�Dendreon Corporation
(Nasdaq: DNDN) announced that the Company has initiated its endorsement of
deuce new Phase 2 trials of PROVENGE(R) (sipuleucel-T), Dendreon's
investigational active cellular immunotherapy for the treatment of advanced
prostate gland cancer. The multicenter test, called ProACT (PROstate Active
Cellular Therapy), has begun enrolling long hundred patients with metastatic,
androgenic hormone independent prostate cancer.
All patients will receive active treatment merely will be randomized into
one of three cohorts which will receive PROVENGE manufactured with
different concentrations of the immunizing antigen. Patients will receive
trio infusions of PROVENGE, each two weeks apart. The trial is being
conducted by Dendreon to explore the effect of antigen concentration on
CD54 upregulation, a bill of product potency, as well as the immune
response. Overall survival data will besides be collected. The enrollment
criteria are essentially the same as the criteria for the Phase 3 IMPACT
(IMmunotherapy for Prostate AdenoCarcinoma Treatment, also known as D9902B)
study, which completed registration in October 2007 and, upon receipt of
prescribed data, will serve as the primary study for amending Dendreon's
Biologics License Application (BLA) for PROVENGE.
"We ar grateful for the continued support from patients, physicians
and patient advocates and are pleased to be able to provide them with
memory access to PROVENGE while we await results from the IMPACT tribulation," stated
Mitchell H. Gold, president and chief administrator officer of Dendreon.
ProACT is the second of two studies the Company is initiating. Dendreon
recently announced it had begun enrolling patients in a 40-subject,
single-center trial called NeoACT (NEOadjuvant Active Cellular
immunoTherapy), or P07-1, which is organism conducted at UCSF Helen Diller
Family Comprehensive Cancer Center.
About Prostate Cancer
Prostate cancer is the most common non-skin cancer in the United States
and the one-third most common cancer universal. More than one zillion men in
the United States let prostate genus Cancer, with an estimated 186,320 new cases
expected to be diagnosed in 2008, and approximately 28,660 men expected to
die this year from the disease. Currently thither are special treatment
options for work force with advanced, metastatic prostate gland cancer.
About Active Cellular Immunotherapy with PROVENGE
PROVENGE may represent the first ware in a new class of active
cellular immunotherapies (ACIs) that are unambiguously designed to use live
human cells to pursue the patient's own immune system with the end of
eliciting a specific long-lasting reception against malignant neoplastic disease. Active cellular
immunotherapy holds promise because it crataegus oxycantha provide patients with a
meaningful clinical benefit, such as survival, combined with low toxicity.
About Dendreon
Dendreon Corporation is a biotechnology company whose mission is to
target area cancer and transform lives through the discovery, ontogenesis and
commercialization of novel therapeutics. The Company applies its expertise
in antigen identification, engine room and cell processing to produce
dynamic cellular immunotherapy product candidates designed to stimulate an
immune response. Dendreon is also developing an orally-available small
corpuscle that targets Trp-p8 that could be applicable to multiple types of
cancer as well as benignant prostatic hyperplasia. The Company has its
headquarters in Seattle, Washington and is traded on the Nasdaq Global
Market under the symbol DNDN. For more information about the Company and
its programs, see http://www.dendreon.com.
Except for historical information contained herein, this news program release
contains forward-looking statements that ar subject to risks and
uncertainties encompassing the efficacy of PROVENGE to treat men suffering
from prostate cancer, risks and uncertainties surrounding the presentation
of data to the FDA and approval of production applications by the FDA and
risks and uncertainties inherent in the march of discovering, developing
and commercializing drugs that are safe and effective for use as human
therapeutics. Factors that may suit such differences include risks related
to our limited operating history, risks associated with completing our
clinical trials, the risk that the safety and/or efficaciousness results of
existing clinical trials or from additional clinical trials for PROVENGE
will not support approval for a biologics licence, the risk of infection that the FDA
whitethorn interpret data differently than we do or ask more information or a more
rigorous analysis of data than expected, the risk that the FDA will non
approve a product for which a biologics licence has been applied, the risk
that the results of a clinical trial for PROVENGE or other product crataegus oxycantha not
be indicative of results obtained in a later clinical trial, risks that we
may lack the financial resources and access to capital to fund required
clinical trials or commercialization of PROVENGE, our dependency on the
efforts of third parties, and our dependence on intellectual holding.
Further data on the factors and risks that could affect Dendreon's
line of work, financial shape and results of operations are contained in
Dendreon's public revealing filings with the U.S. Securities and Exchange
Commission, which are available at http://www.sec.gov.
Dendreon Corporation
http://www.dendreon.com
More info
Sunday, 31 August 2008
Thursday, 21 August 2008
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Monday, 11 August 2008
Live Nation Reports the Concert Business is Healthy With Robust Performance for Second Quarter 2008
- Number of live concerts produced in the second quarter of 2008 up 42%
over final year -
- Total attendance at these concerts increased 14% as compared to 2007 -
- Total revenue per fan attending our concerts increased 6% over prior year
-
LOS ANGELES, Aug. 7 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV)
released fiscal results for the three months complete June 30, 2008 today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070220/LATU096LOGO)
Quarterly Summary Results
$ in millions (take out per contribution amounts)
Q2 2008 Q2 2007
Revenue $1,159.8 $986.3
Adjusted Operating Income $58.4 $40.6
Operating Income $23.7 $32.2
Free Cash Flow $25.7 $1.5
Net Income $1.2 $9.9
Basic and Diluted EPS $0.02 $0.15
"The concert environment remains hard and the fundamentals of our
burden business continue to better," said Michael Rapino, President and
Chief Executive Officer of Live Nation. "Despite the economy, our business
achieved growth during the quarter in the number of concerts, ticket sales
and the per fan revenue/spend. We have two priorities in 2008 -- to
continue to grow our concert clientele and to prepare to vertically boom
into the ticketing business organization. Our centre business is buying and producing
concert rights and monetizing the live go through through our distribution
tube. We were successful in growing both. We trust we are on be after to
launch our ticketing operation on January first, 2009, which will fill in
our association to the fan and transform Live Nation into the only music
company that is vertically merged from artist to fan as a direct
allocator."
Highlights:
-- Expanded our global festival footprint to 30 after getting a
controlling interest in France's Main Square festival, which will serve
as a strong base from which to launch extra festivals in France,
the fifth largest music market in the world.
-- Successfully launched Pemberton fete, which drew a total capacity of
over 40,000 citizenry in attendance and was the number one festival where we
handled ticketing, web site, merchandise and creative services in
addition to promoting the case.
-- Provided services through our Artist Nation segment to a total of 895
artists during the first six-spot months of 2008. In addition, we reached
agreements to assume long-term rights for Nickelback and Shakira.
