http://www.morningstar.com/earnings/31978137-clear-channel-outdoor-holdings-inc-cco-q3-2011.aspx

Clear Channel Outdoor Holdings Inc CCO
Q3 2011 Earnings Call Transcript

Transcript Call Date 10/31/2011

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Clear Channel Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Mr. Randy Palmer. Please go ahead.

Randy Palmer - Director IR: Good afternoon and thank you for joining us for our third quarter 2011 earnings call. On the call with me today are Bob Pittman, Chief Executive Officer of CC Media Holdings and Clear Channel Communications; Tom Casey, Executive Vice President and our Chief Financial Officer; and Brian Coleman, Senior Vice President and our Treasurer.

Bob will be making a few opening remarks and then Tom will give you an overview of the third quarter financial and operating performances of CC Media Holdings, Clear Channel Communications, and Clear Channel Outdoor Holdings. For purposes of this call, when we describe the financial and operating performance of CC Media Holdings, we are also describing the performance of its subsidiary Clear Channel Communications. After Tom's comments, we will open up the lines for questions.

Before we begin, I would like to remind everyone that this conference call may include forward-looking statements that involve uncertainties and risks. There can be no assurance that the management's expectations, beliefs and projections will result or be achieved or that actual results will not differ from expectations.

Please see our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with Securities and Exchange Commission for a discussion of important factors that could affect our actual results.

Pacing data or information may be mentioned during this call. For those not familiar with pacing data, it reflects revenue booked at a specific date versus a comparable date in the prior period and may or may not reflect the actual revenue growth at the end of the period.

The Company's revenue pacing information includes an adjustment to prior periods to include all acquisitions and exclude all divestitures in both periods presented for comparative purposes. It also excludes the effects of movements in foreign exchange rates.

During today's call, we will provide certain performance measures that do not conform to Generally Accepted Accounting Principles. We are providing schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press releases, which can be found on the Investors' section of our websites.

A webcast of this call and the earnings press releases that were issued today can be found on the Investors section of our websites at clearchannel.com, clearchanneloutdoor.com or ccmediaholdings.com. A replay of this conference call will be available for a period of 30 days.

With that, I will now turn the call over to Bob Pittman.

Bob Pittman - CEO: Thanks Randy and good afternoon everybody. Before Tom walks you through the details of the company's solid financial performance in the third quarter, I want to take a few minutes to say hello, and to tell you how excited I am to be here and take on this new role. I had a chance that very few people get. I got to test drive the car before I bought it. Actually, I liked the car so much, I didn't want to get out of the seat. Usually, as a newcomer, the more you look at a company the worse it looks. But in this case, the more I saw, the better Clear Channel looked to me.

Read our Earnings Call Transcript disclaimer.
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