LN Posts 3Q Loss

Live Nation posted a third quarter earnings loss of $9.1 million, or 14 cents per share, compared with a profit of $26.2 million in the year-ago period, the company announced in an earnings call November 7th.

Revenue rose to $1.35 billion from $998.4 million a year ago. Live Nation was spun off from Clear Channel Communications to become a publicly traded company in December 2005.

Analysts polled by Thomson Financial had expected a profit of 67 cents per share.

Direct operating expenses rose to $1.12 billion, up from $781.3 million in the year-ago period. Depreciation and amortization charges rose to $62.6 million from $15.6 million in the third quarter of 2005.

Live Nation also said it expects to incur extra expenses of $6 million to $7 million related to its $354 million acquisition of House of Blues Entertainment, but added the deal is also expected to ultimately provide some $15 million in cost savings. The deal to purchase HoB was closed the day before the earnings call.

CEO Michael Rapino acknowledged during the call that unspecified venues were on the chopping block, given the company’s ongoing evaluation of properties. Additionally, Rapino said the company was looking ahead to acquiring more mid-sized venues and expanding internationally.