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Earnings Roundup

Live Nation sales rise, earnings fall

August 08, 2008|From Times Wire Services

Concert promoter Live Nation Inc. said second-quarter profit fell 88% from a year earlier, when the Beverly Hills-based company recorded a gain on the sale of music venues.

Net income dropped to $1.24 million, or 2 cents a share, from $9.92 million, or 15 cents, a year earlier, Live Nation said. Sales rose 18% to $1.16 billion.

The gain in revenue reflected a 14% increase in attendance at shows, Live Nation said. Operating profit, excluding asset sales and non-cash costs, rose 44%.

North American sales rose 33% to $619.7 million, while international sales climbed 13% to $377.2 million, Live Nation said.

Its shares rose 18 cents to $12.80 in extended trading after dropping 55 cents to $12.62 before the earnings news.

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