SFX Posts Q1 Loss

SFX Entertainment narrowed losses from a year ago, from just more than $56 million in 2014 to $41.53 million in 2015, the company revealed in its first quarterly report of the year, released May 11.

Revenue for the first quarter was $52.2 million, compared with $33.3 million a year ago. Of that, 75.7 percent of which was derived from festival and live events, and sponsorship-related activities.

Sales of music files, merchandise, and food and beverage accounted for $13.2 million.

SFX produced and promoted 251 events in the first three months of the year, including 12 festivals with more than 10,000 attendance, and more than 751,000 fans clicking the turnstiles. It expects those numbers to increase in subsequent quarters of 2015 with seasonal fluctuations attributable to an increase in warm-weather, outdoor festivals.

The company also reported its board of directors has formed a committee that continues to review a nonbinding cash offer by Robert F.X. Sillerman to purchase outstanding SFXE shares for $4.75 per share, and consider alternatives to that proposal.

SFXE stock closed at $4.16 May 11.