RealTime IT News

Revenues Up, But Ticketmaster-CitySearch Posts Loss

Ticketmaster Online-CitySearch recorded higher revenues but posted a net loss for the second quarter of $22.9 million, compared to a pro forma net loss of $18.4 million in the same period a year earlier.

Revenues were $25.5 million, up substantially from pro forma revenues of $8.9 million in the second quarter of 1998. The pro forma results are presented as if Ticketmaster Online and CitySearch had been combined as of January 1, 1998.

"The second quarter was exceptional for us from a revenue growth standpoint in both our City Guide and Ticketing businesses," said Charles Conn, chief executive officer of Ticketmaster Online-CitySearch.

"Our recently announced acquisition of the entertainment City Guide part of MSN Microsoft Sidewalk, and our other previously announced acquisitions of Match.Com and the One and Only Network, help lay the groundwork for continued growth."

The company's EBITDA loss for the quarter before merger and transaction costs was $7.1 million, or approximately 32% wider than in the year-ago period. The increase in EBITDA loss was primarily attributable to the continued rollout of new owned and operated city guides and other new local initiatives, the company said.

Ticketing revenue increased 380 percent in the second quarter of 1999 over the comparable year-ago period. Ticketmaster Online sold 2.6 million tickets in the quarter at an average convenience and handling charge of $6.68 per ticket. Revenue in the City Guide and related business increased 86 percent in the second quarter over the comparable year-ago period.

Ticketmaster Online-CitySearch also operates CityAuction, Match.Com, and LiveDaily. TMCS has also agreed to add One & Only Network later this summer.