Live Nation Q4 In The Black Despite Weak Concert Sales
February 25, 2010 at 3:50 PM (PT)
LIVE NATION INC. made a slight profit in the fourth quarter, as a major decline in acquisition expenses offset lower concert attendance, which produced weaker results at the NORTH AMERICAN music group. The WALL STREET JOURNAL reports that LIVE NATION posted a profit of $500,000, compared with a year-earlier loss of $339.5 million. The latest period included $64.4 million in acquisition transaction expenses, down from $323.4 million.
Adjusted operating income, which excludes acquisition, depreciation, amortization and other items, slipped to $3.5 million from $20.4 million on a 98% drop in income from North American music.
Revenue slipped 4.7% to $854.3 million, under analyst expectations of $910 million. Revenue in the North American music group slid 25% to $516.7 million, while the international group saw a 59% jump to $323.6 million.