01—Abstract
Summary
Summary of the 10-K/A filed March 31, 2008. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 1) of Live Nation, Inc. for the fiscal year ended December 31, 2007 was filed solely to add the separate audited financial statements of Broadway in Chicago, L.L.C.
(BIC), an unconsolidated subsidiary, as required under Rule 3-09 of Regulation S-X. The filing states that the audit of BIC was not complete when the original Form 10-K was filed on February 29, 2008. Item 15 is the only portion amended; all other information in the original report is unchanged.
The filing reports 74,938,143 shares of common stock outstanding as of February 22, 2008, and aggregate market value held by non-affiliates of approximately $1.2 billiona as of June 30, 2007. The amendment's substance is BIC's financials. BIC reported 2007 ticket sales of $24,833,555 and total revenues of $74,537,215, with net income of $20,137,747 compared with $14,215,180 in 2006.
Its cash and cash equivalents rose to $33,618,676b at year-end 2007 from $20,744,075, and it made distributions to members of $17,406,776 in 2007. On December 17, 2007, SFX Entertainment, Inc. and Pace Theatrical Group, Inc., both Live Nation subsidiaries, sold their interests in BIC to Laurence Chicago, LLC, as disclosed in the notes.
The filing does not contain the company's consolidated financial results, which the filing says appear in Item 8 of the original Annual Report. Investors seeking Live Nation's full-year operating results should refer to that original filing.
02—Key points
Key Highlights
- Amendment No. 1 was filed solely to amend Item 15 and add Broadway in Chicago, L.L.C. financial statements under Rule 3-09 of Regulation S-X.
- BIC's 2007 total revenues were $74,537,215, up from $59,765,968 in 2006, with income from operations of $17,673,699.
- BIC's 2007 net income was $20,137,747, compared with $14,215,180 in 2006.
- BIC's cash and cash equivalents were $33,618,676 at December 31, 2007, and net cash provided by operating activities was $28,963,489.
- BIC distributed $17,406,776 to its members in 2007, compared with $19,218,500 in 2006.
- Live Nation subsidiaries SFX Entertainment, Inc. and Pace Theatrical Group, Inc. sold their BIC interests to Laurence Chicago, LLC on December 17, 2007.
- The filing reports 74,938,143 shares of common stock outstanding as of February 22, 2008.
03—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The filing states that it was filed to add the separate financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, as required under Rule 3-09 of Regulation S-X. The audit of BIC was not completed when the original Form 10-K was filed on February 29, 2008.
Does this amendment change Live Nation's main financial results?
No. The filing states that Item 15 is the only portion amended and that the amendment does not change any other information in the original Form 10-K for the year ended December 31, 2007.
What were Broadway in Chicago's financial results for 2007?
BIC reported total revenues of $74,537,215, income from operations of $17,673,699, and net income of $20,137,747 for 2007, compared with $59,765,968, $12,144,943, and $14,215,180 respectively for 2006.
What happened to Live Nation's ownership interest in Broadway in Chicago?
On December 17, 2007, SFX Entertainment, Inc. sold its 33.33% ownership interest in BIC to Laurence Chicago, LLC. Pace Theatrical Group, Inc. also sold its 50% interest in Palace Operating, LLC, which holds a 33.33% interest in BIC, to the same buyer.
Where can investors find Live Nation's consolidated financial statements?
The filing states that the consolidated and combined financial statements are included in Item 8 of the Company's original Annual Report on Form 10-K filed on February 29, 2008.
04—Continue