Live Nation Posts Q1 Loss
May 10, 2007 at 2:23 PM (PT)
LIVE NATION reported a first-quarter net loss of $45 million (69 cents/share), compared to net income of $1.1 million (2 cents) in Q1 2006. Revenue was up 13%, to $584.2 million.
Pres./CEO MICHAEL RAPINO said, "We are one year into our three-year transformation to become a vertically integrated live music company. We have demonstrated quarter after quarter our ability to execute systematically on our fix/build/expand strategy to get us to that goal. Year one was about stabilizing our core music business and refocusing our mission. Now with a defined music mission, year two is about improving the core, expanding our core music offerings and growing our business substantially. Year three will see our growth being propelled by the synergy of our core live, online and artist services businesses."