PUTTING THE F BACK IN SFX

If we had a dollar for every company whose earnings and losses were both up, we could start our own.

SFX, the world's largest diversified promoter, posted a loss in the first quarter of $1.77 a share on revenues of $427.9 million. First quarter revenue last year was $276.1 million. Included in losses was charge of $7.6 million in connection with the pending sale of the company to Clear Channel Communications, Inc. Not included were losses incurred from the cost of paint needed to change the signs at Bill Graham Presents and Cellar Door to SFX.

Executive Chairman Robert F.X. Silerman credited strong business in the company's Theatrical, Motor Sports and Family Entertainment operations, as well as the fact that they sold a lot of tickets to "Elian The Musical." The company's seasonal outdoor concert business will grow as global warming extends the summer season. Silerman himself uses a dozen cans of hair spray a day in an effort to accelerate it.

SFX owns, operates or leases 125 venues in over half of the top 50 U.S. markets. Last year the company promoted or produced more than 7,800 concerts, 13,300 theatrical shows and 500 specialized sports and motor sports shows. And you thought Starbucks was ubiquitous.

SFX's merger with Clear Channel should be completed in the third quarter. Clear Channel recently announced first quarter profits of $0.51 per share. Profits? Did we read that right?