01—Abstract
Summary
Summary of the 10-K/A filed March 30, 2007. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 1) by Live Nation, Inc. (now Live Nation Entertainment, Inc.), filed March 30, 2007, is a limited-scope amendment for the year ended December 31, 2006.
It amends only Item 15 (Exhibits and Financial Statement Schedules) and does not change any other information in the original Annual Report filed March 1, 2007. Its stated purpose is to add the audited financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, under Rule 3-09 of Regulation S-X, along with the related accountant's consent and certifications. The Broadway in Chicago financials show total assets of $25,684,436a at December 31, 2006, down from $33,704,194 in 2005, and members' equity falling to $3,283,709 from $8,287,029.
Ticket sales were $19,161,096b and total other revenue was $40,604,872 for 2006, producing net income of $14,215,180 versus $11,940,008 in 2005. The company paid $19,218,500 in distributions to members in 2006, compared with $5,797,000 in 2005, which largely accounts for the decline in equity and cash.
The amendment also lists the Live Nation exhibit index, including the Credit Agreement and its amendments, the Clear Channel separation agreements, and the HOB Entertainment merger agreement. The filing itself does not present consolidated Live Nation results; those appear in the original 10-K's Item 8, which this amendment does not restate.
02—Key points
Key Highlights
- Form 10-K/A amends only Item 15; all other information in the original March 1, 2007 Form 10-K is unchanged.
- Adds audited financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, under Rule 3-09 of Regulation S-X.
- Broadway in Chicago total revenue was $59,765,968 in 2006, up from $49,514,866 in 2005.
- Broadway in Chicago net income rose to $14,215,180 in 2006 from $11,940,008 in 2005.
- Members received $19,218,500 in distributions in 2006, versus $5,797,000 in 2005, reducing members' equity to $3,283,709.
- Total assets of the subsidiary fell to $25,684,436 from $33,704,194, with cash declining to $20,744,075.
- Exhibits list references the Credit Agreement dated December 21, 2005, as amended, and the HOB Entertainment merger agreement dated June 30, 2006.
03—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The filing states that it amends Item 15 to include the separate financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, as required by Rule 3-09 of Regulation S-X, together with the accountant's consent and certifications.
Did the amendment change Live Nation's consolidated financial results?
No. The filing states that it does not change any other information in the original Annual Report on Form 10-K for the year ended December 31, 2006, and consists solely of the cover page, explanatory note, Item 15, signatures, consent and certifications.
How did Broadway in Chicago perform in 2006?
Net income was $14,215,180 in 2006 compared with $11,940,008 in 2005, on total revenue of $59,765,968 versus $49,514,866. Net cash provided by operating activities was $10,657,465 in 2006 versus $20,696,399 in 2005.
What drove the decline in the subsidiary's equity and cash?
Members' equity fell to $3,283,709 from $8,287,029 because distributions to members of $19,218,500 exceeded net income of $14,215,180 for the year. Cash and cash equivalents decreased to $20,744,075 from $28,014,123.
Where can the full Live Nation financial statements be found?
The filing states that the consolidated and combined financial statements are included in Item 8 of the Company's Annual Report on Form 10-K filed on March 1, 2007, and are not restated in this amendment.
04—Continue