Below are what we believe to be our key metrics related to our businesses:
METRICS
(Unaudited; $ in millions except as noted)
Variance 6 months 6 months Variance
Key Drivers Q2 2008 Q2 2007 (Qtr.) 2008 2007 (YTD)
Rights Acquisitions -- Global Music Businesses
Talent Costs and
Other Event Direct
Operating Expenses $902.4 $746.2 20.9% $1,293.1 $1,026.8 25.9%
Talent and Other
Event Expenses as
% of Total Revenue 80.4% 80.2% 79.8% 78.6%
Number of Live Rights
(Concerts) (eST.) 5,848 4,134 41.5% 10,354 7,387 40.2%
Number of Ancillary
Live Rights - as of
date (eST.) 895 n/a n/a 895 n/a n/a
Revenue Recognized
for Artists Services
/Ancillary Live
Rights $53.4 n/a n/a $89.2 n/a n/a
Distribution Platform -- Global Music Businesses
Total Attendance
(est.) 13,655,000 12,004,000 13.8% 21,716,000 18,113,000 19.9%
International
Music Festival
Attendance (eastern Standard Time.) 284,000 501,000 (43.3%) 284,000 501,000 (43.3%)
Ancillary Revenue
per Attendee - NA
Music Amps only $17.46 $17.00 2.7% $17.45 $17.18 1.6%
Total Revenue per
Attendee (Fan) $82.18 $77.51 6.0% $74.65 $72.11 3.5%
Sponsorship Data -- Global Music and Ticketing Businesses
Number of Sponsors
- as of date (eastern Standard Time.) 623 747 (16.6%) 623 747 (16.6%)
Sponsorship Revenue
Recognized $44.7 $49.9 (10.4%) $62.2 $68.2 (8.8%)
Average Sponsorship
Revenue per Sponsor
(rounded,
whole $) $72,000 $67,000 7.5% $100,000 $91,000 9.9%
FINANCIAL HIGHLIGHTS -- 2nd QUARTER
Q2 2008 Q2 2007 Growth
$ in millions
Revenue
North American Music $619.7 $466.6 32.8%
International Music 377.2 335.2 12.5%
Artist Nation 125.3 128.6 (2.6%)
Ticketing 7.3 2.9 151.7%
Other and Eliminations 30.3 53.0 (42.8%)
$1,159.8 $986.3 17.6%
Adjusted Operating Income Margins
(Loss) Q2 2008 Q2 2007
North American Music $50.6 $14.9 239.6% 8.2% 3.2%
International Music 25.4 30.0 (15.3%) 6.7% 8.9%
Artist Nation (3.3) 1.5 ** (2.6%) 1.2%
Ticketing (2.7) (1.1) ** (37.0%) (37.9%)
Other and Eliminations (1.1) 2.6 ** (3.6%) 4.9%
Corporate (10.5) (7.3) (43.8%)
$58.4 $40.6 43.8% 5.0% 4.1%
Operating Income (Loss)
North American Music $35.4 $7.1 398.6% 5.7% 1.5%
International Music 19.7 39.2 (49.7%) 5.2% 11.7%
Artist Nation (13.5) (1.8) ** (10.8%) (1.4%)
Ticketing (4.3) (1.8) ** (58.9%) (62.1%)
Other and Eliminations (2.3) - ** (7.6%) 0.0%
Corporate (11.3) (10.5) (7.6%)
$23.7 $32.2 (26.4%) 2.0% 3.3%
** percentages are not meaningful
The highlights of our fiscal information for the sec quarter of
2008 as compared to the second quarter of 2007 are as follows:
Revenue change -- Total increase of $173.5 one thousand thousand, primarily goaded by:
-- $95.1 million -- Strong amphitheatre and area events in North American
Music driven by increased events, attendance and higher ticket prices.
-- $58.0 gazillion -- Acquisition of HOB Canada in North American Music.
-- $28.6 million -- Acquisitions of AMG, DF Concerts and Heineken Music
Hall in International Music.
-- ($19.2) billion -- Decline in International Music due to the timing of
festivals in Belgium and the United Kingdom, rock-bottom ticket gross sales for
the Download festival and The Point occlusion in Ireland partially offset
by stronger promotion activeness in the United Kingdom and Italy.
-- $37.3 billion -- Acquisitions of Signatures and Anthill in Artist
Nation (previously referred to as Global Artists).
-- ($40.5) million -- Decline in the volume of planetary tours during the
quarter wedged Artist Nation.
-- $37.2 zillion -- Foreign exchange movements, primarily in International
Music.
Adjusted Operating Income (Loss) change -- Total advance of $17.8
one thousand thousand, primarily driven by:
-- $5.7 1000000 -- Acquisitions of HOB Canada in North American Music, AMG
and Heineken Music Hall in International Music and Signatures and
Anthill in Artist Nation.
-- $34.9 million -- Improvement in North American Music operating results
driven by strong amphitheatre and arena results due to increased events
and attendance and also a $10.1 million reducing in selling, general
and administrative expenses related to legal and other cost reductions.
-- ($8.1) million -- Decline in International Music primarily due to
timing of festivals and The Point law of closure.
-- ($6.2) one thousand thousand -- Timing of spheric tours and increased wage and
consulting expenses related to construction infrastructure for Artist
Nation.
-- ($3.7) one thousand thousand -- Decline in other operations primarily due to a $6.4
million reduction in our Events division impelled by underperforming
non-music touring productions based on depleted event results and high
production costs.
Operating Income (Loss) change -- Total decrease of $8.5 million,
principally driven by:
-- $17.8 million -- Overall improvement in Adjusted Operating Income
(Loss) noted above.
-- ($8.9) million -- Increase in depreciation and amortization disbursal due
in the main to $5.1 meg increase in Artist Nation for amortisation of
intangible assets related to to the CPI learning and creative person rights
agreements.
-- ($18.4) zillion -- Decreased gain on sale of operating assets primarily
due to gains recorded in 2007 on the sale of an amphitheater in
Nashville, an office construction in San Francisco and two mid-sized music
venues in London, partially counterbalance by a loss in 2007 on a non-core
asset.
Other Information --
-- We continue to expand our sponsorship relationships with key companies
across the human beings such as Citi, Wrigley, MBNA, O2 and Verizon. By
expanding into more strategic partnerships, we have eliminated
lower-value agreements, reducing our boilers suit number of sponsors but
increasing our average sponsorship dollars per sponsor. For the second
quarter of 2008, our average sponsorship revenue dollar per sponsor
increased by 8%. For the full-year of 2008, we currently expect that
our number sponsorship tax revenue will addition over 2007.
FINANCIAL HIGHLIGHTS -- SIX MONTHS ENDED JUNE 30
6 months 6 months
2008 2007 Growth
$ in millions
Revenue
North American Music $919.8 $714.9 28.7%
International Music 506.1 439.8 15.1%
Artist Nation 195.2 151.4 28.9%
Ticketing 13.0 4.2 **
Other and Eliminations 162.2 196.3 (17.4%)
$1,796.3 $1,506.6 19.2%
Margins
Adjusted Operating Income 6 months 6 months
(Loss) 2008 2007
North American Music $33.8 $(4.1) ** 3.7% (0.6%)
International Music 26.5 30.6 (13.4%) 5.2% 7.0%
Artist Nation (12.5) (3.2) ** (6.4%) (2.1%)
Ticketing (6.0) (2.9) ** (46.2%) (69.0%)
Other and Eliminations 34.3 33.4 2.7% 21.1% 17.0%
Corporate (19.7) (15.9) (23.9%)
$56.4 $37.9 48.8% 3.1% 2.5%
Operating Income (Loss)
North American Music $2.9 $(26.5) ** 0.3% (3.7%)
International Music 12.7 35.3 (64.0%) 2.5% 8.0%
Artist Nation (31.3) (10.5) ** (16.0%) (6.9%)
Ticketing (8.2) (4.3) (90.7%) (63.1%) **
Other and Eliminations 33.6 22.9 46.7% 20.7% 11.7%
Corporate (24.5) (21.5) (14.0%)
$(14.8) $(4.6) ** (0.8%) (0.3%)
** percentages are not meaningful
The highlights of our fiscal information for the six-month period
complete June 30, 2008 as compared to the same period in 2007 are as follows:
Revenue change -- Total increment of $289.7 billion, primarily driven by:
-- $94.9 million -- Acquisition of HOB Canada in North American Music.
-- $110.0 million -- Increase in North American Music primarily ascribable to
impregnable results from arena tours and an increase in events, attendance
and ordinary ticket prices at our owned and/or operated amphitheaters
and third party venues.
-- $44.7 million -- Acquisitions of AMG, Heineken Music Hall and DF
Concerts in International Music.
-- ($21.8) 1000000 -- Decline in International Music due to the timing of
festivals in Belgium and the United Kingdom, reduced revenues for the
Download festival in the United Kingdom, closure of The Point in
Ireland for renovation and lower promotion-related revenues in Holland
and France. These declines in revenue were partially offset by
increased promotion tax revenue in the United Kingdom and Italy due to
strong bowl events.
-- $61.6 million -- Acquisitions of Signatures and Anthill in Artist
Nation.
-- ($17.8) trillion -- Decline in the volume of global tours impacted
Artist Nation.
-- ($17.6) million -- Reduced revenue due to our sale of a non-core
production in the first tail of 2007 and fewer productions and
touring shows in our United Kingdom theatrical operations, reported in
"other trading operations".
-- $54.1 one thousand thousand -- Foreign exchange movements, primarily in International
Music.
