in Latin America, and $19
million of costs incurred for investments in strategic revenue and cost
savings programs compared to $13 million included in 2011 OIBDAN. On a
reported basis, OIBDAN decreased 19% to $283 million.

Conference Call

The Company, along with its parent company, CC Media Holdings, Inc., will host
a conference call to discuss results on February 19, 2013 at 4:30 p.m. Eastern
Time. The conference call number is 866-254-5936 and the passcode is 281432. A
live audio webcast of the conference call will also be available on the
investor section of www.clearchanneloutdoor.com and www.clearchannel.com. A
replay of the call will be available after the live conference call, beginning
at 5:30 p.m. Eastern Time, for a period of 30 days. The replay numbers are
800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the
passcode for both is 281432. An archive of the webcast 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
                                                                       
(In thousands,
except per            Three Months Ended               Year Ended
share data)
                      December 31,                     December 31,
                       2012        2011            2012         2011      
Revenue               $ 803,194     $ 816,002         $ 2,946,944     $ 3,003,874
Direct
operating               416,980        423,817           1,611,262       1,638,801
expenses
Selling,
general and             154,374        142,840           577,296         540,872
administrative
expenses
Corporate               28,061         22,881            105,428         90,205
expenses
Depreciation
and                     106,907        109,171           399,264         432,035
amortization
Impairment              37,651         7,614             37,651          7,614
charges
Other operating
income                 1,797       (548    )        50,943       8,591     
(expense) – net
Operating               61,018         109,131           266,986         302,938
income
                                                                       
Interest                100,480        58,840            373,876         242,435
expense - net
Interest income
on due from             14,779         13,673            63,761          45,459
Clear Channel
Communications
Gain (loss) on
marketable              (2,578   )     (4,827  )         (2,578    )     (4,827    )
securities
Equity in loss
of                      813            4,389             843             6,029
nonconsolidated
affiliates
Loss on
extinguishment          (221,071 )     -                 (221,071  )     -
of debt
Other income           (64      )   (1,624  )        (364      )   (649      )
(expense) – net
Loss before             (247,583 )     61,902            (266,299  )     106,515
income taxes
Income tax
benefit                108,089     (32,289 )        107,089      (43,296   )
(expense)
Consolidated
net income              (139,494 )     29,613            (159,210  )     63,219
(loss)
Amount
attributable to         8,916          7,034             23,902          20,273
noncontrolling
interest
                                                                  
Net income
(loss)                $ (148,410 )  $ 22,579         $ (183,112  )  $ 42,946    
attributable to
the Company
                                                                       
Diluted net
earnings (loss)       $ (0.42    )  $ 0.06           $ (0.54     )  $ 0.11      
per share
                                                                       
Weighted
average shares          357,232        356,503           356,915         356,528
outstanding –
Diluted
                                                                       

Foreign exchange rate movements decreased the Company’s 2012 fourth quarter
revenues and direct operating and SG&A expenses by approximately $6 million
and $4 million, respectively, compared to the same period of 2011. Foreign
exchange rate movements decreased the Company’s 2012 revenues and direct
operating and SG&A expenses by approximately $79 million and $71 million,
respectively, compared to 2011.

                                                           
TABLE 2 - Selected Balance Sheet Information
                                                                  
Selected balance sheet information for December 31, 2012 and 2011:
                                                                  
(In millions)                                  December 31,       December 31,
                                               2012               2011
                                                                  
Cash                                           562.0              542.7
Total Current Assets                           1,515.4            1,453.7
Net Property, Plant and Equipment              2,207.7            2,246.7
Due from Clear Channel Communications          729.2              656.0
Total Assets                                   7,105.8            7,088.2
                                                                  
Current Liabilities (excluding current         802.0              697.2
portion of long-term debt)
Long-Term Debt (including current              4,944.8            2,545.9
portion of long-term debt)
Shareholders’ Equity                           446.1              2,740.2
                                                                  

                                                           
TABLE 3 – Total Debt
                                                                  
At December 31, 2012 and December 31, 2011, Clear Channel Outdoor Holdings had
total net debt of:
                                                                  
(In millions)                                  December 31,       December 31,
                                                 2012              2011
Clear Channel Worldwide Holdings Senior
Notes:
9.25% Series A Senior Notes Due 2017           $  -               $   500.0
9.25% Series B Senior Notes Due 2017              -                   2,000.0
6.5% Series A Senior Notes Due 2022               735.7               -
6.5% Series B Senior Notes Due 2022               1,989.3             -
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                                        27.1                45.9
Original Issue Discount                          (7.3    )          -
Total                                             4,944.8             2,545.9
Cash                                             562.0             542.7
Net Debt                                       $  4,382.8        $   2,003.2
                                                                  

The current portion of long-term debt was $9 million as of December 31, 2012.

