CC Media Holdings, the parent company of Clear Channel Communications, has filed some preliminary Q1 results for the company. They are, of course, down significantly from a year ago.
Q1 revenues were $1.21 billion, down 22.8% from Q1 of 2008. Direct operating expenses were also down, but not as much. They fell 12.1% to $995.9 million.
The SEC filing noted that the Q1 expenses this year included $33.6 million related to the restructuring program announced on January 20th. The cost-cutting effort is supposed to reduce overhead by $350 million per year.
As of March 31, 2009, CC Media Holdings reported long-term debt of just over $21 billion.
Editor’s note: Hopes for that to be the bottom faded in Q1. If you look at the index graphs below you’ll see a second trough in early March which dipped below November’s all-time lows for both indices. So much for beginning the rebuilding process.Review RBR/TVBR’s exclusive analysis on – “Is it the bottom yet for broadcasting stocks?”
Related Reports follow the pattern:
4/20/09 – Clear Channel waxes Congress
4/20/09 – Early peek at Clear Channel’s numbers
4/17/09 – The Clear Channel mirror
4/16/-09 – CC Radio: Less local programming = more local PSAs
4/16/09 – Clear Channel putting more Non-Local programming on stations
4/14/09 – Clear Channel adding syndicated programming in local markets