-- Adjusted Operating Income (Loss) variety -- Total improvement of
$18.5 million, in the main driven by:
-- $9.9 million -- Acquisitions of HOB Canada in North American Music, AMG
and Heineken Music Hall in International Music and Signatures and
Anthill in Artist Nation.
-- $36.2 million -- Increase in North American Music primarily due to
strong results from arena tours and an step-up in events and
attendance at our owned and/or operated amphitheaters and third party
venues, in addition to an $11.3 million reduction in selling, general
and administrative expenses related to legal and other cost reductions.
-- ($11.5) meg -- Decline in International Music due to timing of
festival event years and closure of The Point in Ireland. These
declines were partially branch by increased promotion activity in the
United Kingdom due to strong bowl events.
-- ($10.1) million -- Reduced volume in globose tours and increased earnings
and consulting expenses related to building infrastructure for Artist
Nation.
-- ($3.1) meg -- Increased costs to build our infrastructure in
Ticketing (antecedently referred to as Global Digital).
-- $0.9 million -- LC450% operations increased slimly primarily due to
improved results in our Motor Sports class based on an increment in
events offset by an $8.5 million reduction in our Events division
driven by underperforming non-music touring productions based on scurvy
event results and high production costs.
Operating Income (Loss) change -- Total decrease of $10.2 million,
primarily driven by:
-- $18.5 million -- Overall improvement in Adjusted Operating Income
(Loss) noted above.
-- ($16.2) million -- Increase in depreciation and amortization disbursement
due primarily to increases in our Artist Nation and International Music
segments of $10.3 jillion and $4.8 meg, respectively, due to
amortisation of impalpable assets for the AMG and CPI acquisitions
along with intangible assets related to creative person rights agreements.
-- ($12.4) 1000000 -- Decreased gain on sale of operating assets compared
to the same period of the prior year in the first place due to gains recorded in
2007 on the sale of an amphitheater in Nashville, two mid-sized music
venues in London and deuce non-core assets.
Other information
-- For the hexad months terminated June 30, 2008, maintenance capital
expenditures were $19.0 meg, a slender decrease as compared to last
twelvemonth. We also incurred $57.1 billion of das Kapital expenditures for
revenue generating projects during the six-month period over June 30,
2008 due to the development and renovation of various venues including
The Point in Ireland, deuce House of Blues clubs and a new AMG venue in
Sheffield, England.
-- As of June 30, 2008, our hard currency and hard cash equivalents were $453.4 million
and our sum long-term debt was $794.1 gazillion with no balance
outstanding on our revolving credit facility. Free cash as of June 30,
2008 was ($83.1) zillion.
About Live Nation:
Live Nation is the future of the music business organization. With the most live
concerts, music venues and festivals in the earth and the most
comprehensive concert search engine on the web, Live Nation is
revolutionizing the music industry: onstage and online. Headquartered in
Los Angeles, California, Live Nation is listed on the New York Stock
Exchange, trading under the symbol "LYV".
Conference Call:
The company will host a teleconference today, August 7th, 2008 at 5:00
p.m. Eastern Time, which can be accessed by dialing 888-603-6873 (U.S.) or
973-321-1019 (Int'l) and referencing passcode 57200043. To access the call
via webcast, please see the Investor Relations section of the company's
internet site at hypertext transfer protocol://www.livenation.com/investors. Additional statistical and
financial information to be provided on the call, if any, will be posted
supplementally under that same link.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
(in thousands except share and per share information)
Revenue $1,159,800 $986,277 $1,796,251 $1,506,589
Operating expenses:
Direct operating expenses 920,200 776,262 1,388,882 1,149,551
Selling, general and
administrative expenses 173,098 163,442 334,714 305,909
Depreciation and
amortization 33,223 24,347 67,600 51,409
Gain on sale of operating
assets (916) (19,269) (2,291) (14,694)
Corporate expenses 10,474 9,263 22,115 19,059
Operating income (loss) 23,721 32,232 (14,769) (4,645)
Interest expense 14,434 15,248 30,361 30,176
Interest income (3,266) (4,290) (4,841) (6,927)
Equity in losses (earnings)
of nonconsolidated affiliates 1,136 (2,875) 1,425 (3,218)
Minority involvement expense
(income) (2,241) 3,520 (4,483) 525
Other income -- net (264) (307) (1,115) (354)
Income (loss) from continuing
operations before income
taxes 13,922 20,936 (36,116) (24,847)
Income tax expense:
Current 9,907 14,468 13,215 16,665
Deferred 2,641 485 5,662 4,189
Income (red) from chronic
operations 1,374 5,983 (54,993) (45,701)
Income (loss) from
discontinued trading operations,
net of tax (139) 3,939 20,826 10,574
Net income (loss) 1,235 9,922 (34,167) (35,127)
Other comprehensive income,
net of tax 1,452 9,986 11,888 9,483
Comprehensive income (deprivation) $2,687 $19,908 $(22,279) $(25,644)
Basic income (loss) per
common portion:
Income (loss) from continuing
operations $0.02 $0.09 $(0.73) $(0.70)
Income from discontinued
operations -- 0.06 0.28 0.16
Net income (loss) $0.02 $0.15 $(0.45) $(0.54)
Diluted income (loss)
per mutual share:
Income (loss) from continuing
trading operations $0.02 $0.09 $(0.73) $(0.70)
Income from discontinued
operations -- 0.06 0.28 0.16
Net income (loss) $0.02 $0.15 $(0.45) $(0.54)
Weighted average common
shares outstanding:
Basic 75,720,739 65,521,804 75,352,837 65,510,822
Diluted 76,898,595 67,702,746 75,352,837 65,510,822
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2008 2007
(unaudited) (audited)
ASSETS (in thousands)
CURRENT ASSETS
Cash and immediate payment equivalents $453,368 $338,991
Accounts receivable, less allowance of
$12,531 as of June 30, 2008 and $18,928 as
of December 31, 2007 384,292 264,316
Prepaid expenses 377,460 186,379
Other current assets 58,484 44,722
Total Current Assets 1,273,604 834,408
PROPERTY, PLANT AND EQUIPMENT
Land, buildings and improvements 965,333 1,018,079
Furniture and other equipment 243,576 236,320
Construction in progress 102,541 51,725
1,311,450 1,306,124
Less accumulated depreciation 405,140 391,079
906,310 915,045
INTANGIBLE ASSETS
Intangible assets -- net 511,892 382,999
Goodwill 502,206 471,542
OTHER LONG-TERM ASSETS
Notes receivable, less allowance of $745 as
of June 30, 2008 and December 31, 2007 1,589 1,703
Investments in nonconsolidated affiliates 22,915 23,443
Other long-term assets 141,029 122,963
Total Assets $3,359,545 $2,752,103
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $122,813 $79,273
Accrued expenses 471,341 511,636
Deferred revenue 782,three hundred 259,868
Current circumstances of semipermanent debt 67,184 36,345
Other current liabilities 78,149 18,348
Total Current Liabilities 1,521,787 905,470
Long-term debt 726,898 786,261
Other long-run liabilities 139,138 91,465
Minority interest liability 72,309 61,841
Series A and Series B redeemable preferred inventory 40,000 40,000
Commitments and contingent liabilities
SHAREHOLDERS' EQUITY
Common breed 761 749
Additional paid-in capital 959,090 940,848
Retained deficit (165,108) (one hundred thirty,941)
Cost of shares held in treasury (3,628) -
Accumulated other comprehensive income 68,298 56,410
Total Shareholders' Equity 859,413 867,066
Total Liabilities and Shareholders' Equity $3,359,545 $2,752,103
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
2008 2007
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(34,167) $(35,127)
Reconciling items:
Depreciation 37,914 39,117
Amortization of intangibles 29,853 13,596
Deferred income tax expense 5,662 4,121
Amortization of debt issue costs 1,630 618
Non-cash compensation expense 5,864 5,799
Gain on sale of operating assets (21,117) (14,806)
Gain on sales agreement of other investments - (64)
Equity in losings (earnings) of nonconsolidated
affiliates 1,425 (3,218)
Minority interest expense (income) (4,467) 427
Changes in operating assets and liabilities, profits of
personal effects of acquisitions and dispositions:
Increase in accounts receivable (100,290) (152,759)
Increase in prepaid expenses (177,960) (217,800)
