(CelebrityAccess MediaWire) — Live Nation has announced a strong upsurge with their quarter one financial results, reporting a profit reversing a year-ago loss on higher revenues, according to a press release.
The company reported net income for the period of $1.11 million, compared to a loss of $22.72 million in the year-ago quarter.
The company’s quarterly revenues climbed to $516.5 million, up from $444.5 million in the same period last year.
Live Nation’s Events division reported an operating income for the period of $13.8 million, compared to a $9.8 million loss last year, with revenues up 23% to $422 million.
“We delivered strong revenue growth in the quarter led by healthy gains across the majority of our businesses,” said Michael Rapino, Live Nation's Chief Executive Officer. “With the reorganization of our company complete and a more efficient cost structure in place we are now focused on aggressively executing our multi-pronged growth strategy. Our position as a global leader in live entertainment, our streamlined management team and our strong balance sheet provide us with a solid foundation from which to build our business. We believe we have an extraordinary opportunity to maximize the value of our assets, including our artist relationships, our network of venues and the millions of fans who attend our events annually. At the core of our business plan is our focus on increasing the value we provide to our customers before, during and after our events. We are vertically integrating toward the fan with the ultimate goal of positioning Live Nation as the place to go for live entertainment, products and services.”
Mr. Rapino continued, “While it remains early in the implementation of our business plan, we are making progress across a wide spectrum of initiatives. A culture of accountability is taking hold across our operations and we are actively pursuing higher margin and more profitable opportunities. As we enter the busiest season of the year, we are pleased with the overall trends we are seeing across our businesses. We are confident that we will demonstrate tangible progress in implementing our strategy as the year unfolds.” –by CelebrityAccess Staff Writers