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Live Nation Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 7, 2012 04:33PM

Live Nation Inc. (LYV) filed Quarterly Report for the period ended 2012-06-30. Live Nation Entertainment, Inc. has a market cap of $1.72 billion; its shares were traded at around $9.13 with and P/S ratio of 0.3.



Highlight of Business Operations:

Our revenue decreased $8.2 million, or 1%, during the three months ended June 30, 2012 as compared to the same period of the prior year. The overall decrease in revenue was primarily due to decreases in our Concerts and Artist Nation segments of $6.2 million and $9.2 million, respectively. These decreases were partially offset by an overall increase of $5.2 million in our Ticketing segment. Excluding the decrease of approximately $43.7 million related to the impact of changes in foreign exchange rates, revenue increased $35.5 million, or 2%.

Our revenue increased $10.4 million during the six months ended June 30, 2012 as compared to the same period of the prior year. Overall increases in revenue were primarily due to an increase in our Ticketing segment of $14.3 million partially offset by an overall decrease of $6.8 million in our Concerts segment. Excluding the decrease of approximately $51.1 million related to the impact of changes in foreign exchange rates, revenue increased $61.5 million, or 3%.

Concerts revenue decreased $6.2 million, or 1%, during the three months ended June 30, 2012 as compared to the same period of the prior year. Excluding the decrease of $34.1 million related to the impact of changes in foreign exchange rates, revenue increased $27.9 million, or 3%, primarily due to incremental revenue of $11.7 million resulting primarily from the April 2012 acquisition of Coppel, more events and higher per show attendance in North America owned and/or operated amphitheaters and higher festival activity resulting from the timing and number of events. Partially offsetting these increases was a reduction in global touring activity due to the timing of tours and fewer third-party stadium shows.

Concerts depreciation and amortization expense increased $17.8 million, or 32%, during the six months ended June 30, 2012 as compared to the same period of the prior year. Excluding the decrease of $0.7 million related to the impact of changes in foreign exchange rates, depreciation and amortization expense increased $18.5 million, or 34%, primarily due to $13.9 million of impairment charges recorded in the second quarter of 2012 primarily related to revenue-generating and client/vendor relationship intangibles and additional definite-lived intangible amortization associated with recent acquisitions.

Ticketing revenue increased $14.3 million, or 2%, during the six months ended June 30, 2012 as compared to the same period of the prior year. Excluding the decrease of $9.6 million related to the impact of changes in foreign exchange rates, revenue increased $23.9 million, or 4%, primarily due to incremental revenue of $8.2 million resulting from the acquisitions of TGLP in January 2011 and Serviticket in April 2011, increased ticket sales in the concerts and sports categories, increased average ticket fees and higher resale volume. These increases were partially offset by lower fees associated with ticket sales for the 2012 Olympics which were primarily sold in the first and second quarters of 2011.

Read the The complete Report



Stocks Discussed: LYV,
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