Increase in other assets (55,857) (43,698)
Increase in accounts payable, accrued expenses
and other liabilities 33,261 90,429
Increase in deferred revenue 530,607 528,341
Decrease in other -- internet 43 -
Net hard cash provided by operating activities 252,401 214,976
CASH FLOWS FROM INVESTING ACTIVITIES
Collection of notes receivable 88 1,857
Advances to notes receivable - (12,880)
Distributions from nonconsolidated affiliates 3,799 5,956
Investments made to nonconsolidated affiliates (250) (23,890)
Proceeds from disposal of early investments - 3,616
Purchases of property, plant and equipment (76,082) (39,462)
Proceeds from disposal of operating assets, net
of cash divested 23,127 60,195
Cash paid for acquisitions, net of cash acquired (65,454) (25,316)
Purchases of intangible assets (5,981) -
Decrease (increase) in other net (4) 417
Net hard cash used in investing activities (120,757) (29,507)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance
costs 52,887 87,051
Payments on long-term debt (81,945) (118,765)
Contributions from minority pastime partners 8,847 -
Distributions to minority interest partners (402) (4,020)
Proceeds from exercise of stock options - 424
Payments for purchases of common gillyflower (3,628) -
Net cash used in financing activities (24,241) (35,310)
Effect of exchange rate changes on hard cash 6,974 2,622
Net gain in immediate payment and immediate payment equivalents 114,377 152,781
Cash and hard cash equivalents at beginning of period 338,991 313,880
Cash and hard currency equivalents at end of period $453,368 $466,661
Forward Looking Statements, Non-GAAP Financial Measures and
Reconciliations:
Certain statements in this press release constitute "advanced
statements" inside the signification of the Private Securities Litigation Reform
Act of 1995. Such modern statements let in, but are not limited
to, statements regarding the potential health and growing of Live Nation's
business and the live music industriousness generally in 2008; the company's
hoped-for achievement of its strategic objectives; the company's
intention to launch its ticketing operations and the anticipated benefits
of its ticketing strategy; and the company's anticipated outgrowth in number
sponsorship revenue for 2008. Live Nation wishes to caution you that at that place
are some known and unknown factors that could cause real results to
differ materially from whatever future results, performance or achievements
expressed or implied by such forward-looking statements, including only not
limited to operational challenges in achieving strategical objectives and
executing on the company's plans, the risk that the company's markets do
not acquire as anticipated, the potency impact of any general economic
lag, operational challenges associated with building out the company's
ticketing trading operations and rivalry for collective sponsors and in the live
music industry generally.
Live Nation refers you to the documents it files from time to time with
the U.S. Securities and Exchange Commission, specifically the section
coroneted "Item 1A. Risk Factors" of the company's most recent Annual Report
filed on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, which comprise and identify other crucial factors that could
causal agency actual results to differ materially from those contained in the
company's projections or innovative statements. You are cautioned not
to place undue reliance on these modern statements which speak
only as of the date on which they are made. All subsequent written and oral
forward-looking statements by or concerning Live Nation are expressly
qualified in their entirety by the prophylactic statements in a higher place. Live Nation
does not attempt any responsibility to publicly update or revise whatever
forward-looking statements because of new entropy, future events or
otherwise.
This press release contains certain non-GAAP financial measures as
outlined by SEC Regulation G. A reconciliation of each such measuring rod to its
most directly comparable GAAP financial measure, together with an
explanation of wherefore management believes that these non-GAAP financial
measures provide useful entropy to investors, is provided below.
Adjusted Operating Income (Loss) is a non-GAAP financial touchstone that
the company defines as operating income (going) before depreciation and
amortisation, loss (gather) on sales agreement of operating assets and non-cash
recompense expense. The company uses Adjusted Operating Income (Loss) to
valuate the performance of its operating segments. The company believes
that information just about Adjusted Operating Income (Loss) assists investors
by allowing them to evaluate changes in the operating results of the
company's portfolio of businesses separate from non-operational factors
that affect net income, thus providing insights into both trading operations and
the other factors that affect reported results. Adjusted Operating Income
(Loss) is not measured or presented in accord with U.S. generally
recognized accounting principles. A limitation of the use of Adjusted
Operating Income (Loss) as a performance measure is that it does not
reflect the periodic costs of sure capitalized tangible and intangible
assets used in generating revenue in the company's business. Accordingly,
Adjusted Operating Income (Loss) should be considered in addition to, and
not as a substitute for, in operation income (loss), net income (loss), and
other measures of financial performance reported in accordance with U.S.
GAAP. Furthermore, this measure may vary among other companies; thus,
Adjusted Operating Income (Loss) as presented herein whitethorn not be comparable
to similarly highborn measures of other companies.
Free Cash Flow is a non-GAAP financial standard that the company defines
as Adjusted Operating Income (Loss) less maintenance capital expenditures,
less net involvement expense, less cash taxes, less distributions to minority
interest partners plus distributions from investments in nonconsolidated
affiliates cyberspace of contributions to investments in nonconsolidated
affiliates. The company uses free johnny Cash flow, among other measures, to
valuate the ability of its operations to generate johnny Cash that is available
for purposes other than maintenance capital expenditures. The ship's company
believes that information about free cash flow provides investors with an
of import perspective on the johnny Cash available to service debt and make
acquisitions. Free cash flow is not calculated or presented in accordance
with U.S. broadly speaking accepted accounting principles. A limitation of the use
of free cash flow as a performance step is that it does not necessarily
represent pecuniary resource available for operations and it is not inevitably a
criterion of our ability to fund our cash inevitably. Accordingly, free cash flow
should be considered in addition to, and not as a substitute for, operating
income (loss) and other measures of financial performance reported in
accord with U.S. GAAP. Furthermore, this measuring may deviate among former
companies; thus, free immediate payment flow as presented above may non be comparable to
likewise titled measures of other companies.
Free Cash is a non-GAAP financial measure that the company defines as
hard currency and cash equivalents less event-related deferred income, less accrued
creative person fees, less collections on behalf of others addition prepaids related to
creative person settlements/events. The company uses free john Cash as a proxy for how
much cash it has available to, among other things, optionally come back debt
balances, make acquisitions and finance new venue expenditures. Free cash
is not measured or presented in accordance with U.S. generally recognised
accounting principles. A limit of the use of free immediate payment as a
performance bar is that it does not necessarily represent cash in hand
available for operations and it is not necessarily a criterion of our ability
to fund our cash inevitably. Accordingly, disengage cash should be considered in
addition to, and not as a reliever for, johnny Cash and johnny Cash equivalents and
other measures of fiscal performance reported in accord with U.S.
GAAP. Furthermore, this measure may vary among other companies; thus, dislodge
cash as presented herein may non be comparable to similarly titled measures
of other companies.
