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Earnings Roundup

Ticket prices boost Live Nation

August 10, 2007|From Times Wire Services

Live Nation Inc., the nation's largest live entertainment promoter and venue management company, reported higher second-quarter profit driven in part by higher ticket prices at arena shows and the acquisition of House of Blues clubs.

The company posted net income of $9.9 million, or 15 cents a share, compared with $9.7 million, or 15 cents, a year earlier.

Revenue rose to $1.04 billion from $768.2 million in the same quarter last year.

Analysts polled by Thomson Financial had expected a profit of a penny a share on sales of $861 million.

The Beverly Hills company attributed the rise in revenue to higher ticket prices, a jump in the number of events in smaller venues, increased promotion activities internationally and the effect of House of Blues and other acquisitions.

Shares of Live Nation fell 4 cents to close at $19.42.

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