Clear Channel Outdoor Holdings, Inc. Reports Results for 2013 First Quarter

  Clear Channel Outdoor Holdings, Inc. Reports Results for 2013 First Quarter

  *Revenue of $651 million rose 1% year over year, and OIBDAN^1 was up 21% to
    $99 million, excluding foreign exchange and divestitures
  *Americas revenue grew 2%, excluding foreign exchange; OIBDAN increased 12%
  *International revenue was up under 1%, and OIBDAN grew 45%, excluding
    foreign exchange and divestitures

Business Wire

SAN ANTONIO -- May 02, 2013

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial
results for the first quarter ended March 31, 2013.

“Our Outdoor business performed well in the U.S., and we continue to shift our
international capital and operating expenses to emerging markets where we’re
seeing strong growth,” said Bob Pittman, Executive Chairman of Clear Channel
Outdoor Holdings, Inc. “Thanks to CEO William Eccleshare’s leadership, we have
enhanced our U.S. operations with more effective local and national sales
forces, and we’re beginning to see our strategic investments contribute to
improved results. We are very well positioned to help our advertising partners
reach increasingly mobile, out-of-home consumers with impactful and
cost-effective campaigns.”

“Our progress in the U.S. and among our emerging markets in the Asia-Pacific
and Latin American regions tells us that we’re on the right path,” said Chief
Executive Officer William Eccleshare. “In the Americas, we saw solid growth in
digital as well as traditional posters, while we kept expanding innovative
services to airports. In Europe, we continue to reduce costs by right-sizing
our operations in the face of the lingering economic downturn while
continually enhancing our sales effectiveness. We are also developing exciting
products and technologies that help our clients engage consumers creatively
and locally. With a global population that’s out-of-home more than ever, and
almost universally connected with mobile, Clear Channel’s platform is
exceedingly relevant for reaching consumers when they’re near the point of
sale.”

First Quarter 2013 Results

Total revenues for the three months ended March 31, 2013 increased 1% over the
same period in 2012, adjusting for the effects of foreign exchange
movements^1, as well as an $8 million impact from the divestiture of two
businesses during the third quarter of 2012. On a reported basis, revenues of
$650 million for the three months ended March 31, 2013 were flat with the same
period in 2012.

  *Americas revenues rose $6 million, or 2%, on a reported basis and adjusted
    for movements in foreign exchange rates, driven by higher occupancy and
    capacity on digital displays, strong growth in posters on new advertisers,
    and growth in airports.
  *International revenues increased $2 million, or less than 1%, after
    adjusting for an $8 million revenue reduction due to the divestiture of
    two businesses during the third quarter of 2012 and a $1 million decrease
    from movements in foreign exchange rates. More robust economic conditions
    in emerging markets and certain other geographies were offset by weakened
    economic conditions in other markets, particularly Western Europe. On a
    reported basis, revenues decreased $7 million, or 2%, compared to the
    first three months of 2012.

The Company’s OIBDAN^1 increased 18% to $98 million in the three months ended
March 31, 2013 compared to $83 million in the same period of 2012. Excluding
the $1 million effect of movements in foreign exchange rates and a $1 million
reduction due to the divestiture of two businesses during the third quarter of
2012, OIBDAN increased 21% to $99 million. Included in the first quarter 2013
OIBDAN were $7 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 the three months ended March 31, 2012 included $6 million in expenses
related to strategic revenue and cost initiatives, and also included $19
million in legal and other costs related to Brazil.

The Company’s net loss was $74 million for the three months ended March 31,
2013 compared to a net loss of $44 million in 2012 due primarily to higher
interest expense, lower income tax benefits, and higher depreciation and
amortization expense.