Reconciliations of Non-GAAP Measures to Their Most Directly Comparable GAAP
Measures (Unaudited)
Reconciliation of Adjusted Operating Income (Loss) to Operating
Income (Loss) -- Second Quarter and Six Months ended June 30
Loss
Adjusted (arrive at) on
operating Non-cash sale of Depreciation Operating
income compensation operational and income
(loss) expense assets amortisation (loss)
($ in millions)
For the three months ended June 30, 2008
North American
Music $50.6 $0.2 $ - $15.0 $35.4
International
Music 25.4 - - 5.7 19.7
Artist Nation (3.3) 2.2 - 8.0 (13.5)
Ticketing (2.7) - - 1.6 (4.3)
Other and
Eliminations (1.1) - (1.0) 2.2 (2.3)
Corporate (10.5) - 0.1 0.7 (11.3)
Total Live
Nation $58.4 $2.4 $(0.9) $33.2 $23.7
For the trine months complete June 30, 2007
North American
Music $14.9 $0.8 $(6.1) $13.1 $7.1
International
Music 30.0 0.1 (13.0) 3.7 39.2
Artist Nation 1.5 0.4 - 2.9 (1.8)
Ticketing (1.1) 0.2 - 0.5 (1.8)
Other and
Eliminations 2.6 - (0.2) 2.8 -
Corporate (7.3) 1.9 - 1.3 (10.5)
Total Live
Nation $40.6 $3.4 $(19.3) $24.3 $32.2
For the hexad months ended June 30, 2008
North American
Music $33.8 $1.7 $ - $29.2 $2.9
International
Music 26.5 0.6 - 13.2 12.7
Artist Nation (12.5) 1.9 - 16.9 (31.3)
Ticketing (6.0) 0.2 - 2.0 (8.2)
Other and
Eliminations 34.3 (0.9) (2.9) 4.5 33.6
Corporate (19.7) 2.4 0.6 1.8 (24.5)
Total Live
Nation $56.4 $5.9 $(2.3) $67.6 $(14.8)
For the sestet months complete June 30, 2007
North American
Music $(4.1) $1.6 $(6.1) $26.9 $(26.5)
International
Music 30.6 0.1 (13.1) 8.3 35.3
Artist Nation (3.2) 0.7 - 6.6 (10.5)
Ticketing (2.9) 0.3 - 1.1 (4.3)
Other and
Eliminations 33.4 - 4.5 6.0 22.9
Corporate (15.9) 3.1 - 2.5 (21.5)
Total Live
Nation $37.9 $5.8 $(14.7) $51.4 $(4.6)
Reconciliation of Adjusted Operating Income (Loss) to Free Cash Flow --
Second Quarter
($ in millions) Q2 2008 Q2 2007
Adjusted operating income $58.4 $40.6
Less: Interest expense -- net (11.2) (10.8)
Cash taxes (9.9) (14.9)
Maintenance capital expenditures (12.8) (13.9)
Distributions to minority interest partners (0.2) (1.2)
Distributions from (contributions to) investments
in nonconsolidated affiliates 1.4 1.7
Free hard currency flow $25.7 $1.5
Reconciliation of Cash and Cash Equivalents to Free Cash as of June 30, 2008
($ in millions) June 30, 2008
Cash and cash equivalents $453.4
Deferred income $(689.5)
Accrued creative person fees $(30.0)
Collections on behalf of others $(88.8)
Prepaids related to creative person settlements/events $271.8
Free cash $(83.1)
More info
over final year -
- Total attendance at these concerts increased 14% as compared to 2007 -
- Total revenue per fan attending our concerts increased 6% over prior year
-
LOS ANGELES, Aug. 7 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV)
released fiscal results for the three months complete June 30, 2008 today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070220/LATU096LOGO)
Quarterly Summary Results
$ in millions (take out per contribution amounts)
Q2 2008 Q2 2007
Revenue $1,159.8 $986.3
Adjusted Operating Income $58.4 $40.6
Operating Income $23.7 $32.2
Free Cash Flow $25.7 $1.5
Net Income $1.2 $9.9
Basic and Diluted EPS $0.02 $0.15
"The concert environment remains hard and the fundamentals of our
burden business continue to better," said Michael Rapino, President and
Chief Executive Officer of Live Nation. "Despite the economy, our business
achieved growth during the quarter in the number of concerts, ticket sales
and the per fan revenue/spend. We have two priorities in 2008 -- to
continue to grow our concert clientele and to prepare to vertically boom
into the ticketing business organization. Our centre business is buying and producing
concert rights and monetizing the live go through through our distribution
tube. We were successful in growing both. We trust we are on be after to
launch our ticketing operation on January first, 2009, which will fill in
our association to the fan and transform Live Nation into the only music
company that is vertically merged from artist to fan as a direct
allocator."
Highlights:
-- Expanded our global festival footprint to 30 after getting a
controlling interest in France's Main Square festival, which will serve
as a strong base from which to launch extra festivals in France,
the fifth largest music market in the world.
-- Successfully launched Pemberton fete, which drew a total capacity of
over 40,000 citizenry in attendance and was the number one festival where we
handled ticketing, web site, merchandise and creative services in
addition to promoting the case.
-- Provided services through our Artist Nation segment to a total of 895
artists during the first six-spot months of 2008. In addition, we reached
agreements to assume long-term rights for Nickelback and Shakira.
Below are what we believe to be our key metrics related to our businesses:
METRICS
(Unaudited; $ in millions except as noted)
Variance 6 months 6 months Variance
Key Drivers Q2 2008 Q2 2007 (Qtr.) 2008 2007 (YTD)
Rights Acquisitions -- Global Music Businesses
Talent Costs and
Other Event Direct
Operating Expenses $902.4 $746.2 20.9% $1,293.1 $1,026.8 25.9%
Talent and Other
Event Expenses as
% of Total Revenue 80.4% 80.2% 79.8% 78.6%
Number of Live Rights
(Concerts) (eST.) 5,848 4,134 41.5% 10,354 7,387 40.2%
Number of Ancillary
Live Rights - as of
date (eST.) 895 n/a n/a 895 n/a n/a
Revenue Recognized
for Artists Services
/Ancillary Live
Rights $53.4 n/a n/a $89.2 n/a n/a
Distribution Platform -- Global Music Businesses
Total Attendance
(est.) 13,655,000 12,004,000 13.8% 21,716,000 18,113,000 19.9%
International
Music Festival
Attendance (eastern Standard Time.) 284,000 501,000 (43.3%) 284,000 501,000 (43.3%)
Ancillary Revenue
per Attendee - NA
Music Amps only $17.46 $17.00 2.7% $17.45 $17.18 1.6%
Total Revenue per
Attendee (Fan) $82.18 $77.51 6.0% $74.65 $72.11 3.5%
Sponsorship Data -- Global Music and Ticketing Businesses
Number of Sponsors
- as of date (eastern Standard Time.) 623 747 (16.6%) 623 747 (16.6%)
Sponsorship Revenue
Recognized $44.7 $49.9 (10.4%) $62.2 $68.2 (8.8%)
Average Sponsorship
Revenue per Sponsor
(rounded,
whole $) $72,000 $67,000 7.5% $100,000 $91,000 9.9%
FINANCIAL HIGHLIGHTS -- 2nd QUARTER
Q2 2008 Q2 2007 Growth
$ in millions
Revenue
North American Music $619.7 $466.6 32.8%
International Music 377.2 335.2 12.5%
Artist Nation 125.3 128.6 (2.6%)
Ticketing 7.3 2.9 151.7%
Other and Eliminations 30.3 53.0 (42.8%)
$1,159.8 $986.3 17.6%
Adjusted Operating Income Margins
(Loss) Q2 2008 Q2 2007
North American Music $50.6 $14.9 239.6% 8.2% 3.2%
International Music 25.4 30.0 (15.3%) 6.7% 8.9%
Artist Nation (3.3) 1.5 ** (2.6%) 1.2%
Ticketing (2.7) (1.1) ** (37.0%) (37.9%)
Other and Eliminations (1.1) 2.6 ** (3.6%) 4.9%
Corporate (10.5) (7.3) (43.8%)
$58.4 $40.6 43.8% 5.0% 4.1%
Operating Income (Loss)
North American Music $35.4 $7.1 398.6% 5.7% 1.5%
International Music 19.7 39.2 (49.7%) 5.2% 11.7%
Artist Nation (13.5) (1.8) ** (10.8%) (1.4%)
Ticketing (4.3) (1.8) ** (58.9%) (62.1%)
Other and Eliminations (2.3) - ** (7.6%) 0.0%
Corporate (11.3) (10.5) (7.6%)
$23.7 $32.2 (26.4%) 2.0% 3.3%
** percentages are not meaningful
The highlights of our fiscal information for the sec quarter of
2008 as compared to the second quarter of 2007 are as follows:
Revenue change -- Total increase of $173.5 one thousand thousand, primarily goaded by:
-- $95.1 million -- Strong amphitheatre and area events in North American
Music driven by increased events, attendance and higher ticket prices.
-- $58.0 gazillion -- Acquisition of HOB Canada in North American Music.
-- $28.6 million -- Acquisitions of AMG, DF Concerts and Heineken Music
Hall in International Music.
-- ($19.2) billion -- Decline in International Music due to the timing of
festivals in Belgium and the United Kingdom, rock-bottom ticket gross sales for
the Download festival and The Point occlusion in Ireland partially offset
by stronger promotion activeness in the United Kingdom and Italy.
