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Last $3.18 USD
Change Today +0.08 / 2.58%
Volume 448.5K
SFXE On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

sfx entertainment inc (SFXE) Key Developments

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.

SFX Entertainment Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Year 2015

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. to Report Q1, 2015 Results on May 11, 2015

SFX Entertainment Inc. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 11, 2015

SFX Entertainment Inc., Q1 2015 Earnings Call, May 12, 2015

SFX Entertainment Inc., Q1 2015 Earnings Call, May 12, 2015

SFX Entertainment, Inc. Announces Change of Auditor

The audit committee of the board of directors of SFX Entertainment Inc. approved the engagement of BDO USA, LLP as the company's independent registered public accounting firm for the company's fiscal year ended December 31, 2015, effective immediately, and thereby ended its audit relationship with Ernst & Young LLP.

 

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Industry Analysis

SFXE

Industry Average

Valuation SFXE Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.8x
Price/Book 1.7x
Price/Cash Flow NM Not Meaningful
TEV/Sales NM Not Meaningful
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