SFX Shares Drop After Report
The festival and EDM company reported a net loss of 48 cents a share in Q4, missing Thomson Reuters expectations of net income of 6 cents per share.
Quarterly revenue of $84.16 million also fell well short of estimates of $112.85 million, according to TheStreet.com. SFX shares have lost more than 40 percent of value since the company’s mid-October IPO.
Results were released with a typically rosy statement from Sillerman.
“Our operating and financial accomplishments in 2013 and 2014 to date are a gratifying testimonial to our people and our vision,” Sillerman is quoted in a company press release.
Sillerman said the compnay has scheduled “in excess” of 65 major festivals, a 20 percent increase from 2013.
The market responded with a thud – shares dipped to as low as $5.70 at one point during the conference call.
Shares were trading at $8.70 just 12 minutes before the earnings call began at 10 a.m. EDT.
At the end of trading, shares had risen somewhat to $6.81 but finished with a nearly 12 percent drop for the day. But the steep decline coincided with an allegedly profanity-laced earnings call during which an analyst reportedly questioned Sillerman’s sanity.
The remarks were said to be triggered by a video of the roll-up king posted earlier in the week on Instagram, showing Sillerman decked out in a sideways baseball cap, large gold chain and dollar-sign medallion and gesturing with his middle finger.
“We just want to make sure you are still sane,” the analyst reportedly said during the call.