-- $37.3 billion -- Acquisitions of Signatures and Anthill in Artist
Nation (previously referred to as Global Artists).
-- ($40.5) million -- Decline in the volume of planetary tours during the
quarter wedged Artist Nation.
-- $37.2 zillion -- Foreign exchange movements, primarily in International
Music.
Adjusted Operating Income (Loss) change -- Total advance of $17.8
one thousand thousand, primarily driven by:
-- $5.7 1000000 -- Acquisitions of HOB Canada in North American Music, AMG
and Heineken Music Hall in International Music and Signatures and
Anthill in Artist Nation.
-- $34.9 million -- Improvement in North American Music operating results
driven by strong amphitheatre and arena results due to increased events
and attendance and also a $10.1 million reducing in selling, general
and administrative expenses related to legal and other cost reductions.
-- ($8.1) million -- Decline in International Music primarily due to
timing of festivals and The Point law of closure.
-- ($6.2) one thousand thousand -- Timing of spheric tours and increased wage and
consulting expenses related to construction infrastructure for Artist
Nation.
-- ($3.7) one thousand thousand -- Decline in other operations primarily due to a $6.4
million reduction in our Events division impelled by underperforming
non-music touring productions based on depleted event results and high
production costs.
Operating Income (Loss) change -- Total decrease of $8.5 million,
principally driven by:
-- $17.8 million -- Overall improvement in Adjusted Operating Income
(Loss) noted above.
-- ($8.9) million -- Increase in depreciation and amortization disbursal due
in the main to $5.1 meg increase in Artist Nation for amortisation of
intangible assets related to to the CPI learning and creative person rights
agreements.
-- ($18.4) zillion -- Decreased gain on sale of operating assets primarily
due to gains recorded in 2007 on the sale of an amphitheater in
Nashville, an office construction in San Francisco and two mid-sized music
venues in London, partially counterbalance by a loss in 2007 on a non-core
asset.
Other Information --
-- We continue to expand our sponsorship relationships with key companies
across the human beings such as Citi, Wrigley, MBNA, O2 and Verizon. By
expanding into more strategic partnerships, we have eliminated
lower-value agreements, reducing our boilers suit number of sponsors but
increasing our average sponsorship dollars per sponsor. For the second
quarter of 2008, our average sponsorship revenue dollar per sponsor
increased by 8%. For the full-year of 2008, we currently expect that
our number sponsorship tax revenue will addition over 2007.
FINANCIAL HIGHLIGHTS -- SIX MONTHS ENDED JUNE 30
6 months 6 months
2008 2007 Growth
$ in millions
Revenue
North American Music $919.8 $714.9 28.7%
International Music 506.1 439.8 15.1%
Artist Nation 195.2 151.4 28.9%
Ticketing 13.0 4.2 **
Other and Eliminations 162.2 196.3 (17.4%)
$1,796.3 $1,506.6 19.2%
Margins
Adjusted Operating Income 6 months 6 months
(Loss) 2008 2007
North American Music $33.8 $(4.1) ** 3.7% (0.6%)
International Music 26.5 30.6 (13.4%) 5.2% 7.0%
Artist Nation (12.5) (3.2) ** (6.4%) (2.1%)
Ticketing (6.0) (2.9) ** (46.2%) (69.0%)
Other and Eliminations 34.3 33.4 2.7% 21.1% 17.0%
Corporate (19.7) (15.9) (23.9%)
$56.4 $37.9 48.8% 3.1% 2.5%
Operating Income (Loss)
North American Music $2.9 $(26.5) ** 0.3% (3.7%)
International Music 12.7 35.3 (64.0%) 2.5% 8.0%
Artist Nation (31.3) (10.5) ** (16.0%) (6.9%)
Ticketing (8.2) (4.3) (90.7%) (63.1%) **
Other and Eliminations 33.6 22.9 46.7% 20.7% 11.7%
Corporate (24.5) (21.5) (14.0%)
$(14.8) $(4.6) ** (0.8%) (0.3%)
** percentages are not meaningful
The highlights of our fiscal information for the six-month period
complete June 30, 2008 as compared to the same period in 2007 are as follows:
Revenue change -- Total increment of $289.7 billion, primarily driven by:
-- $94.9 million -- Acquisition of HOB Canada in North American Music.
-- $110.0 million -- Increase in North American Music primarily ascribable to
impregnable results from arena tours and an increase in events, attendance
and ordinary ticket prices at our owned and/or operated amphitheaters
and third party venues.
-- $44.7 million -- Acquisitions of AMG, Heineken Music Hall and DF
Concerts in International Music.
-- ($21.8) 1000000 -- Decline in International Music due to the timing of
festivals in Belgium and the United Kingdom, reduced revenues for the
Download festival in the United Kingdom, closure of The Point in
Ireland for renovation and lower promotion-related revenues in Holland
and France. These declines in revenue were partially offset by
increased promotion tax revenue in the United Kingdom and Italy due to
strong bowl events.
-- $61.6 million -- Acquisitions of Signatures and Anthill in Artist
Nation.
-- ($17.8) trillion -- Decline in the volume of global tours impacted
Artist Nation.
-- ($17.6) million -- Reduced revenue due to our sale of a non-core
production in the first tail of 2007 and fewer productions and
touring shows in our United Kingdom theatrical operations, reported in
"other trading operations".
-- $54.1 one thousand thousand -- Foreign exchange movements, primarily in International
Music.
-- Adjusted Operating Income (Loss) variety -- Total improvement of
$18.5 million, in the main driven by:
-- $9.9 million -- Acquisitions of HOB Canada in North American Music, AMG
and Heineken Music Hall in International Music and Signatures and
Anthill in Artist Nation.
-- $36.2 million -- Increase in North American Music primarily due to
strong results from arena tours and an step-up in events and
attendance at our owned and/or operated amphitheaters and third party
venues, in addition to an $11.3 million reduction in selling, general
and administrative expenses related to legal and other cost reductions.
-- ($11.5) meg -- Decline in International Music due to timing of
festival event years and closure of The Point in Ireland. These
declines were partially branch by increased promotion activity in the
United Kingdom due to strong bowl events.
-- ($10.1) million -- Reduced volume in globose tours and increased earnings
and consulting expenses related to building infrastructure for Artist
Nation.
-- ($3.1) meg -- Increased costs to build our infrastructure in
Ticketing (antecedently referred to as Global Digital).
-- $0.9 million -- LC450% operations increased slimly primarily due to
improved results in our Motor Sports class based on an increment in
events offset by an $8.5 million reduction in our Events division
driven by underperforming non-music touring productions based on scurvy
event results and high production costs.
Operating Income (Loss) change -- Total decrease of $10.2 million,
primarily driven by:
-- $18.5 million -- Overall improvement in Adjusted Operating Income
(Loss) noted above.
-- ($16.2) million -- Increase in depreciation and amortization disbursement
due primarily to increases in our Artist Nation and International Music
segments of $10.3 jillion and $4.8 meg, respectively, due to
amortisation of impalpable assets for the AMG and CPI acquisitions
along with intangible assets related to creative person rights agreements.
-- ($12.4) 1000000 -- Decreased gain on sale of operating assets compared
to the same period of the prior year in the first place due to gains recorded in
2007 on the sale of an amphitheater in Nashville, two mid-sized music
venues in London and deuce non-core assets.
Other information
-- For the hexad months terminated June 30, 2008, maintenance capital
expenditures were $19.0 meg, a slender decrease as compared to last
twelvemonth. We also incurred $57.1 billion of das Kapital expenditures for
revenue generating projects during the six-month period over June 30,
2008 due to the development and renovation of various venues including
The Point in Ireland, deuce House of Blues clubs and a new AMG venue in
Sheffield, England.
-- As of June 30, 2008, our hard currency and hard cash equivalents were $453.4 million
and our sum long-term debt was $794.1 gazillion with no balance
outstanding on our revolving credit facility. Free cash as of June 30,
2008 was ($83.1) zillion.
About Live Nation:
Live Nation is the future of the music business organization. With the most live
concerts, music venues and festivals in the earth and the most
comprehensive concert search engine on the web, Live Nation is
revolutionizing the music industry: onstage and online. Headquartered in
Los Angeles, California, Live Nation is listed on the New York Stock
Exchange, trading under the symbol "LYV".
