Financials Reported

iHEARTMEDIA, INC. has reported financial results for the fourth quarter and year ended DECEMBER 31st, 2016.

THE SAN ANTONIO PRESS writes, "iHEARTMEDIA INC. earned $106.04 million in the fourth quarter, breaking a string of 27 consecutive quarterly losses," adding "debt-laden iHEARTMEDIA lost $93.3 million during the same period in 2015."

iHEART noted that it now has, "15 consecutive quarters of year over year revenue growth." BRESSLER said in his comments this morning. "We believe very few U.S. media companies have come close to that benchmark."

The Company’s key financial highlights for the fourth quarter of 2016 include:

Consolidated revenue increased 0.2%. Consolidated revenue increased 5.0%, after adjusting for a $19.8 million impact from movements in foreign exchange rates and the $58.9 million impact of the outdoor markets and businesses sold in 2016.

iHM revenues increased $40.1 million, or 4.5%. Revenues increased $19.9 million, or 2.2%, excluding political revenue.

Americas outdoor revenues decreased $17.2 million, or 4.7%. Revenues increased $10.5 million, or 3.1%, after adjusting for a $0.1 million impact from movements in foreign exchange rates and a $27.9 million impact from the non-strategic markets sold in the first quarter of 2016.

International outdoor revenues decreased $28.4 million, or 7.0%. Revenues increased $22.5 million, or 6.2%, after adjusting for a $19.9 million impact from movements in foreign exchange rates and a $31.0 million impact from the sale of iHM businesses in TURKEY in the second quarter of 2016 and AUSTRALIA in the fourth quarter of 2016.

Operating income increased $154.9 million, or 41.1%.

OIBDAN increased 1.2% and increased 6.4%, excluding the impact from Movements in foreign exchange rates and the impact of the outdoor markets and businesses sold in 2016.

The Company’s key financial highlights for 2016 include:

Consolidated revenue increased 0.5%. Consolidated revenue increased 3.4%, after adjusting for a $47.6 million impact from movements in foreign exchange rates and the $125.4 million impact of the outdoor markets and businesses sold in 2016.

iHM revenues increased $118.7 million, or 3.6%. Revenues increased $80.9 million, or 2.5%, excluding political revenue.

Americas outdoor revenues decreased $70.6 million, or 5.2%. Revenues increased $39.9 million, or 3.2%, after adjusting for a $7.7 million impact from movements in foreign exchange rates and a $102.7 million impact from the non-strategic markets sold in the first quarter of 2016.

International outdoor revenues decreased $33.2 million, or 2.3%. Revenues increased $29.3 million, or 2.2%, after adjusting for a $39.9 million impact from movements in foreign exchange rates and a $22.7 million impact from the sale of our businesses in TURKEY in the second quarter of 2016 and AUSTRALIA in the fourth quarter of 2016.

Operating income increased $355.3 million, or 30.9%.

OIBDAN increased 2.6% and increased 6.1%, excluding the impact from movements in foreign exchange rates and the impact of the outdoor markets and businesses sold in 2016.

“We continue to take major steps to transform our iHEARTMEDIA and outdoor businesses into a leading multi-platform, 21st-century media and entertainment company,” said Chairman/CEO BOB PITTMAN. “We are successfully building out new products and services for advertising partners to capitalize on our unique strength with the consumer -- such as extending iHEARTRADIO with new on demand services and to in-home connectivity devices, including AMAZON's ALEXA and GOOGLE HOME. In firsts for both industries, iHEARTMEDIA and outdoor are building out their data-rich analytics capabilities and programmatic ad-buying solutions to do business in the same way that the entire advertising industry is heading. At outdoor, we continue to win new contracts while expanding our digital networks for even more innovative campaigns.”

Pres,/COO/CFO RICH BRESSLER said, “We delivered growth in our consolidated revenues, operating income and OIBDAN in both the fourth quarter and full year 2016. At the iHEARTMEDIA segment, fourth quarter revenue growth marked the fifteenth consecutive quarter of year-over-year increases in revenues, evidence of our company's successful transformation. Throughout the year, both our iHEARTMEDIA and outdoor businesses benefited from the investments we are making to develop and deliver new products, while maintaining our tight operating and financial discipline.”

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