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Live Nation Q3 results

A NIGHT ON THE TOWN: Live Nation’s strategy of scaling back the number of shows, lowering ticket prices and trimming service fees appears to be paying off thus far this year, as the concert power has rebounded from a $104-million loss a year ago to a $16.5 million profit for the first nine months of 2011. Although revenue was down 2.5% to $1.79 billion in the quarter ended Sept. 30, net income improved 1.4% to $51.7 million. The company's adjusted operating income, which excludes acquisition and other expenses, was $203.6 million for the third quarter, narrowly beating analysts' expectations of $202 million. "Live events are a strong…consumer proposition, despite the tough economic times," LN chief Michael Rapino told analysts during a discussion of the company's Q3 results Thursday. In a statement, he added, "We believe the stabilization of consumer demand for live events will continue into 2012." Analyst David Joyce offered a positive appraisal of the concert business to the L.A. Times: "This demonstrates that, in good times or bad, people still go to at least one concert a year." (11/4a)

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