Marquee results
Acquisitions boost SFX rev
|
More Articles:
Most Viewed:
Sundance unveils competition lineup(6760 views)Bloody 3D sequels planned(2934 views)Directors in Oscar spotlight(1721 views)Summit's 'Twilight' dilemma(1388 views)Domestic box office up 8% in 2009(1314 views)Comcast's bargain purchase(910 views) |
Operating income also increased to $87.2 million, up from the 1997 tally of $11 million.
"These outstanding results for 1998 reflect the success of our operating strategy in driving and managing the spectacular growth which we have achieved during the past year," SFX exec chairman Robert Sillerman said.
"Having integrated over $1.5 billion in acquisitions since the beginning of 1998, we are extremely proud of this performance. We will continue to benefit from our newer acquisitions as we further assimilate their operations."
Sillerman noted rev was "better than expected" in the fourth quarter, traditionally a slow time for concert business when action goes indoors.
SFX's holdings boast a number of outdoor venues that experience significantly reduced activity outside the typical Memorial Day to Labor Day summer tour season.
SFX has 75 venues including 14 amphitheaters in nine of the top 10 markets and owns or operates venues in 30 of the top 50 markets overall.
But the expense related to acquisitions created a net loss of $68.7 million applicable to SFX's common stock. Last year it posted a net income of $3.8 million.
