Posts a 16% rise over first quarter 2005.
Live Nation, the world’s largest concert promoter and live event producer, rang up $516.6 million in revenues for the first quarter of 2006, an increase of $72.1 million, or 16%, over Q1 2005.
Operating income for the quarter increased by $35.6 million to $8.1 million, including a $7.7 million gain from the sale of operating assets. Net income increased by $23.8 million to $1.1 million.
OIBDAN (defined by the company as operating income or loss before depreciation, amortization, loss or gain on sale of operating assets and non-cash compensation expense) was $16.2 million in the first quarter of 2006, compared to a loss of $12.1 million in the first quarter of 2005.
Live Nation’s positive Q1 numbers parallel an uptick in the overall concert business, as evidenced by a 28% increase in concert grosses reported to Billboard Boxscore in the first quarter (Billboard.biz, April 17).