Radio giant Clear Channel says that increased national advertising is largely responsible for its pickup in earnings in Q1 2010 compared to the same quarter a year earlier. Radio revenue was up $19.6M to $623.2M, a 3% increase that was driven by higher national rates and improvement in several ad categories, including retail, automotive, food and beverage, and healthcare.
CC Media Holdings, which also includes Amercas outdoor and international outdoor holdings, was up 5% to $1.26B. OIBDAN (Operating income before Depreciation and amortization, Non-cash compensation expense, and Other operating income) was up 50% to $260.8M.
Radio OIBDAN was nearly as improved, rising 41% to $191.4M.
Consolidated net loss in the Q1 was down, decreasing to $179.6M compared to a consolidated net loss of $428.0M for the same period in 2009.
The company cut radio expenses by $36.6M, saving $12.3M in programming expense and $9.9M in compensation expense, moves associated with the its restructuring plan.
President/CEO Mark Mays said, “The advertising rebound continued in the first quarter, with business trends improving across many of our markets. As our top line returns to growth, we are demonstrating significant improvement in our operating margin due to the positive impact of our restructuring program.”