Liquidity and Financial Position

For the year ended December 31, 2012, cash flow provided by operating
activities was $355 million, cash flow used for investing activities totaled
$234 million, and cash flow used for financing activities was $106 million,
for a net increase in cash of $19 million.

Capital expenditures for the year ended December 31, 2012 totaled
approximately $276 million compared to $291 million for 2011.

In February 2012, Clear Channel Worldwide Holdings, Inc. issued $275 million
of 7.625% Series A Senior Subordinated Notes due 2020 and $1,925 million of
7.625% Series B Senior Subordinated Notes due 2020. Through an intercompany
loan, a total of $2,170 million in proceeds from both notes was paid as a
special cash dividend to shareholders. In November 2012, Clear Channel
Worldwide Holdings, Inc. issued $736 million of 6.5% Series A Senior Notes due
2022 and $1,989 million 6.5% Series B Senior Notes due 2022. The proceeds and
cash on hand were used to repay $500 million of 9.25% Series A Senior Notes
due 2017 and $2,000 million of Series B Senior Notes due 2017 in addition to
fees and premiums.

The Series A Clear Channel Worldwide Holdings, Inc. Senior Notes indenture and
Series B Clear Channel Worldwide Holdings, Inc. Senior Notes indenture
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 (i) additional indebtedness under this test, the Company’s debt to
adjusted EBITDA ratios (as defined by the indentures) must be lower than 7.0:1
and 5.0:1 for total debt and senior debt, respectively, and (ii) additional
indebtedness that is subordinated to the Clear Channel Worldwide Holdings,
Inc. Senior Notes under this test, the Company’s debt to adjusted EBITDA
ratios (as defined by the indentures) must be lower than 7.0:1 for total debt.
The indentures contain certain other exceptions that allow the Company to
incur additional indebtedness. The Series B Clear Channel Worldwide Holdings,
Inc. Senior Notes indenture also 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 indentures) are lower than
7.0:1 and 5.0:1 for total debt and senior debt, respectively. The Series A
Clear Channel Worldwide Holdings, Inc. Senior Notes indenture does not limit
our ability to pay dividends. The Series B Clear Channel Worldwide Holdings,
Inc. Senior Notes indenture contains certain exceptions that allow the Company
to pay dividends, including (i) $525.0 million of dividends made pursuant to
general restricted payment baskets and (ii) dividends made using proceeds
received upon a demand by the Company of amounts outstanding under the
revolving promissory note issued by Clear Channel Communications to the
Company.

Consolidated leverage, defined as total debt divided by EBITDA for the
preceding four quarters was 6.3:1 at December 31, 2012, and senior leverage,
defined as senior debt divided by EBITDA for the preceding four quarters was
3.5:1 at December 31, 2012. The Company’s adjusted EBITDA of $788.3 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: (i) an increase of
$48.0 million related to costs incurred in connection with the closure and/or
consolidation of facilities, retention charges, consulting fees and other
permitted activities; (ii) an increase of $36.4 million for non-recurring or
unusual gains or losses; (iii) an increase of $34.4 million for non-cash
items; and (iv) an increase of $6.0 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 and
years ended December 31, 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
which 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)
                                                                               
(In
thousands)
                                                                 Other
                                                                 operating
                    Operating      Non-cash       Depreciation   income
                    income         compensation   and            (expense) -   OIBDAN
                    (loss)         expenses       amortization   net and
                                                                 impairment 
                                                                 charges
Three Months
Ended
December 31,
2012
Americas            $ 79,338       $   810        $   50,321     $ -           $ 130,469
International         46,408           738            55,773       -             102,919
Impairment            (37,651  )       -              -            37,651        -
charges
Corporate             (28,874  )       25             813          -             (28,036  )
Other
operating            1,797         -            -          (1,797  )   -        
income – net
Consolidated        $ 61,018     $   1,573     $   106,907   $ 35,854    $ 205,352  
                                                                               
Three Months
Ended
December 31,
2011
Americas            $ 82,611       $   1,856      $   51,948     $ -           $ 136,415
International         58,634           769            56,152       -             115,555
Impairment            (7,614   )       -              -            7,614         -
charges
Corporate             (23,952  )       36             1,071        -             (22,845  )
Other
operating            (548     )     -            -          548        -        
income – net
Consolidated        $ 109,131    $   2,661     $   109,171   $ 8,162     $ 229,125  
                                                                               