Conference Call:
The company will host a teleconference today, August 7th, 2008 at 5:00
p.m. Eastern Time, which can be accessed by dialing 888-603-6873 (U.S.) or
973-321-1019 (Int'l) and referencing passcode 57200043. To access the call
via webcast, please see the Investor Relations section of the company's
internet site at hypertext transfer protocol://www.livenation.com/investors. Additional statistical and
financial information to be provided on the call, if any, will be posted
supplementally under that same link.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
(in thousands except share and per share information)
Revenue $1,159,800 $986,277 $1,796,251 $1,506,589
Operating expenses:
Direct operating expenses 920,200 776,262 1,388,882 1,149,551
Selling, general and
administrative expenses 173,098 163,442 334,714 305,909
Depreciation and
amortization 33,223 24,347 67,600 51,409
Gain on sale of operating
assets (916) (19,269) (2,291) (14,694)
Corporate expenses 10,474 9,263 22,115 19,059
Operating income (loss) 23,721 32,232 (14,769) (4,645)
Interest expense 14,434 15,248 30,361 30,176
Interest income (3,266) (4,290) (4,841) (6,927)
Equity in losses (earnings)
of nonconsolidated affiliates 1,136 (2,875) 1,425 (3,218)
Minority involvement expense
(income) (2,241) 3,520 (4,483) 525
Other income -- net (264) (307) (1,115) (354)
Income (loss) from continuing
operations before income
taxes 13,922 20,936 (36,116) (24,847)
Income tax expense:
Current 9,907 14,468 13,215 16,665
Deferred 2,641 485 5,662 4,189
Income (red) from chronic
operations 1,374 5,983 (54,993) (45,701)
Income (loss) from
discontinued trading operations,
net of tax (139) 3,939 20,826 10,574
Net income (loss) 1,235 9,922 (34,167) (35,127)
Other comprehensive income,
net of tax 1,452 9,986 11,888 9,483
Comprehensive income (deprivation) $2,687 $19,908 $(22,279) $(25,644)
Basic income (loss) per
common portion:
Income (loss) from continuing
operations $0.02 $0.09 $(0.73) $(0.70)
Income from discontinued
operations -- 0.06 0.28 0.16
Net income (loss) $0.02 $0.15 $(0.45) $(0.54)
Diluted income (loss)
per mutual share:
Income (loss) from continuing
trading operations $0.02 $0.09 $(0.73) $(0.70)
Income from discontinued
operations -- 0.06 0.28 0.16
Net income (loss) $0.02 $0.15 $(0.45) $(0.54)
Weighted average common
shares outstanding:
Basic 75,720,739 65,521,804 75,352,837 65,510,822
Diluted 76,898,595 67,702,746 75,352,837 65,510,822
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2008 2007
(unaudited) (audited)
ASSETS (in thousands)
CURRENT ASSETS
Cash and immediate payment equivalents $453,368 $338,991
Accounts receivable, less allowance of
$12,531 as of June 30, 2008 and $18,928 as
of December 31, 2007 384,292 264,316
Prepaid expenses 377,460 186,379
Other current assets 58,484 44,722
Total Current Assets 1,273,604 834,408
PROPERTY, PLANT AND EQUIPMENT
Land, buildings and improvements 965,333 1,018,079
Furniture and other equipment 243,576 236,320
Construction in progress 102,541 51,725
1,311,450 1,306,124
Less accumulated depreciation 405,140 391,079
906,310 915,045
INTANGIBLE ASSETS
Intangible assets -- net 511,892 382,999
Goodwill 502,206 471,542
OTHER LONG-TERM ASSETS
Notes receivable, less allowance of $745 as
of June 30, 2008 and December 31, 2007 1,589 1,703
Investments in nonconsolidated affiliates 22,915 23,443
Other long-term assets 141,029 122,963
Total Assets $3,359,545 $2,752,103
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $122,813 $79,273
Accrued expenses 471,341 511,636
Deferred revenue 782,three hundred 259,868
Current circumstances of semipermanent debt 67,184 36,345
Other current liabilities 78,149 18,348
Total Current Liabilities 1,521,787 905,470
Long-term debt 726,898 786,261
Other long-run liabilities 139,138 91,465
Minority interest liability 72,309 61,841
Series A and Series B redeemable preferred inventory 40,000 40,000
Commitments and contingent liabilities
SHAREHOLDERS' EQUITY
Common breed 761 749
Additional paid-in capital 959,090 940,848
Retained deficit (165,108) (one hundred thirty,941)
Cost of shares held in treasury (3,628) -
Accumulated other comprehensive income 68,298 56,410
Total Shareholders' Equity 859,413 867,066
Total Liabilities and Shareholders' Equity $3,359,545 $2,752,103
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
2008 2007
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(34,167) $(35,127)
Reconciling items:
Depreciation 37,914 39,117
Amortization of intangibles 29,853 13,596
Deferred income tax expense 5,662 4,121
Amortization of debt issue costs 1,630 618
Non-cash compensation expense 5,864 5,799
Gain on sale of operating assets (21,117) (14,806)
Gain on sales agreement of other investments - (64)
Equity in losings (earnings) of nonconsolidated
affiliates 1,425 (3,218)
Minority interest expense (income) (4,467) 427
Changes in operating assets and liabilities, profits of
personal effects of acquisitions and dispositions:
Increase in accounts receivable (100,290) (152,759)
Increase in prepaid expenses (177,960) (217,800)
Increase in other assets (55,857) (43,698)
Increase in accounts payable, accrued expenses
and other liabilities 33,261 90,429
Increase in deferred revenue 530,607 528,341
Decrease in other -- internet 43 -
Net hard cash provided by operating activities 252,401 214,976
CASH FLOWS FROM INVESTING ACTIVITIES
Collection of notes receivable 88 1,857
Advances to notes receivable - (12,880)
Distributions from nonconsolidated affiliates 3,799 5,956
Investments made to nonconsolidated affiliates (250) (23,890)
Proceeds from disposal of early investments - 3,616
Purchases of property, plant and equipment (76,082) (39,462)
Proceeds from disposal of operating assets, net
of cash divested 23,127 60,195
Cash paid for acquisitions, net of cash acquired (65,454) (25,316)
Purchases of intangible assets (5,981) -
Decrease (increase) in other net (4) 417
Net hard cash used in investing activities (120,757) (29,507)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance
costs 52,887 87,051
Payments on long-term debt (81,945) (118,765)
Contributions from minority pastime partners 8,847 -
Distributions to minority interest partners (402) (4,020)
Proceeds from exercise of stock options - 424
Payments for purchases of common gillyflower (3,628) -
Net cash used in financing activities (24,241) (35,310)
Effect of exchange rate changes on hard cash 6,974 2,622
Net gain in immediate payment and immediate payment equivalents 114,377 152,781
Cash and hard cash equivalents at beginning of period 338,991 313,880
Cash and hard currency equivalents at end of period $453,368 $466,661
Forward Looking Statements, Non-GAAP Financial Measures and
Reconciliations:
Certain statements in this press release constitute "advanced
statements" inside the signification of the Private Securities Litigation Reform
Act of 1995. Such modern statements let in, but are not limited
to, statements regarding the potential health and growing of Live Nation's
business and the live music industriousness generally in 2008; the company's
hoped-for achievement of its strategic objectives; the company's
intention to launch its ticketing operations and the anticipated benefits
of its ticketing strategy; and the company's anticipated outgrowth in number
sponsorship revenue for 2008. Live Nation wishes to caution you that at that place
are some known and unknown factors that could cause real results to
differ materially from whatever future results, performance or achievements
expressed or implied by such forward-looking statements, including only not
limited to operational challenges in achieving strategical objectives and
executing on the company's plans, the risk that the company's markets do
not acquire as anticipated, the potency impact of any general economic
lag, operational challenges associated with building out the company's
ticketing trading operations and rivalry for collective sponsors and in the live
music industry generally.