Key Highlights

The Company’s recent key highlights include:

  *Americas installed 11 new digital billboards for a total of 1,046 across
    37 U.S. markets.
  *Signed a new 10-year contract for a new installation of four 26-foot LED
    video towers at the Denver International Airport, providing advertisers
    with the ability to reach travelers visiting the fifth-busiest U.S.
    airport.
  *Partnered with Transport for London to launch “The Chiswick Towers,” a new
    premium roadside digital advertising site consisting of two architectural
    steel towers featuring double sided LED screens situated on the M4 between
    Heathrow Airport and central London, one of the UK’s most prominent
    advertising locations.
  *Rolled out 10,000 interactive panels in the UK featuring Near Field
    Communication (NFC) and QR code mobile technologies, reaching 80% of
    adults every four weeks. In Sweden, introduced the world’s first Near
    Field Communication (NFC) marketing campaign on a public transit system,
    featuring a subway car branded to look like a retail store of the mobile
    operator, Three.
  *Clear Channel’s Peruvian team created, in collaboration with Peru’s
    University of Engineering and Technology, an award-winning billboard that
    captures humidity in Lima’s desert air and turns it in to drinking water,
    providing local residents with much needed refreshment.
  *Pioneered large-format digital billboard networks in January 2013 in
    México City with 8 digital billboards and in Lima with 10 digital
    billboards.
  *Clear Channel Airports launched its ClearVision TV network at Dallas Love
    Field airport in April, featuring local, regional and national sponsors’
    products and services alongside news, sports and entertainment from all
    the major broadcast networks including, for the first time, children’s
    programming.

Revenues, Operating Expenses, and OIBDAN by Segment

(In thousands)                   Three Months Ended         
                                  March 31,                   %
                                  2013         2012         Change
Revenue ^1                                    
Americas                          $ 286,461     $ 280,151       2  %
International ^3                   363,749     371,132      (2 %)
Consolidated revenue              $ 650,210    $ 651,283      (0 %)
                                                                
Operating Expenses ^1,2
Americas                          $ 191,263     $ 195,057       (2 %)
International ^3                   334,489     349,004      (4 %)
Consolidated operating expenses   $ 525,752    $ 544,061      (3 %)
                                                                
OIBDAN ^1
Americas                          $ 95,198      $ 85,094        12 %
International ^3                    29,260        22,128        32 %
Corporate                          (26,163 )    (24,249 )
Consolidated OIBDAN               $ 98,295     $ 82,973       18 %
                                                                

Certain prior period amounts have been reclassified to conform to the 2013
presentation of financials throughout the press release.

^1 See 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.

^2 The 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. For the
three months ended March 31, 2012, these businesses contributed $8 million in
revenues, $7 million in operating expenses, and $1 million in OIBDAN.

Americas

Americas revenues rose $6 million, or 2% compared to the same period of 2012,
on a reported basis and adjusted for movements in foreign exchange rates,
driven by higher occupancy and capacity on digital displays, strong growth in
posters on new advertisers, and growth in airports. Partially offsetting these
increases was a decline in specialty business revenues.

Operating expenses fell $4 million, or 2%, to $191 million, on both a reported
basis and adjusted for the effects of movements in foreign exchange rates.
Expenses decreased due to a favorable product mix with increased sales in our
higher margin product lines, and also due to the benefits of past strategic
cost initiatives.

OIBDAN, on a reported basis and excluding foreign exchange impacts, grew $10
million, or 12%, to $95 million during the first quarter of 2013 compared to
the same period in 2012. First quarter 2013 and 2012 OIBDAN both included
approximately $1 million of expenses related to certain investments in
strategic revenue and cost savings programs.

International

International revenues were up $2 million, or less than 1% compared to the
same period in 2012, excluding $8 million in revenues due to the divestiture
of two businesses during the third quarter of 2012, as well as a $1 million
decrease due to movements in foreign exchange rates. More robust economic
conditions in emerging markets and certain other geographies were offset by
weakened economic conditions in other markets, particularly Western Europe. On
a reported basis, revenues decreased $7 million, or 2%, compared to the first
quarter of 2012.

Operating expenses fell $8 million in the first quarter of 2013, adjusting for
$7 million of expenses due to the divestiture of two businesses during the
third quarter of 2012. There was minimal impact during the quarter from
movements in foreign exchange rates. Operating expenses declined due to lower
variable expenses and rent driven by revenue declines in certain markets,
offset by higher costs from new contracts in markets with increased revenue.
Operating expenses in the first quarter of 2012 included $18 million of legal
and other costs related to Brazil that did not recur in the first quarter of
2013. Operating expenses in the first quarter of 2013 also included an
increase of approximately $3 million in investments in strategic revenue and
cost savings programs.

