While the loss was less than for the same period a year ago, concert promoter Live Nation today, Feb. 28, said it posted a net loss of $18.4 million for the quarter ended Dec. 31, 2007, or 25 cent per share. According the Associated Press, the company said the loss was mainly due to “fewer big-ticket artists [staging] large tours.”
For the same period at the end of 2006, the company reported a net loss of $33.1 million, so the 2007 loss was an improvement, especially since the company said its revenues were down for the quarter. For the complete fiscal year 2007, the company’s net loss was $11.9 million, or 17 cents per share. The net loss for the same period the previous year was $31.4 million. Revenue for the year was $4.2 billion, up about $500 million from $3.7 billion for the same period in 2006.
Revenue dropped about 4 percent to $1 billion for the fourth quarter, which was below analyst projections of $1.1 billion. The company, which next year will begin selling tickets to shows at most of its own venues, has struggled with its stock price and convincing Wall Street of a rosy future. The stock closed at just over $12 per share today, which remains down more than 40 percent since early last year.
On the plus side, Live Nation’s operating income was in the black at $4.2 million for the quarter, up from an operating loss of $14.7 million for the same period the year before.