Live Nation refers you to the documents it files from time to time with
the U.S. Securities and Exchange Commission, specifically the section
coroneted "Item 1A. Risk Factors" of the company's most recent Annual Report
filed on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, which comprise and identify other crucial factors that could
causal agency actual results to differ materially from those contained in the
company's projections or innovative statements. You are cautioned not
to place undue reliance on these modern statements which speak
only as of the date on which they are made. All subsequent written and oral
forward-looking statements by or concerning Live Nation are expressly
qualified in their entirety by the prophylactic statements in a higher place. Live Nation
does not attempt any responsibility to publicly update or revise whatever
forward-looking statements because of new entropy, future events or
otherwise.
This press release contains certain non-GAAP financial measures as
outlined by SEC Regulation G. A reconciliation of each such measuring rod to its
most directly comparable GAAP financial measure, together with an
explanation of wherefore management believes that these non-GAAP financial
measures provide useful entropy to investors, is provided below.
Adjusted Operating Income (Loss) is a non-GAAP financial touchstone that
the company defines as operating income (going) before depreciation and
amortisation, loss (gather) on sales agreement of operating assets and non-cash
recompense expense. The company uses Adjusted Operating Income (Loss) to
valuate the performance of its operating segments. The company believes
that information just about Adjusted Operating Income (Loss) assists investors
by allowing them to evaluate changes in the operating results of the
company's portfolio of businesses separate from non-operational factors
that affect net income, thus providing insights into both trading operations and
the other factors that affect reported results. Adjusted Operating Income
(Loss) is not measured or presented in accord with U.S. generally
recognized accounting principles. A limitation of the use of Adjusted
Operating Income (Loss) as a performance measure is that it does not
reflect the periodic costs of sure capitalized tangible and intangible
assets used in generating revenue in the company's business. Accordingly,
Adjusted Operating Income (Loss) should be considered in addition to, and
not as a substitute for, in operation income (loss), net income (loss), and
other measures of financial performance reported in accordance with U.S.
GAAP. Furthermore, this measure may vary among other companies; thus,
Adjusted Operating Income (Loss) as presented herein whitethorn not be comparable
to similarly highborn measures of other companies.
Free Cash Flow is a non-GAAP financial standard that the company defines
as Adjusted Operating Income (Loss) less maintenance capital expenditures,
less net involvement expense, less cash taxes, less distributions to minority
interest partners plus distributions from investments in nonconsolidated
affiliates cyberspace of contributions to investments in nonconsolidated
affiliates. The company uses free johnny Cash flow, among other measures, to
valuate the ability of its operations to generate johnny Cash that is available
for purposes other than maintenance capital expenditures. The ship's company
believes that information about free cash flow provides investors with an
of import perspective on the johnny Cash available to service debt and make
acquisitions. Free cash flow is not calculated or presented in accordance
with U.S. broadly speaking accepted accounting principles. A limitation of the use
of free cash flow as a performance step is that it does not necessarily
represent pecuniary resource available for operations and it is not inevitably a
criterion of our ability to fund our cash inevitably. Accordingly, free cash flow
should be considered in addition to, and not as a substitute for, operating
income (loss) and other measures of financial performance reported in
accord with U.S. GAAP. Furthermore, this measuring may deviate among former
companies; thus, free immediate payment flow as presented above may non be comparable to
likewise titled measures of other companies.
Free Cash is a non-GAAP financial measure that the company defines as
hard currency and cash equivalents less event-related deferred income, less accrued
creative person fees, less collections on behalf of others addition prepaids related to
creative person settlements/events. The company uses free john Cash as a proxy for how
much cash it has available to, among other things, optionally come back debt
balances, make acquisitions and finance new venue expenditures. Free cash
is not measured or presented in accordance with U.S. generally recognised
accounting principles. A limit of the use of free immediate payment as a
performance bar is that it does not necessarily represent cash in hand
available for operations and it is not necessarily a criterion of our ability
to fund our cash inevitably. Accordingly, disengage cash should be considered in
addition to, and not as a reliever for, johnny Cash and johnny Cash equivalents and
other measures of fiscal performance reported in accord with U.S.
GAAP. Furthermore, this measure may vary among other companies; thus, dislodge
cash as presented herein may non be comparable to similarly titled measures
of other companies.
Reconciliations of Non-GAAP Measures to Their Most Directly Comparable GAAP
Measures (Unaudited)
Reconciliation of Adjusted Operating Income (Loss) to Operating
Income (Loss) -- Second Quarter and Six Months ended June 30
Loss
Adjusted (arrive at) on
operating Non-cash sale of Depreciation Operating
income compensation operational and income
(loss) expense assets amortisation (loss)
($ in millions)
For the three months ended June 30, 2008
North American
Music $50.6 $0.2 $ - $15.0 $35.4
International
Music 25.4 - - 5.7 19.7
Artist Nation (3.3) 2.2 - 8.0 (13.5)
Ticketing (2.7) - - 1.6 (4.3)
Other and
Eliminations (1.1) - (1.0) 2.2 (2.3)
Corporate (10.5) - 0.1 0.7 (11.3)
Total Live
Nation $58.4 $2.4 $(0.9) $33.2 $23.7
For the trine months complete June 30, 2007
North American
Music $14.9 $0.8 $(6.1) $13.1 $7.1
International
Music 30.0 0.1 (13.0) 3.7 39.2
Artist Nation 1.5 0.4 - 2.9 (1.8)
Ticketing (1.1) 0.2 - 0.5 (1.8)
Other and
Eliminations 2.6 - (0.2) 2.8 -
Corporate (7.3) 1.9 - 1.3 (10.5)
Total Live
Nation $40.6 $3.4 $(19.3) $24.3 $32.2
For the hexad months ended June 30, 2008
North American
Music $33.8 $1.7 $ - $29.2 $2.9
International
Music 26.5 0.6 - 13.2 12.7
Artist Nation (12.5) 1.9 - 16.9 (31.3)
Ticketing (6.0) 0.2 - 2.0 (8.2)
Other and
Eliminations 34.3 (0.9) (2.9) 4.5 33.6
Corporate (19.7) 2.4 0.6 1.8 (24.5)
Total Live
Nation $56.4 $5.9 $(2.3) $67.6 $(14.8)
For the sestet months complete June 30, 2007
North American
Music $(4.1) $1.6 $(6.1) $26.9 $(26.5)
International
Music 30.6 0.1 (13.1) 8.3 35.3
Artist Nation (3.2) 0.7 - 6.6 (10.5)
Ticketing (2.9) 0.3 - 1.1 (4.3)
Other and
Eliminations 33.4 - 4.5 6.0 22.9
Corporate (15.9) 3.1 - 2.5 (21.5)
Total Live
Nation $37.9 $5.8 $(14.7) $51.4 $(4.6)
Reconciliation of Adjusted Operating Income (Loss) to Free Cash Flow --
Second Quarter
($ in millions) Q2 2008 Q2 2007
Adjusted operating income $58.4 $40.6
Less: Interest expense -- net (11.2) (10.8)
Cash taxes (9.9) (14.9)
Maintenance capital expenditures (12.8) (13.9)
Distributions to minority interest partners (0.2) (1.2)
Distributions from (contributions to) investments
in nonconsolidated affiliates 1.4 1.7
Free hard currency flow $25.7 $1.5
Reconciliation of Cash and Cash Equivalents to Free Cash as of June 30, 2008
($ in millions) June 30, 2008
Cash and cash equivalents $453.4
Deferred income $(689.5)
Accrued creative person fees $(30.0)
Collections on behalf of others $(88.8)
Prepaids related to creative person settlements/events $271.8
Free cash $(83.1)
More info
Wednesday, 6 August 2008
Breast Cancer Confessions: The Emotional Work Of Disclosing A Diagnosis
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Women diagnosed with white meat cancer shoulder the emotional burden of disclosing their diagnosis to loved ones, managing the feelings of others at precisely the time when they need support themselves, according to research to be presented at the annual group meeting of the American Sociological Association (ASA).
The research is the
Women diagnosed with white meat cancer shoulder the emotional burden of disclosing their diagnosis to loved ones, managing the feelings of others at precisely the time when they need support themselves, according to research to be presented at the annual group meeting of the American Sociological Association (ASA).
The research is the
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