The company officially filed its financials with the SEC Tuesday after an announcement last week that they’d be coming. Revenue from iHeart’s radio division was $744.6 million, down 1.7% from 2017, which was $757.1 million. Excluding political, the radio division was down 2% for the quarter, $739.1 million, compared to $754.6 million in 2017.
iHeartMedia’s operating income for the quarter was $123.9 million, compared to $147.7 million in 2017.
Overall, the company took in $1.37 billion in the quarter, compared to $1.329 billion in 2017, an increase of 3.1%. Outdoor revenue was off 1.7% while International Outdoor revenue was up 20.6%. Revenue growth from International Outdoor, which was driven by revenue growth in China, Switzerland and Spain, was offset by lower revenue generated at iHeartMedia (the radio division), primarily as a result of a decrease in national and local spot revenue, and from lower revenue from the Americas outdoor business.
The company paid approximately $418 million in interest expenses in the quarter and reported a net loss of approximately $416 million. At the end of the first quarter iHeart still had $20.7 billion in debt.
The company states in the SEC filing that as a result of the Chapter 11 filing, “we incurred $192.1 million of reorganization items during the three months ended March 31, 2018 and reclassified $16.5 billion of prepetition claims that are not fully secured and that have at least a possibility of not being repaid to ‘Liabilities subject to compromise’ on the Consolidated Balance Sheet.”
There was no earnings call to discuss the quarter and there were no comments from company executives in the SEC filing.
iHeart filed for Chapter 11 Bankruptcy protection back in March.