International outdoor OIBDAN in the first quarter of 2013 increased $9
million, or 45%, to $30 million, adjusting for a $1 million OIBDAN reduction
due to the divestiture of two businesses during the third quarter of 2012 and
excluding a $1 million decrease from movements in foreign exchange rates.
OIBDAN in the first quarter of 2013 included $5 million of costs incurred for
investments in strategic revenue and cost savings programs compared to $3
million included in the first quarter of 2012. On a reported basis, OIBDAN
increased 32% to $29 million.

Conference Call

The Company, along with its parent company, CC Media Holdings, Inc., will host
a conference call to discuss results on May 2, 2013 at 4:30 p.m. Eastern Time.
The conference call number is 866-233-3841 (U.S. callers) and 612-234-9962
(International callers) and the passcode is 290477. A live audio webcast of
the conference call will also be available on the investor section of
www.clearchannel.com and www.clearchanneloutdoor.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 share data)           Three Months Ended
                                                 March 31,
                                                 2013           2012
Revenue                                          $  650,210    $  651,283
Direct operating expenses                            387,389         394,053
Selling, general and administrative expenses         139,992         153,149
Corporate expenses                                   26,195          24,310
Depreciation and amortization                        100,327         92,337
Impairment charges                                   -               -
Other operating income (expense) – net             2,103       4,003   
Operating income (loss)                              (1,590  )       (8,563  )
                                                                 
Interest expense - net                               88,093          67,831
Interest income on Due from Clear Channel            11,920          15,980
Communications
Equity in earnings (loss) of nonconsolidated         (485    )       421
affiliates
Other expense – net                                (907    )    (494    )
Loss before income taxes                             (79,155 )       (60,487 )
Income tax benefit                                 5,006       15,294  
Consolidated net loss                                (74,149 )       (45,193 )
Amount attributable to noncontrolling interest       129             (1,323  )
                                                               
Net income (loss) attributable to the Company      (74,278 )    (43,870 )
                                                                 
Diluted net earnings (loss) per share            $   (0.22   )   $   (0.14   )
                                                                 
Weighted average shares outstanding – Diluted        357,352         356,363


Foreign exchange rate movements decreased the Company’s 2013 first quarter
revenues by approximately $1 million, and had a minimal impact on direct
operating and SG&A expenses, compared to the same period of 2012.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for March 31, 2013 and December 31, 2012:

(In millions)                                       March 31,   December 31,
                                                     2013         2012
                                                     
Cash                                                   547.3      562.0
Total Current Assets                                   1,434.2    1,509.3
Net Property, Plant and Equipment                      2,145.9    2,207.7
Due from Clear Channel Communications                  727.6      729.2
Total Assets                                           6,932.0    7,105.8
                                                                            
Current Liabilities (excluding current portion of      751.6      802.0
long-term debt)
Long-Term Debt (including current portion of           4,940.6    4,944.8
long-term debt)
Shareholders’ Equity                                   342.8      446.1


TABLE 3 – Total Debt

At March 31, 2013 and December 31, 2012, Clear Channel Outdoor Holdings had
total net debt of:

(In millions)                                      March 31,    December 31,
                                                    2013          2012
Clear Channel Worldwide Holdings Senior Notes:
6.5% Series A Senior Notes Due 2022                 $ 735.7       $  735.7
6.5% Series B Senior Notes Due 2022                   1,989.3        1,989.3
Clear Channel Worldwide Holdings Senior
Subordinated Notes:
7.625% Series A Senior Subordinated Notes Due         275.0          275.0
2020
7.625% Series B Senior Subordinated Notes Due         1,925.0        1,925.0
2020
Other Debt                                            22.7           27.1
Original Issue Discount                              (7.1    )     (7.3    )
Total                                                 4,940.6        4,944.8
Cash                                                 547.3        562.0   
Net Debt                                            $ 4,393.3    $  4,382.8 


The current portion of long-term debt was $6 million as of March 31, 2013.

Liquidity and Financial Position

For the three months ended March 31, 2013, cash flow provided by operating
activities was $33 million, cash flow used for investing activities totaled
$37 million, cash flow used for financing activities was $6 million, and the
effect of exchange rate changes on cash was $5 million, for a net decrease in
cash of $15 million.

Capital expenditures for the three months ended March 31, 2013 totaled
approximately $39 million compared to $56 million for the same period in 2012.

