Thanks to its debtor-in-possession status, iHeartMedia won’t be holding a conference call with Wall Street analysts to discuss its first quarter results.
Instead, it made an SEC filing late Wednesday that paints a solid picture for a company inching closer to exiting Chapter 11.
How did iHeart do? Revenue climbed to $1.382 billion from $1.37 billion, but its overall operating income shrank to $28.26 million, from $60.85 million.
Even so, iHeart’s all-important comprehensive net loss attributable to the company improved to $115.64 million ($1.34 per diluted share), compared to $415.88 million ($4.89).
The financial statements are unaudited and also show that iHeart’s total cash as of March 31 stands at $469.59 million, compared to $430.33 at the end of 2018.
How did iHeartRadio do in particular? When looking at the “IHM” arm of iHeartMedia, one can see revenue moving to $765.8 million from $744.6 million during the quarter.
The owner of AM and FM radio stations and such entities as Media Monitors and industry blog Inside Radio is expected to emerge from bankruptcy within days, following the FCC’s approval of its debtor-in-possession emergence plan.