Ticketmaster reported strong third quarter results for the period ended September 30, 2002. Revenues in the third quarter of 2002 increased 29.0 percent over the comparable year ago period to $203.2 million. TM reported GAAP net income in the third quarter of 2002 of $4.6 million, or $0.03 per diluted share, compared with a net loss of $49.4 million, or $(0.35) per diluted share in the year ago quarter. GAAP net income in the third quarter of 2002 benefited by $24.5 million from the new accounting rules that took effect January 1, 2002 whereby goodwill is no longer systematically amortized, but periodically reviewed using a fair value approach. Adjusted EBITDA in the third quarter of 2002 was $34.8 million, compared to Adjusted EBITDA of $14.0 million in the year ago quarter, an improvement of 147.8 percent. Cash EPS was $0.16 per share compared with $0.04 per share in the year ago quarter.
Third quarter highlights Include: Ticketmaster re-launched www.ticketmaster.com with improved
localization, search, capacity and performance;
Ticketmaster signed ten NBA, NHL, WNBA and collegiate football teams
to a new aftermarket product; and
Ticketmaster continued to aggressively deploy new products, with
ticketFast(TM) now installed in 218 venues, eEntry in 79 venues and
Access Manager in 155 venues.
On October 10, 2002, USA Interactive and Ticketmaster entered into an agreement by which Ticketmaster would be merged with USA. The agreement followed the unanimous recommendation of an independent Special Committee of the Ticketmaster Board. The transaction, which is subject to customary conditions, is expected to be completed in the fourth quarter of 2002.