Clear Channel Outdoor reports Q1 fall in revenues

Clear Channel Outdoor has reported a 25% year on year fall in revenues in the first quarter of 2009, from $775.6 million to $582.2 million.

The company’s international division – including the UK – suffered a 29% revenue decline year on year in Q1, down to $312 million.

It said the loss was primarily attributable to a reduction in revenue, while the comparison with Q1 2008 was made worse by the non-taxable income last year from the sale of its South African outdoor company.

Mark Mays, chief executive of Clear Channel Outdoor, said: “While the Clear Channel Outdoor business continues to be impacted by the macroeconomic and advertising related trends of recent months, Clear Channel’s outdoor properties are second to none in their quality, locations and innovation, and Clear Channel employees are the best in the business.”

Paul Meyer, president and chief executive officer – Americas and Asia/Pacific, said: “As was the case in the fourth quarter of 2008, the sluggish US economy negatively affected almost all of our domestic markets and products. However, we were encouraged by the success of our efforts to reduce expenses, which exceeded our expectations.

“We also were pleased with the continued resilience of our Latin American and Canadian businesses to the global economic downturn, and with the growth in our digital billboard revenue. That growth was due principally to the significant increase in our digital inventory, particularly during the second half of 2008.

“However, in recognition of the current overall weakness in advertising demand, we have temporarily scaled back our digital deployment plan, especially in our smaller markets.”