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Friday March 31, 8:02 am Eastern Time
Company Press Release
TBA Entertainment Reports Record Results for 1999
Year End
NASHVILLE, Tenn.--(BUSINESS WIRE)--March 31, 2000--TBA Entertainment
Corporation (Nasdaq NM: TBAE - news) today announced results for the 1999 fiscal year.
The company reported fiscal 1999 revenues, adjusted for discontinued operations, of $48,163,900, up 77% from
$27,272,700 for 1998. EBITDA from continuing operations (defined as net income from continuing operations plus equity
income and depreciation and amortization, less net interest income and plus net interest expense) rose to $3,510,900 in 1999
up 59% from $2,214,700.
Revenues per share from continuing operations were $5.64 as compared to $3.31 for the prior year.
EBITDA per share from continuing operations were $.41 as compared to $.27 for the previous year.
Diluted earnings per share from continuing operations were $.14, as compared to $.18 for the same period last year. Including
discontinued operations, net income was $1,526,000 for 1999, compared to $2,671,000 for 1998. Diluted earnings per share,
including discontinued operations, were $.18 in 1999 versus $.32 the year prior.
1999 1998 1997
------------- -------------- -------------
Revenues $ 48,163,900 $ 27,272,700 $ 6,437,100
EBITDA 3,510,900 2,214,700 (78,200)
Revenues Per Share $ 5.64 $ 3.31 $ 1.02
EBITDA Per Share .41 .27 (.01)
``We are pleased to report strong results for 1999, which reflect both significant internal growth and growth through
acquisitions,' said Thomas Jackson Weaver III, chairman and chief executive officer of TBA Entertainment Corporation. ``We
have constructed a profitable growth vehicle in TBA and are solidly positioned to sustain continued aggressive profitable
expansion in 2000 and beyond.'
During the past 12-month period, TBA concluded the acquisition of KGA, Inc., a full service merchandising company,
concluded the acquisition of Romeo Entertainment Group, one of the largest producers of outdoor fairs and festival in the
United States, concluded the acquisition of Mike Atkins Management, Inc., one of the largest management companies serving
contemporary Christian music, opened additional offices in Atlanta and Indianapolis and experienced significant internal
expansion through the addition of new account executives. Specific highlights from each of TBA's four divisions follow:
TBA's Corporate Communications & Entertainment division experienced significant growth and expansion during the 1999
year. The division opened an Atlanta office and grew internally with the addition of new account executives, creative directors
and producers in its existing offices throughout the country. During the 1999 year, the division experienced strong internal
growth producing 600 corporate meetings and private shows for companies such as Microsoft, Forstmann Little & Co.,
McDonalds, SAP America and more.
Entertainment Marketing and Special Events division expanded its entertainment marketing capabilities with the acquisition of
Romeo Entertainment Group, which produces more than 1,000 programs for fairs and festivals annually throughout the country
and in Canada annually. The division produced a number of major events during 1999 including several national televised
specials: Hard Rock Rockfest '99 for MTV and MTV2, NASCAR Rocks for TNN and CMA Awards Backstage Pass, a
worldwide pay per view special. The company also launched its own record label, TBA Records, in conjunction with its Merle
Haggard For The Record project.
TBA's Artist Management division grew significantly adding nine artists to the roster, which included Big Kenny, Jerry Kilgore,
Point of Grace, Jaci Velasquez, Wayne Watson, 4HIM, FFH, Scott Krippayne and Petra. These additions came through both
internal growth as well as the acquisition of Mike Atkins Management, Inc. of Nashville.
TBA's Event Merchandising division grew through the acquisition of KGA, Inc., a full service merchandising company
headquartered in Indianapolis, Indiana. The division executed events such as the AT&T Tennis Classic, Hard Rock Rockfest,
RCA Tennis Championships, Pilot Pen Tennis Tournament and other high profile sporting and entertainment events during
1999.
TBA Entertainment Corporation is a diversified entertainment company that will produce more than 2,000 events this year for
corporate clients and entertainers worldwide through its nationwide offices in Los Angeles, Nashville, New York, Chicago,
Dallas, Phoenix, Salt Lake City, San Diego, Atlanta, Indianapolis and Omaha. TBA produces corporate meetings and private
shows through its Corporate Communications and Entertainment division; develops innovative music marketing initiatives
including concert tours, fairs and festivals and television broadcasts through TBA's Entertainment Marketing and Special Events
division; designs, manufactures and fulfills merchandise for large entertainment and sporting events through TBA's Event
Merchandising division; and manages the careers of some of today's most successful entertainers through its Artist Management
division.
This press release contains statements relating to future results, which are forward-looking statements as that term is defined in
the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of
certain risks and uncertainties, including but not limited to, changes in general economic conditions, general competitive factors,
the company's ability to develop and implement operational and financial systems, to manage rapidly growing operations, the
company's ability to successfully complete and integrate its acquisitions and to implement operational improvements in its
acquired businesses, the seasonality and episodic nature of the company's businesses, as well as other risks and uncertainties
detailed from time to time in the Company's Securities and Exchange Commission filings. |
