Ticketmaster's first quarter results for the period ended March 31, 2002 showed that
revenues increased 8.6 percent over the comparable year ago period to $185.9 million. Adjusted EBITDA in the first quarter of 2002 was $29.7 million, compared to Adjusted EBITDA of $18.8 million in the year ago quarter, an improvement of 58.4 percent. Cash EPS was $0.11 per share compared with $0.06 per share in the year ago quarter.
On a GAAP basis and including the effect of the accounting change discussed further below, in the first quarter of 2002 the Company reported a net loss of $119.7 million, or $0.84 per diluted share, compared with a net loss of $39.6 million, or $0.28 per diluted share in the year ago quarter.
"We are pleased with the performance of each of our businesses. Ticketing saw its penetration of the Internet continue to grow, Match.com's performance underscored the growth potential and our leadership within this new online category and Citysearch continued to ramp up its users base," said John Pleasants, president and chief executive officer. "With our strong first quarter results, we continue to execute well against our short- and long-term objectives."
First Quarter Highlights Include:
Ticketmaster was named the official ticketing provider and supporter
of the Athens 2004 Olympic Games, and
Ticketmaster expanded into Scotland to become the premier provider of
ticketing services to Scotland's DF Concerts.
First quarter revenues from Ticketing operations were $153.4 million, compared with $150.1 million in the year ago quarter, an increase of 2.2 percent. The revenue increase primarily reflects an increase in the number of tickets sold. The year over year tickets sold and revenue comparisons in the first quarter were also impacted by the deconsolidation of our Australia joint venture which contributed approximately 685,000 tickets and $3.1 million in revenue in the first quarter of 2001. In addition, ReserveAmerica recorded strong sales in the first quarter of 2002 primarily reflecting the addition of the State of Florida campgrounds.
"We were particularly pleased with our percentage of tickets sold online as well as our ticket volume growth, which was 4.6 percent after factoring out the deconsolidation of Australia tickets, as these represent our key strategies for driving growth in our core ticketing business," said Pleasants. "We are also pleased with the progress we have made in the development of our new ticketing products that enable online season ticket renewal, ticket forwarding and consumer to consumer buying and selling. ticketFast(TM), our technology that allows us to create an electronic ticket, is now installed in 70 venues."
Adjusted EBITDA from Ticketing operations in the first quarter of 2002 was $33.7 million compared with $30.2 million, an increase of 11.4 percent. The increase in Adjusted EBITDA during the quarter was due to the Company's improved profitability in both its domestic and international businesses, and reflects the Company's strategy to increase the volume of tickets sold, reduce the variable cost associated with selling tickets, and leverage its fixed cost base in all of its geographic markets.