Live Nation reports losses tripled

    Live events firm's annual net loss was $228 million in 2010.
    Live Nation attributes dwindling profit margins to flagging concert attendance.
    Live Nation attributes dwindling profit margins to flagging concert attendance.

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    Live Nation reports its net loss for 2010 more than tripled as concert attendance fell.

    The annual net loss through December 31 hit $228 million, or $1.39 per share, from $60 million, or 73 cents per share, a year ago.

    The company did not break out the quarterly loss. But its cumulative net loss over nine months through September was $95 million. With 164 million shares outstanding, that amounts to 58 cents per share.

    Revenue in the quarter fell 2 per cent to $1.24 billion and was down 9 per cent for the year at $5.06 billion.

    Analysts surveyed by FactSet expected Live Nation to post a quarterly adjusted loss of 17 cents on revenue of $1.12 billion.

    For the full year, analysts expected revenue of $4.95 billion.

    In a statement, CEO Michael Rapino said the economic environment "remains challenging given pressure on the consumer," but said he was encouraged by ticket sales trends so far in 2011.

    He said the pipeline of artists planning to tour this year was "strong," and he said the company was trying to better price and promote its shows while managing costs.

    Live Nation shares were flat in after-hours trading, after closing up 5 cents at $10.63 in the regular session on Monday.

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