Wednesday, October 20, 2010

Sun Shines On Clear Channel Outdoor

A narrower loss for Clear Channel Outdoor hints at blue skies are forward for the recession-battered promotion market.The San Antonio-based association lost $57.8 million, or eighteen cents per share, up from a net loss of $3 billion, or $8.53 per share, in the fourth entertain of 2008. Sales for the duration finale Dec. 31 dipped to $763.1 million, down 3% from $785.5 million in the year-ago quarter.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes: companys fourth-quarter formula were impacted by $29.6 million in restructuring charges, a $78.3 million spoil assign and $3.7 million in noncash compensations. Clear Channel longed for the gain guess of analysts polled by Thomson Reuters who likely a loss of 5 cents per share but kick the accord sales prophecy of $722.2 million. Analysts typically do not comment for one-time items.While the association has nonetheless to move behind in to the black, narrower waste gave investors goal on Friday that the promotion market, that was down neatly from late 2008 by the improved piece of 2009, competence be healing. Shares of Clear Channel Outdoor ( CCO - news - people ) jumped 11.9%, or $1.26, to $11.84 in Friday afternoon trading."Our fourth-quarter formula simulate a recuperating promotion meridian opposite most of the markets, as well as the certain stroke of the cost-restructuring initiatives," says Mark Mays, arch senior manager of Clear Channel Outdoor.On the companys gain call, government voiced that first-quarter sales were pacing "flat," though The Street estimates a medium 1.9% burst to $593.7 million. In annoy of the turnaround, Caris researcher David Miller called Clear Channels bottom line "sloppy," citing one-time charges that led the association to at large miss The Streets gain forecast. The researcher favors "little sister" Lamar Advertising ( LAMR - news - people ) as the Baton Rouge, L.A.-based organisation does not contest opposite itself by handling air wave stations and "maintains a higher digital platform." ,,2010/03/12/clear-channel-outdoor-markets-equities-advertising-billboards.htmlWells Fargo researcher Marci Ryvicker says "there was a spirit of a special divy at a little point this year," referring to managements steady mentions of coherence to put money to make use of by a division or "other opportunities." As of Dec 31, the association had $600 million in cash, with $500 million accessible to be dividended out. However, Ryvicker remarkable that "such a division would be less of a "thank you" to stream holders and some-more of a value to primogenitor association CC Media Holdings, that will get 89% of the $500 million, or $445 million."
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