Ticketmaster qtr. revs jump 64% to $62.6 mil

Ticketmaster reported revenue of $62.6 million for the third quarter ended Oct. 31, a 64% increase over rev of $38.2 million during the same period last year.

Earnings before interest, taxes, depreciation and amortization were $7.2 million in the quarter, more than four times the EBITDA of $1.7 million for the same period last year.

Operating jump

Operating income for the ticketing giant was $4.7 million in the third quarter compared to $300,000 last year.

Pre-tax income was $1.4 million excluding a one-time gain of $3.2 million pre-tax from the sale of Ticketmaster’s interest in Video Jukebox Network Intl. Ltd., which runs the Box video net. The company had a pre-tax loss of $2.8 million in the third quarter of 1995.

Net income was $2.8 million (including the gain on the Box) compared to a net loss of $2.7 million last year.

Revenues were $162.5 million in the nine months ended Oct. 31, up 33% from revenues of $121.9 million in the same period last year.

The company used funds generated by an Initial Public Offering launched Nov. 27 to pay off $79.5 million in outstanding debt.

Jump in tix

Ticketmaster said it sold 14.9 million tickets in the 1996 third quarter compared to 12.8 million in 1995.

“This was a strong quarter for Ticketmaster, marked by higher revenues in our core ticketing business as well as increased revenues from our emerging businesses in promotions and sponsorships, publications and merchandising,” said Fredric D. Rosen, prexy and CEO of Ticketmaster.

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