Consolidated leverage ratio, defined as total debt divided by EBITDA (as
defined by the Clear Channel Worldwide Holdings (“CCWH”) Senior Notes
indentures) for the preceding four quarters was 6.3:1 at March 31, 2013, and
senior leverage ratio, defined as senior debt divided by EBITDA (as defined by
the CCWH Senior Notes indentures) for the preceding four quarters was 3.5:1 at
March 31, 2013. As required by the definition of EBITDA in the CCWH Senior
Notes indentures, our EBITDA for the preceding four quarters of $788.9 million
is calculated as operating income (loss) before depreciation, amortization,
impairment charges and other operating income (expense), net, plus share-based
compensation, and is further adjusted for the following: (i) costs incurred in
connection with severance, the closure and/or consolidation of facilities,
retention charges, consulting fees and other permitted activities; (ii)
extraordinary, non-recurring or unusual gains or losses or expenses; (iii)
non-cash charges; and (iv) various other items.

The following table reflects a reconciliation of EBITDA (as defined by the
CCWH Senior Notes indentures) to operating income and net cash provided by
operating activities for the four quarters ended March 31, 2013:

                                                                Four Quarters
                                                                 Ended
(In Millions) Note: numbers may not sum due to rounding          March 31,
                                                                 2013
EBITDA (as defined by the CCWH Senior Notes indentures)          $   789
                                                                 
Less adjustments to EBITDA (as defined by the CCWH Senior
Notes indentures):
Cost incurred in connection with severance, the closure and/or
consolidation of facilities, retention charges, consulting           (49    )
fees, and other permitted activities
Extraordinary, non-recurring or unusual gains or losses or
expenses (as referenced in the definition of EBITDA in the           (42    )
CCWH Senior Notes indentures)
Non-cash charges                                                     (11    )
Other items                                                          (8     )
Less: Depreciation and amortization, Impairment charges, Other
operating income (expense), net, and Share-based compensation       (405   )
expense
Operating income                                                     274
                                                                 
Plus: Depreciation and amortization, Impairment charges, Other
operating income (expense), net, and Share-based compensation        405
expense
Less: Interest expense                                               (394   )
Plus: Interest income on Due from Clear Channel Communications       60
Less: Current income tax benefit                                     (68    )
Plus: Other income (expense), net                                    (1     )
                                                                            
Adjustments to reconcile consolidated net loss to net cash
provided by operating activities (including Provision for            19
doubtful accounts, Amortization of deferred financing charges
and note discounts, net and Other reconciling items, net
Change in assets and liabilities, net of assets acquired and        (2     )
liabilities assumed
Net cash provided by operating activities                        $   293    


Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three months ended
March 31, 2013 and 2012. 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 2013 actual foreign revenues,
expenses and OIBDAN at average 2012 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                                                    Other      
thousands)                                                  operating
                                                           income
                                                            (expense)
                              Non-cash                     - net and
                Operating     compensation   Depreciation   impairment
                                             and
                income        expenses       amortization   charges      OIBDAN
                (loss)
Three Months
Ended March
31, 2013
Americas        $ 45,619      $    894       $   48,685     $ -          $ 95,198
International     (22,468 )        735           50,993       -            29,260
Impairment        -                -             -            -            -
charges
Corporate         (26,844 )        32            649          -            (26,163 )
Other
operating        2,103         -           -          (2,103 )   -       
income – net
Consolidated    $ (1,590  )  $    1,661    $   100,327   $ (2,103 )  $ 98,295  
                                                                         
                                                                         
                                                                         
Three Months
Ended March
31, 2012
Americas        $ 40,204      $    1,932     $   42,958     $ -          $ 85,094
International     (28,116 )        1,209         49,035       -            22,128
Impairment        -                -             -            -            -
charges
Corporate         (24,654 )        61            344          -            (24,249 )
Other
operating        4,003         -           -          (4,003 )   -       
income – net
Consolidated    $ (8,563  )  $    3,202    $   92,337    $ (4,003 )  $ 82,973  


Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to
Revenues

(In thousands)                                Three Months Ended     
                                               March 31,               %
                                               2013       2012       Change
                                                         
Revenue                                        $ 650,210   $ 651,283     (0 %)
Excluding: Foreign exchange decrease            856       -
(increase)
Revenue excluding effects of foreign           $ 651,066  $ 651,283     (0 %)
exchange
                                                                         
