SFX: reshuffling staff
Its net loss improves somewhat from $56 million to $41.5 million. It is difficult to compare year-to-year financial statements for a company that is changing as rapidly as SFX, but the numbers do give an indication of how the firm is performing. Also, the winter is not the high season for events, so that offers hope for an even better performance in Q2 and Q3.
"The progress SFX continues to make with our operating initiatives, including the successful re-launch of Beatport as the leading mobile and streaming app for EDM fans around the world, reinforces my belief that value is being created in the business," said Robert F.X. Sillerman, Chairman and CEO of SFX in a statement.
Sillerman is still looking to take the company private with a massive stock buy-back. In an earnings call, Sillerman discussed the offer of $4.75 per share of approximately 62.6 percent of the outstanding stock he does not already own. This would be higher than the current value of the company's stock.
A group of three board members are still reviewing Sillerman's buy-back plan, which he is "quite optimistic" about an agreement on price, though CEO is open to new offers according to Billboard.
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