Year Ended
December 31,
2012
Americas            $ 287,774      $   5,875      $   192,023    $ -           $ 485,672
International         73,331           4,529          205,258      -             283,118
Impairment            (37,651  )       -              -            37,651        -
charges
Corporate             (107,411 )       185            1,983        -             (105,243 )
Other
operating            50,943        -            -          (50,943 )   -        
income – net
Consolidated        $ 266,986    $   10,589    $   399,264   $ (13,292 )  $ 663,547  
                                                                               
Year Ended
December 31,
2011
Americas            $ 268,766      $   7,601      $   211,056    $ -           $ 487,423
International         124,471          3,165          219,908      -             347,544
Impairment            (7,614   )       -              -            7,614         -
charges
Corporate             (91,276  )       147            1,071        -             (90,058  )
Other
operating            8,591         -            -          (8,591  )   -        
income – net
Consolidated        $ 302,938    $   10,913    $   432,035   $ (977    )  $ 744,909  
                                                                               

                                                                           
Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to Revenues
                                                                                   
(In                 Three Months Ended                 Year Ended
thousands)
                    December 31,              %        December 31,                %
                     2012       2011     Change    2012        2011       Change
                                
Revenue             $ 803,194     $ 816,002   (2  %)   $ 2,946,944   $ 3,003,874   (2  %)
Excluding:
Foreign
exchange             5,630      -                   79,347      -
decrease
(increase)
Revenue
excluding
effects of          $ 808,824   $ 816,002   (1  %)   $ 3,026,291  $ 3,003,874   1   %
foreign
exchange
                                                                                   
Americas
Outdoor             $ 343,407     $ 337,925   2   %    $ 1,279,257   $ 1,252,725   2   %
revenue
Excluding:
Foreign
exchange             (486    )   -                  410         -
decrease
(increase)
Americas
revenue
excluding           $ 342,921   $ 337,925   1   %    $ 1,279,667  $ 1,252,725   2   %
effects of
foreign
exchange
                                                                                   
International
Outdoor             $ 459,787     $ 478,077   (4  %)   $ 1,667,687   $ 1,751,149   (5  %)
revenue
Excluding:
Foreign
exchange             6,116      -                   78,937      -
decrease
(increase)
International
revenue
excluding           $ 465,903   $ 478,077   (3  %)   $ 1,746,624  $ 1,751,149   (0  %)
effects of
foreign
exchange
                                                                                       

                                                                           
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding Effects of
Foreign Exchange Rates to Expenses
                                                                                   
(In                 Three Months Ended                 Year Ended
thousands)
                    December 31,              %        December 31,                %
                     2012       2011     Change    2012         2011       Change
                                
Consolidated        $ 571,354     $ 566,657   1   %    $ 2,188,558   $ 2,179,673   0   %
expense
Excluding:
Foreign
exchange             3,857      -                   71,362      -
decrease
(increase)
Expense
excluding
effects of          $ 575,211   $ 566,657   2   %    $ 2,259,920  $ 2,179,673   4   %
foreign
exchange
                                                                                   
Americas
Outdoor             $ 213,748     $ 203,366   5   %    $ 799,460     $ 772,903     3   %
expense
Excluding:
Foreign
exchange             (412    )   -                   357         -
decrease
(increase)
Americas
expense
excluding           $ 213,336   $ 203,366   5   %    $ 799,817    $ 772,903     3   %
effects of
foreign
exchange
                                                                                   
International
Outdoor             $ 357,606     $ 363,291   (2  %)   $ 1,389,098   $ 1,406,770   (1  %)
expense
Excluding:
Foreign
exchange             4,269      -                   71,005      -
decrease
(increase)
International
expense
excluding           $ 361,875   $ 363,291   (0  %)   $ 1,460,103  $ 1,406,770   4   %
effects of
foreign
exchange
                                                                                       

                                                                       
Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN
                                                                               
(In                 Three Months Ended                 Year Ended
thousands)
                    December 31,              %        December 31,            %
                     2012       2011     Change    2012      2011     Change
                                
OIBDAN              $ 205,352     $ 229,125   (10 %)   $ 663,547   $ 744,909   (11 %)
Excluding:
Foreign
exchange             1,773      -                   7,985     -
decrease
(increase)
OIBDAN
excluding
effects of          $ 207,125   $ 229,125   (10 %)   $ 671,532  $ 744,909   (10 %)
foreign
exchange
                                                                               
Americas            $ 130,469     $ 136,415   (4  %)   $ 485,672   $ 487,423   (0  %)
OIBDAN
Excluding:
Foreign
exchange             (73     )   -                   53        -
decrease
(increase)
Americas
OIBDAN
excluding           $ 130,396   $ 136,415   (4  %)   $ 485,725  $ 487,423   (0  %)
effects of
foreign
exchange
                                                                               
