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Last $1.01 USD
Change Today -0.01 / -0.98%
Volume 164.3K
SFXE On Other Exchanges
Symbol
Exchange
NASDAQ GS
Berlin
As of 10:58 AM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

sfx entertainment inc (SFXE) Key Developments

SFX Entertainment Continues To Explore Strategic Alternatives

SFX Entertainment, Inc. (NasdaqGS:SFXE) plans to continue the exploration of strategic alternatives, including the sale of all or substantially all of the company's assets in whole or in part.

SFX Entertainment, Inc. Announces Unaudited Financial Results for the Second Quarter and Six Months Ended June 30. 2015

SFX Entertainment, Inc. announced unaudited financial results for the second quarter and six months ended June 30. 2015. For the second quarter, the company’s revenue for the three months ended June 30. 2015 grew 48.3% year over year to $121.055 million from $81.622 million a year ago. Revenue for the three months ended June 30. 2015 included $106.7 million in Live revenue (88.1% of total revenue) related to festivals and live events that were produced, promoted, licensed or managed by SFX during the period. Operating loss was $27.885 million against $30.201 million a year ago. Loss before income taxes was $47.525 million against $26.668 million a year ago. Net loss attributable to the company was $48.031 million against $35.267 million a year ago. Total - pro forma revenue was $121.055 million against $92.365 million a year ago. LBITDA of the company was $16.318 million against $13.678 million a year ago. Total - pro forma adjusted LBITDA was $5.991 million against $4.170 million a year ago. On a constant currency basis, pro forma revenue during the 2015 second quarter grew 45.4% year over year. Net loss and diluted loss per share for the three-month period ended June 30, 2015 were $0.52. For the first six months of 2015, the company’s revenue increased 50.7% year over year to $173.241 million from $114.948 million a year ago. Live revenue for the six months ended June 30. 2015 totaled $146.9 million (84.8% of total revenue). Operating loss was $57.689 million against $63.756 million a year ago. Loss before income taxes was $89.445 million against $84.905 million a year ago. Net loss attributable to the company was $89.569 million against $91.307 million a year ago. Total - pro forma revenue was $171.764 million against $137.898 million a year ago. LBITDA of the company was $29.555 million against $29.242 million a year ago. Total - pro forma adjusted LBITDA was $15.328 million against $12.348 million a year ago. Net loss and diluted loss per share for the three-month period ended June 30, 2015 were $0.98.

SFX Entertainment, Inc. Announces Resignation of Gregory Consiglio as President and Chief Operating Officer

SFX Entertainment, Inc. announced that Gregory Consiglio resigned his titles as President and Chief Operating Officer of the company.

SFX and Spotify Partner to Create Electronic Music Destination on Spotify

SFX Entertainment, Inc. and Spotify announced a content distribution deal involving music and video content from SFX’s Beatport, including exclusive music releases previously available only on Beatport and programming from SFX festivals and events. The collaboration will bring Beatport’s brand and editorial voice to a unique program on Spotify, and marks the first partnership of its kind between Spotify and another music streaming service.

The Shareholders Foundation, Inc. Files a Lawsuit against SFX Entertainment Inc

The Shareholders Foundation, Inc. announced that an investor, who currently holds shares of SFX Entertainment Inc, filed a lawsuit against the proposed acquisition of SFX Entertainment Inc. by an affiliate of Robert F.X. Sillerman, the company’s Chairman and Chief Executive Officer, at $5.25 per share. The plaintiff alleges that the defendants breached their fiduciary duties owed to the company stockholders by agreeing to sell SFX Entertainment Inc. too cheaply via an unfair process. However, the plaintiff claims that the proposed consideration the company shareholders will receive is grossly inadequate and undervalues SFX Entertainment, Inc. Indeed, at least one analyst has set the high target price for the company shares at $7.00 per share and the company shares traded as recently as June 2014 as high as $8.35 per share, respectively $11.51 per share in December 2013. In addition, the plaintiff claims that the process is also unfair to the company stockholders. The plaintiff says that the defendants agreed to preclusive deal protection devices, such as a no-solicitation clause a matching rights, and a $15 million termination fee provision, that prevent other competing offers.

 

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SFXE

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Valuation SFXE Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.2x
Price/Book 0.6x
Price/Cash Flow NM Not Meaningful
TEV/Sales NM Not Meaningful
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