Ticketmaster has announced financial results for its fourth quarter and fiscal year ended December 31, 2008, which both reflect revenue growth even though the company reported a Q4 loss of $1.07 billion. Revenues for the quarter were $384.0 million, or 9.4 percent higher than the prior year, due to strategic acquisitions. Full year revenues were $1,454.5 million, or 17.3 percent greater than the prior year as a result of strategic acquisitions and higher average revenue per ticket. Those acquisitions included a controlling interest in management group Front Line as well as the acquisition of ticketing software provider Paciolan and online resaler TicketsNow. However, Ticketmaster reported a fourth-quarter loss of $1.07 billion due to a pre-tax impairment charge to goodwill, reflecting the decline in its share price and the recent uncertainty economy. Excluding charges, earnings fell 81 percent to $9.9 million, or 16 cents per share, which was below analyst predictions.

Ticketmaster also said that fourth quarter Adjusted Operating Income was $58.7 million, marking a decrease of 28 percent as a result of ticketing volume declines, severance costs associated with cost reductions, and foreign exchange volatility. Full year Adjusted Operating Income was $257.7 million, or 12.2 percent lower than the prior year, due to ticket volume declines and severance costs incurred in the latter part of 2008.

"Last year was a year of transition for Ticketmaster Entertainment, as it became an independently-traded public company and entered the artist management business through the acquisition of a controlling interest in Front Line Management Group," said CEO Irving Azoff. "While I'm pleased that in the midst of an evolving music industry and a challenged consumer environment we were able to show substantial growth in free cash flow, we won't be satisfied until we transform the company into the world's most innovative live entertainment services, marketing and distribution organization, working harder on behalf of fans and the artists, athletes and performers."

In related news, the U.S. Department of Justice has issued a request for additional information on the proposed merger between Ticketmaster and Live Nation, which was first announced on February 10. In a release, the two companies said the second request was expected and that they are cooperating with the Justice Department during the review. The companies expect to close the deal in the second half of the year.

And lastly, fans trying to buy tickets to Bruce Springsteen and the E Street Band's rehearsal shows in Asbury Park this week are angry at Ticketmaster once again for a ticketing snafu. Dozens of people reported that a glitch in the automated telephone system prompted them with a message that Ticketmaster wasn't selling tickets, before hanging up. However, Ticketmaster spokesman Albert Lopez says about 40 percent of the available tickets were sold via telephone and the system was working properly, according to Newsday. Springsteen fans also railed against Ticketmaster earlier this year when they tried to buy tickets online and were redirected to the site TicketsNow, which resells tickets at a higher price.