01—Abstract
Summary
Summary of the 10-K/A filed April 23, 2009. Cited figures are marked; the original filing is the authoritative source.
This Amendment No. 2 to Form 10-K, filed by Live Nation, Inc. on April 23, 2009, amends only Item 15 of the Company's Annual Report for the year ended December 31, 2007.
Its sole purpose is to add separate audited financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, as required by Rule 3-09 of Regulation S-X. The amendment states that it does not change any other information in the original 10-K filed February 29, 2008, and it consists solely of the cover page, explanatory note, Item 15, signatures, and consents and certifications. The included Broadway in Chicago financials show 2007 net income of $20.14 milliona on total ticket sales plus other income of $74.54 million, compared with net income of $14.22 million in 2006.
Members' equity rose to $6.01 millionb at December 31, 2007, from $3.28 million a year earlier, after distributions to members of $17.41 million in 2007. Cash and cash equivalents were $33.62 million at year-end 2007, up from $20.74 million. The company reports no income tax provision because taxes are the liability of individual members.
For Live Nation investors, the filing's main relevance is disclosure about the Company's stake in this theatre entity. The filing states that on December 17, 2007, SFX Entertainment, Inc. and Pace Theatrical Group, Inc., both Live Nation subsidiaries, sold their ownership interests in Broadway in Chicago to Laurence Chicago, LLC. The filing does not provide consolidated Live Nation results for 2008 or 2007 in this amendment.
02—Key points
Key Highlights
- Amendment No. 2 is filed solely to add Rule 3-09 financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, and amends no other part of the original 10-K for 2007.
- Broadway in Chicago reported 2007 net income of $20.14 million, up from $14.22 million in 2006.
- Total 2007 revenue (ticket sales plus other income) was $74.54 million, compared with $59.77 million in 2006.
- Members' equity increased to $6.01 million at December 31, 2007, from $3.28 million, after $17.41 million of distributions to members.
- Cash and cash equivalents were $33.62 million at December 31, 2007, versus $20.74 million a year earlier.
- On December 17, 2007, Live Nation subsidiaries SFX Entertainment, Inc. and Pace Theatrical Group, Inc. sold their interests in the Broadway in Chicago entity to Laurence Chicago, LLC.
- The entity's advance ticket sales were $28.88 million at year-end 2007, up from $20.78 million, and minimum future lease commitments total $9.16 million.
03—Questions
Frequently Asked Questions
Why was this amended 10-K filed?
The filing states it was made solely to amend Item 15 to include separate audited financial statements of Broadway in Chicago, L.L.C. under Rule 3-09 of Regulation S-X. The 2005 income statement, which was omitted from Amendment No. 1, is now included.
Does this amendment change Live Nation's 2007 annual results?
No. The filing states that it does not change any other information in the original Form 10-K for the year ended December 31, 2007, filed February 29, 2008.
How did Broadway in Chicago perform in 2007?
The entity reported net income of $20,137,747 in 2007, compared with $14,215,180 in 2006, on total revenues of $74,537,215 versus $59,765,968.
What happened to Live Nation's ownership interest in Broadway in Chicago?
The filing states that on December 17, 2007, SFX Entertainment, Inc. sold its 33.33% ownership interest to Laurence Chicago, LLC, and Pace Theatrical Group, Inc. sold its 50% interest in Palace Operating, LLC to the same buyer.
Does Broadway in Chicago pay income taxes?
No provision for income taxes is made, because any taxes are the liability of the individual members.
04—Continue