In its first quarterly financial filing since being spun off from parent company IAC/InterActiveCorp, Ticketmaster reported a 30 percent spike in revenues to $382.4 million for the quarter ended June 30, 2008, compared to the same period in 2007.
The quarter came before the official spinoff, so it does not reflect that data. Ticketmaster’s stock trades on Nasdaq under the symbol TKTM, but since going public in late August, shares have plummeted from the mid-$20 range to about $12 today. See the stock table below.
Both of Ticketmaster’s major acquisitions from earlier in the year, Paciolan and TicketsNow, helped contribute to the bump in sales, according to Ticketmaster, as did a 9 percent increase in average ticket prices and a 5 percent increase in demand for tickets.
Operating income dropped $5 million to $40.2 million for the quarter compared to the previous year, primarily due to increases in “amortization of intangibles” and “non-cash compensation expense,” which the company did not elaborate on. Net income also fell more than $11 million to $23 million for the quarter.