SFX Entertainment Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Year 2015
May 11 15
SFX Entertainment Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the period, the company's revenue was $52,186,000 against $33,326,000 a year ago. Operating loss was $29,804,000 against $33,555,000 a year ago. Loss before income taxes was $41,920,000 against $58,237,000 a year ago. Net loss was $41,628,000 against $55,975,000 a year ago. Net loss attributable to SFX Entertainment Inc. was $41,538,000 against $56,040,000 a year ago. EBITDA of the company was $13,237,000 against $15,564,000 a year ago. Total – Pro Forma Adjusted EBITDA was $10,588,000 against $8,179,000 a year ago.
The company lowered its full year 2015 guidance. The company now expects revenues for the year 2015 to be approximately $500.0 million, and expects pro forma adjusted EBITDA to be in the range of $55.0 million to $65.0 million. The adjustment to the revenue guidance is inclusive of the anticipated impact of foreign exchange as a significant portion of the company’s operations occur internationally. The adjustment to the pro forma adjusted EBITDA expectation reflects the company’s share of the expected losses related to the start-up costs for Rock in Rio Las Vegas, which is expected to be approximately $4.0 million to $5.0 million. This is mostly a reflection of the mix of shows the company’s control, where it recognize gross revenue and those the company don't where, it recognize the net result. There is no impact on EBITDA related to this mix. The company expects cash contribution from operations, as EBITDA ramps in the third and fourth quarters.
SFX Entertainment Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2014; Provides Earnings Guidance for the Full Year of 2015
Mar 13 15
SFX Entertainment Inc. reported unaudited consolidated financial results for the fourth quarter and twelve months ended December 31, 2014. For the quarter, the company reported revenue of $95,949,000, operating loss of $24,641,000, loss before income taxes of $39,331,000 and net loss attributable to the company of $41,105,000 against revenue of $84,162,000, operating loss of $25,915,000, loss before income taxes of $38,935,000 and net loss attributable to the company of $37,509,000 a year ago. Total pro-forma revenue was $95,949,000, LBITDA of $9,290,000, total pro forma adjusted LBITDA of $7,734,000 against total pro forma revenue of $103,913,000, LBITDA of $8,741,000, total pro forma adjusted EBITDA of $468,000 a year ago.
For the twelve months, the company reported revenue of $354,449,000, operating loss of $109,249,000, loss before income taxes of $137,766,000 and net loss attributable to the company of $131,024,000 against revenue of $170,457,000, operating loss of $89,583,000, loss before income taxes of $116,716,000 and net loss attributable to the company of $110,216,000 a year ago. Total pro forma revenue was $386,226,000, LBITDA of $40,461,000, total pro-forma adjusted LBITDA of $3,392,000 against total pro forma revenue of $356,690,000, LBITDA of $36,723,000, total pro forma adjusted EBITDA of $17,726,000 a year ago.
Reflecting the company's current platform, full year 2015 revenues are expected to be in excess of $500.0 million with adjusted EBITDA of $60.0 million to $70.0 million inclusive of the anticipated impact of foreign exchange as a significant portion of the company's operations occur internationally.