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Live Nation Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2011 04:44PM

Live Nation Inc. (LYV) filed Quarterly Report for the period ended 2011-09-30. Live Nation Entertainment has a market cap of $1.77 billion; its shares were traded at around $9.37 with and P/S ratio of 0.4. Live Nation Entertainment had an annual average earning growth of 3.7% over the past 5 years.



Highlight of Business Operations:

Our revenue decreased $45.8 million, or 2%, during the three months ended September 30, 2011 as compared to the same period of the prior year. Excluding the increase of approximately $52.3 million related to the impact of changes in foreign exchange rates, revenue decreased $98.1 million, or 5%. The overall decrease in revenue was primarily due to a decrease in our Concerts segment of $100.2 million partially offset by increases in our Ticketing, Artist Nation and eCommerce segments of $25.9 million, $10.4 million and $10.8 million, respectively.

Our revenue increased $372.4 million, or 10%, during the nine months ended September 30, 2011 as compared to the same period of the prior year. Excluding the increase of approximately $131.1 million related to the impact of changes in foreign exchange rates, revenue increased $241.3 million, or 6%. The overall increase in revenue was primarily due to increases in our Concerts, Ticketing, Artist Nation and eCommerce segments of $163.6 million, $132.5 million, $24.7 million and $40.6 million, respectively. The overall increase included incremental revenue of $77.3 million resulting from the Merger.

Ticketing revenue increased $25.9 million, or 10%, during the three months ended September 30, 2011 as compared to the same period of the prior year. Excluding the increase of $8.7 million related to the impact of changes in foreign exchange rates, revenue increased $17.2 million, or 7%, primarily due to incremental revenue of $16.1 million resulting from the acquisitions of Ticketnet in November 2010, TGLP in January 2011 and Serviticket in April 2011 along with increased ticket sales internationally and revenue from ticketing services provided for the 2012 London Olympics. Revenue related to ticketing service charges for our events where we control ticketing is deferred and recognized as the event occurs.

Ticketing revenue increased $132.5 million, or 18%, during the nine months ended September 30, 2011 as compared to the same period of the prior year. Excluding the increase of $26.2 million related to the impact of changes in foreign exchange rates, revenue increased $106.3 million, or 14%, primarily due to incremental revenue of $117.5 million resulting from the timing of our Merger and the acquisitions of Ticketnet, TGLP and Serviticket. In addition, we had increased ticket sales internationally, primarily in the United Kingdom and Australia, and higher fees related to ticketing services for the 2012 London Olympics. Partially offsetting these increases was a reduction in fees due to the change to the contract with AEG which was a requirement of the DOJ approval of the Merger and a reduction of $3.7 million relating to our divestiture of Paciolan in March 2010. Revenue related to ticketing service charges for our events where we control ticketing is deferred and recognized as the event occurs.

Ticketing direct operating expenses increased $49.6 million, or 14%, during the nine months ended September 30, 2011 as compared to the same period of the prior year. Excluding the increase of $12.2 million related to the impact of changes in foreign exchange rates, direct operating expenses increased $37.4 million, or 11%, primarily due to incremental direct operating expenses of $55.0 million resulting from the timing of our Merger and the acquisitions noted above and increased costs associated with the higher ticket sales internationally, partially offset by lower royalties and a reduction of $1.7 million relating to our Paciolan divestiture.

Read the The complete Report



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