Ticketmaster Entertainment, Inc. Reports Fourth Quarter and Fiscal Year 2008 Financial Results
Thursday March 19, 2009, 4:01 pm EDT
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Revenues in Fourth Quarter of $384.0 Million and Full Year of
$1,454.5 Million, Up 9.4% and 17.3%, Respectively, Versus
Prior Year Due Primarily to Strategic Acquisitions
Strong Free Cash Flow Growth for Quarter to $49.0 Million; Up More
Than $60 Million Over Prior Year, With $167.5 Million for 2008,
Up 81% for the Year
Acquired Controlling Interest in Front Line Management Group and
Entered Artist Services Business
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Symbol Price Change
TKTM 4.07 +0.12
WEST HOLLYWOOD, Calif., March 19, 2009 (GLOBE NEWSWIRE) -- Ticketmaster Entertainment, Inc. (``Ticketmaster Entertainment' or the ``Company') (NasdaqGS:TKTM - News), the world's leading live entertainment ticketing and artist services company, today announced financial results for its fourth quarter and fiscal year ended December 31, 2008. Revenues for the quarter were $384.0 million, 9.4% higher than the prior year due to strategic acquisitions. Full year revenues were $1,454.5 million, or 17.3% greater than the prior year as a result of strategic acquisitions and higher average revenue per ticket. Fourth quarter Adjusted Operating Income was $58.7 million, a decrease of 28%, as a result of ticketing volume declines, severance costs associated with the previously announced cost reductions, and foreign exchange volatility. Full year Adjusted Operating Income was $257.7 million, 12.2% lower than the prior year, due to ticket volume declines and severance costs incurred in the latter part of 2008.
The Company's results also include a $1.1 billion non-cash, pre-tax impairment charge to goodwill, reflecting the decline in the Company's share price since its spin-off from IAC in August 2008 and the recent uncertainty of economic conditions.
``Last year was a year of transition for Ticketmaster Entertainment, as it became an independently-traded public company and entered the artist management business through the acquisition of a controlling interest in Front Line Management Group,' said Irving Azoff, Chief Executive Officer. ``While I'm pleased that in the midst of an evolving music industry and a challenged consumer environment we were able to show substantial growth in free cash flow, we won't be satisfied until we transform the Company into the world's most innovative live entertainment services, marketing and distribution organization, working harder on behalf of fans and the artists, athletes and performers.'
