SFX Reports Q2 Losses

SFX Entertainment today reported a net loss of $48 million and diluted loss of $0.52 per share for the second quarter, and $89.6 million and $0.92 for the year to date, three days before CEO Robert Sillerman’s deadline to procure financing on his buyout of the company’s outstanding shares.

The EDM promoter still managed to outperform forecasts, posting revenue of $121.1 million in Q2 and beating the Street’s expectation of $107 million, according to analysts surveyed by Zacks.

In the final minutes of trading before the release of financial reports, SFX dropped to $2.36 per share, down $0.69 – or about 20 percent – from the previous day’s close.