Americas revenue                               $ 286,461   $ 280,151     2  %
Excluding: Foreign exchange decrease            89        -
(increase)
Americas revenue excluding effects of          $ 286,550  $ 280,151     2  %
foreign exchange
                                                                         
International revenue                          $ 363,749   $ 371,132     (2 %)
Excluding: Foreign exchange decrease            767       -
(increase)
International revenue excluding effects of     $ 364,516  $ 371,132     (2 %)
foreign exchange


Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Effects of Foreign Exchange Rates to Expenses

(In thousands)                              Three Months Ended      
                                             March 31,                 %
                                             2013         2012       Change
                                                                      
Consolidated expense                         $ 527,381     $ 547,202     (4 %)
Excluding: Foreign exchange decrease          14         -
(increase)
Expense excluding effects of foreign         $ 527,395   $ 547,202     (4 %)
exchange
                                                                         
Americas expense                             $ 192,157     $ 196,989     (2 %)
Excluding: Foreign exchange decrease          78         -
(increase)
Americas expense excluding effects of        $ 192,235   $ 196,989     (2 %)
foreign exchange
                                                                         
International expense                        $ 335,224     $ 350,213     (4 %)
Excluding: Foreign exchange decrease          (64     )   -
(increase)
International expense excluding effects of   $ 335,160   $ 350,213     (4 %)
foreign exchange


Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN

(In thousands)                                   Three Months Ended  
                                                  March 31,             %
                                                  2013      2012      Change
                                                                       
OIBDAN                                            $ 98,295   $ 82,973     18 %
Excluding: Foreign exchange decrease (increase)    842      -
OIBDAN excluding effects of foreign exchange      $ 99,137  $ 82,973     19 %
                                                                          
Americas OIBDAN                                   $ 95,198   $ 85,094     12 %
Excluding: Foreign exchange decrease (increase)    11       -
Americas OIBDAN excluding effects of foreign      $ 95,209  $ 85,094     12 %
exchange
                                                                          
International OIBDAN                              $ 29,260   $ 22,128     32 %
Excluding: Foreign exchange decrease (increase)    831      -
International OIBDAN excluding effects of         $ 30,091  $ 22,128     36 %
foreign exchange


Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Non-cash compensation expenses to Expenses

(In thousands)                            Three Months Ended        
                                           March 31,                   %
                                           2013         2012         Change
                                                                      
Americas                                   $ 192,157     $ 196,989       (2 %)
Less: Non-cash compensation expense         (894    )   (1,932  )
                                             191,263       195,057       (2 %)
                                                                         
International                                335,224       350,213       (4 %)
Less: Non-cash compensation expense         (735    )   (1,209  )
                                             334,489       349,004       (4 %)
                                                                         
Plus: Non-cash compensation expense         1,629      3,141   
Consolidated divisional operating          $ 527,381   $ 547,202      (4 %)
expenses


Reconciliation of Corporate Expenses excluding Non-cash compensation expenses
to Corporate Expenses

(In thousands)                       Three Months Ended      
                                      March 31,                 %
                                      2013        2012        Change
Corporate Expense                     $ 26,195    $ 24,310       8 %
Less: Non-cash compensation expense    (32    )   (61    )
                                      $ 26,163   $ 24,249       8 %


Reconciliation of OIBDAN to Net Loss

(In thousands)                             Three Months Ended        
                                            March 31,                   %
                                            2013         2012         Change
                                                                       
OIBDAN                                      $ 98,295      $ 82,973        18 %
Non-cash compensation expense                 1,661         3,202
Depreciation and amortization                 100,327       92,337
Impairment charges                            -             -
Other operating income (expense) – net       2,103      4,003   
Operating income                              (1,590  )     (8,563  )
                                                                          
Interest expense – net                        88,093        67,831
Interest income on due from Clear Channel     11,920        15,980
Communications
Equity in earnings (loss) of                  (485    )     421
nonconsolidated affiliates
Other income (expense) – net                 (907    )   (494    )
Loss before income taxes                      (79,155 )     (60,487 )
Income tax benefit (expense)                 5,006      15,294  
Consolidated net loss                         (74,149 )     (45,193 )
Amount attributable to noncontrolling        129        (1,323  )
interest
Net income (loss) attributable to the       $ (74,278 )  $ (43,870 )
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