SFX Entertainment, Inc. (SFXE) Posts Q1 Loss of $0.73/Sh

SFX Entertainment, Inc. (NASDAQ: SFXE) reported Q1 EPS of ($0.73), which may note compere to the analyst estimate of ($0.17). Revenue for the quarter came in at $33.3 million, versus $10.15 million reported last year. Pro Forma Revenue (a non-GAAP measure, see definition and reconciliation below) for the three months ended March 31, 2014 was $38.1 million, while Pro Forma Adjusted EBITDA (a non-GAAP measure, see definition and reconciliation below) was a loss of $(11.9) million.

“Throughout the first quarter we made continued progress toward creating what is now the largest global producer of world-class live events and leading digital entertainment content focused exclusively on EMC,” commented Robert FX Sillerman, Chairman and CEO of SFX. “While it is the seasonally slowest period of the year, the first quarter served as a microcosm of our approach. Total festival attendance more than doubled year over year, on a pro forma basis, with half of the growth coming from new festivals, while repeat festivals saw attendance growth of 9% year over year and revenue growth of approximately 10%. Our festivals will grow by approximately 30% in 2014 to more than 70, compared to the 54 held in 2013. Much of this growth will be in North America, as we bring highly popular festivals like Mysteryland to the U.S. for the first time and bring Electric Zoo to Mexico. We are also introducing entirely new festivals, such as Don’t Let Daddy Know in the Netherlands and the Hudson Project in Saugerties, New York. Additionally, we see opportunities for further festival schedule expansion in North America, South America and Asia in 2015 and beyond.

For earnings history and earnings-related data on SFX Entertainment, Inc. (SFXE) click here.

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