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Ticketmaster 1Q Profit Falls On Lower Ticket Sales

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May 12, 2009 1:46 pm US/Pacific

Ticketmaster 1Q Profit Falls On Lower Ticket Sales

WEST HOLLYWOOD, Calif. (AP) ―

Click to enlarge 1 of 1: Ticketmaster Entertainment Inc. said first-quarter earnings fell 78 percent.
AP

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Ticketmaster Entertainment Inc. said first-quarter earnings fell 78 percent as ticket sales slowed and a ticketing agreement with merger partner Live Nation ended.

The ticketing company said it earned $7.2 million, or 12 cents per share. That compares with a profit of $32.7 million, or 58 cents per share, in the year-ago period.

Adjusted for one-time items, profit was 21 cents per share.

The company said revenue rose by 7 percent to $373.8 million from $349 million, buoyed by acquisitions.

Ticketmaster and Live Nation ended a long-term contract last year. In February, though, the two parties said they agreed to merge.