International       $ 102,919     $ 115,555   (11 %)   $ 283,118   $ 347,544   (19 %)
OIBDAN
Excluding:
Foreign
exchange             1,846      -                   7,932     -
decrease
(increase)
International
OIBDAN
excluding           $ 104,765   $ 115,555   (9  %)   $ 291,050  $ 347,544   (16 %)
effects of
foreign
exchange
                                                                                   

                                                                                 
Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding Non-cash compensation
expenses to Expenses
                                                                                         
(In                 Three Months Ended                   Year Ended
thousands)
                    December 31,                %        December 31,                    %
                     2012       2011      Change    2012         2011        Change
                                
Americas            $ 213,748     $ 203,366     5   %    $ 799,460       $ 772,903       3   %
Outdoor
Less:
Non-cash             (810    )   (1,856  )             (5,875    )   (7,601    )
compensation
expense
                      212,938       201,510     6   %      793,585         765,302       4   %
                                                                                         
International         357,606       363,291     (2  %)     1,389,098       1,406,770     (1  %)
Outdoor
Less:
Non-cash             (738    )   (769    )             (4,529    )   (3,165    )
compensation
expense
                      356,868       362,522     (2  %)     1,384,569       1,403,605     (1  %)
                                                                                         
Plus:
Non-cash             1,548      2,625                10,404       10,766    
compensation
expense
Consolidated
divisional          $ 571,354   $ 566,657    1   %    $ 2,188,558   $ 2,179,673    0   %
operating
expenses
                                                                                         

                                                                         
Reconciliation of Corporate Expenses excluding Non-cash compensation expenses to
Corporate Expenses
                                                                                 
(In                Three Months Ended                 Year Ended
thousands)
                   December 31,              %        December 31,               %
                    2012      2011     Change    2012       2011     Change
Corporate          $ 28,061    $ 22,881     23  %    $ 105,428     $ 90,205     17  %
Expense
Less:
Non-cash            (25    )   (36    )             (185    )   (147   )
compensation
expense
                   $ 28,036   $ 22,845    23  %    $ 105,243   $ 90,058    17  %
                                                                                 

                                                                                 
Reconciliation of OIBDAN to Net Loss
                                                                                         
(In thousands)        Three Months Ended                    Year Ended
                      December 31,                 %        December 31,                 %
                       2012        2011      Change    2012        2011      Change
                                   
OIBDAN                $ 205,352      $ 229,125     (10 %)   $ 663,547      $ 744,909     (11 %)
Non-cash
compensation            1,573          2,661                  10,589         10,913
expense
Depreciation
and                     106,907        109,171                399,264        432,035
amortization
Impairment              37,651         7,614                  37,651         7,614
charges
Other operating
income                 1,797       (548    )             50,943      8,591   
(expense) – net
Operating               61,018         109,131                266,986        302,938
income
                                                                                         
Interest                100,480        58,840                 373,876        242,435
expense – net
Interest income
on due from             14,779         13,673                 63,761         45,459
Clear Channel
Communications
Gain (loss) on
marketable              (2,578   )     (4,827  )              (2,578   )     (4,827  )
securities
Equity in
earnings (loss)
of                      813            4,389                  843            6,029
nonconsolidated
affiliates
Loss on
extinguishment          (221,071 )     -                      (221,071 )     -
of debt
Other income           (64      )   (1,624  )             (364     )   (649    )
(expense) – net
Loss before             (247,583 )     61,902                 (266,299 )     106,515
income taxes
Income tax
benefit                108,089     (32,289 )             107,089     (43,296 )
(expense)
Consolidated            (139,494 )     29,613                 (159,210 )     63,219
net loss
Amount
attributable to        8,916       7,034                23,902      20,273  
noncontrolling
interest
Net income
(loss)                $ (148,410 )  $ 22,579              $ (183,112 )  $ 42,946  
attributable to
the Company
                                                                                         

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world’s largest
outdoor advertising companies with more than 650,000 displays in 28 countries
in the International segment across Asia, Australia, Europe, and Latin
America, and approximately 108,000 display structures in the Americas segment,
covering 48 of the 50 largest US markets. Clear Channel Outdoor offers a wide
range of displays which span traditional and digital formats on roadside
billboards, street furniture and in retail, point of sale, airport, transit
and lifestyle environments. More information is available at
www.clearchanneloutdoor.com and www.clearchannelinternational.com.

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, Inc.
Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Gregory Lundberg, 212-549-1717
Senior Vice President – Investor Relations