Clear Channel Outdoor’s global loss before income taxes was $13.1m in the three months to the end of September, down 43.3% from a loss of $23.1m in the third quarter of 2009.
Mark Mays, chief executive of Clear Channel Outdoor, said: "Positive operating trends accelerated across our operations during the third quarter, as we capitalized on our exceptional reach, growing digital footprint and focus on driving innovative solutions for our advertising partners."
Clear Channel Outdoor uses operating income before depreciation and amortization, non-cash compensation expense and other operating income (OIBDAN) to evaluate its operating performance.
Clear Channel’s international OBIDAN for the third quarter of 2010 increased by 73.5% to $62.3m, from $35.9m in 2009. Excluding the effects of movements in foreign exchange rates the increase was 75%.
Operating expenses in the international division decreased by $12.7m in the third quarter, primarily from an $11.9m decrease from movements in foreign exchange and a $4.7m decline in site lease expenses as a result of cost savings from the company’s restructuring programme and the exit from the business in Greece.
Mays said: "Our efforts during the past two years to realign our organization to achieve profitable growth are clearly paying off. This is an exciting time for our company, as we believe we are well positioned to deliver increased returns from our operations to the benefit of our shareholders."