SFX Posts Q2 Loss

Although it doubled its revenue, the company reported heavier losses during the period. Revenue for the three and six months ended June 30 totaled $82 million and $115.3 million, respectively.

Direct costs for the three and six months ended June 30 totaled $61.5 million and $84. 4 million, respectively. Net loss and net loss per share was $3.7 million and $.50 for the three-month period. Analysts had predicted a loss of 14 cents per share.

For the six-month period, the loss was $107.2 million and $1.23 respectively.

Adjusted EBITDA was a loss of $10.2 million and $22.2 million for three months and six months. SFX claimed attendance rose more than 70 percent year over year as the company held 17 festivals versus 14 during the same period last year.

The market responded favorably, with stock rising nearly 4 percent.

Click here for SFX’s full statement.