Ticketmaster reports strong first quarter results

Business Wire, June 10, 1997

LOS ANGELES--(BUSINESS WIRE)--June 10, 1997--Ticketmaster Group, Inc. (NASDAQ: TKTM) today reported revenues of $77 million for the first quarter of the 1998 fiscal year ended April 30, 1997, up 64.7% from revenues of $46.7 million in the first quarter of the 1997 fiscal year ended April 30, 1996. EBITDA (earnings before interest, taxes, depreciation and amortization) was $11.1 million in the fiscal 1998 first quarter, more than six times EBITDA of $1.8 million in the fiscal 1997 first quarter. Attributable EBITDA (including Ticketmaster's pro rata share of EBITDA of its unconsolidated joint ventures) was $12.2 million in the fiscal 1998 first quarter, more than three times attributable EBITDA of $3.6 million in the fiscal 1997 first quarter. Operating income was $6.8 million in the fiscal 1998 first quarter, approximately 17 times operating income of $0.4 million in the year ago period.

Pre-tax income in the fiscal 1998 first quarter was $4.7 million versus a pre-tax loss of $2.6 million in the fiscal 1997 first quarter. Net income in the fiscal 1998 first quarter was $1.9 million versus a net loss of $2.0 million in the fiscal 1997 first quarter. Earnings per share on a reported basis were $0.07 in the fiscal 1998 first quarter versus a loss of $0.13 in the year ago period. Ticketmaster sold 17.2 million tickets, including sales by its unconsolidated joint ventures, in the fiscal 1998 first quarter, up 12.9% from 15.3 million tickets in the year-ago quarter.

"We are pleased to report another quarter of solid earnings, reflecting continued double-digit percentage growth in our core ticketing business as well as increasingly strong results in our marketing and sponsorship programs and other entertainment- related businesses," said Fredric D. Rosen, President and Chief Executive Officer of Ticketmaster. "During the quarter, we also made significant progress in on-line ticketing, selling tickets valued at approximately $2.0 million in April alone, and establishing a marketing alliance with CitySearch, a leading provider of local city information on the World Wide Web. Ticketmaster is off to a good start in fiscal 1998, and we look forward to continuing this momentum during the balance of the year and beyond."

Ticketmaster is the world's leading computerized ticketing service, selling 60 million tickets a year through over 2,500 retail ticket center outlets, 16 nationwide telephone call centers, licensees, client box offices and Ticketmaster's Internet site. Ticketmaster serves more than 3,500 clients in the U.S., Canada, Mexico, Europe, and Australia. The company provides ticketing for 77 professional sports franchises and hundreds of leading arenas, stadiums, performing arts venues, and theaters. Clients receive comprehensive ticket inventory control and management, broad distribution, and dedicated marketing and support services. The public receives convenient access to tickets for more than 150,000 events a year, including a broad range of concerts, sports, family entertainment, performing arts, and movies.

Note To Editors -- See Financial Table Attached -0-

                    Ticketmaster Group, Inc.
                        And Subsidiaries
              Consolidated Statements of Operations
     (In thousands, except share and per share information)

                                 Three months ended April 30,
                                     1996            1997
Revenue:
  Ticketing operations            $  44,013      $  67,392
  Concession control systems              0          6,250
  Publications                        1,990          2,967
  Merchandising                         738            394
                                     46,741         77,003

Operating costs, expenses
 and other items:
  Ticketing operations               27,750         39,105
  Ticketing selling, general
   and administrative                 7,825         10,600
  Concession control systems operations   0          3,701
  Concession control systems
    selling, general and administrative   0          2,287
  Publications                        4,521          4,723
  Merchandising                         651            350
  Corporate general and
   administrative                     4,226          5,121
  Depreciation                        1,350          2,233
  Amortization of goodwill              448          1,028
  Amortization of other                 555          1,667
  Equity in net income of
    unconsolidated affiliates        (1,012)          (656)
     Operating income                   427          6,844

Other (income) expenses:
  Interest expense, net               2,912          2,100
  Minority interests                    144             43
     Income (loss) before
      income taxes                   (2,629)         4,701

Income tax provision (benefit)        (650)          2,820

     Net income (loss)        $     (1,979)      $   1,881

Net income (loss) per share   $      (0.13)      $    0.07

Weighted average number of common
  shares outstanding             15,310,405     25,483,402

Supplemental Information:
  EBITDA                       $      1,768    $    11,116
  Attributable EBITDA(a)       $      3,604    $    12,201
  Number of Tickets Sold
     Consolidated Businesses         10,466         14,808
     Unconsolidated Joint Ventures    4,802          2,425
     Total                           15,268         17,233


(a) Attributable EBITDA is EBITDA plus Ticketmaster's pro rata share
of EBITDA of unconsolidated joint ventures.