Live Nation Reports First Quarter 2006 Financial Results

05/05/2006
                    - Consolidated Revenue Increases 16% -

                       - Positive Net Income Achieved -

LOS ANGELES, May 5 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV), a leading live event, venue management and digital distribution company, announced today first quarter financial results for the period ended March 31, 2006. Live Nation will discuss these results on a conference call today at 11:00 a.m. Eastern Daylight Time. A live broadcast of the conference call will be available on the company's website, located at www.livenation.com.

This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure(s), together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is included at the end of this press release.

The company reported revenues of $516.6 million in the first quarter of 2006, an increase of $72.1 million, or 16%, as compared to the first quarter of 2005. Included in revenue is a $9.1 million decline due to movements in foreign exchange.

Operating income for the quarter increased by $35.6 million to $8.1 million, including a $7.7 million gain from the sale of operating assets. Net income increased by $23.8 million to $1.1 million. Diluted earnings per share for the quarter amounted to $0.02.

OIBDAN (defined by the company as operating income (loss) before depreciation, amortization, loss (gain) on sale of operating assets and non-cash compensation expense) was $16.2 million in the first quarter of 2006, compared to a loss of $12.1 million in the first quarter of 2005. OIBDAN is a non-GAAP financial measure. A reconciliation of OIBDAN to operating income (loss) and net income (loss), its most directly comparable GAAP financial measures, is included at the end of this press release.

"We delivered strong revenue growth in the quarter led by healthy gains across the majority of our businesses," said Michael Rapino, Live Nation's Chief Executive Officer. "With the reorganization of our company complete and a more efficient cost structure in place we are now focused on aggressively executing our multi-pronged growth strategy. Our position as a global leader in live entertainment, our streamlined management team and our strong balance sheet provide us with a solid foundation from which to build our business. We believe we have an extraordinary opportunity to maximize the value of our assets, including our artist relationships, our network of venues and the millions of fans who attend our events annually. At the core of our business plan is our focus on increasing the value we provide to our customers before, during and after our events. We are vertically integrating toward the fan with the ultimate goal of positioning Live Nation as the place to go for live entertainment, products and services."

Mr. Rapino continued, "While it remains early in the implementation of our business plan, we are making progress across a wide spectrum of initiatives. A culture of accountability is taking hold across our operations and we are actively pursuing higher margin and more profitable opportunities. As we enter the busiest season of the year, we are pleased with the overall trends we are seeing across our businesses. We are confident that we will demonstrate tangible progress in implementing our strategy as the year unfolds."

Following Live Nation's spin-off from Clear Channel Communications, Inc. in December 2005, the company reorganized its business units and the way in which these businesses are assessed. Accordingly, beginning in 2006, the company changed its reportable operating segments to Events, Venues and Sponsorship, and Digital Distribution. The Events segment principally involves the promotion or production of live music shows, theatrical performances and specialized motor sports events. The Venues and Sponsorship segment principally involves the operation of venues and the sale of premium seats, national and local sponsorships and placement of advertising, including signage, promotional programs and naming of subscription series and venues. The Digital Distribution segment principally involves the management of the company's on-line and wireless distribution activities, including the development of the company's website and managing the company's in-house ticketing operations and third-party ticketing relationships. Included in the Digital Distribution revenue are ticket rebates earned on tickets sold by phone, outlet and over the internet, for events promoted by the Events division.

The company has reclassified all periods presented to conform to the current year presentation. Revenue and expenses earned and charged between segments are eliminated in consolidation.

    Segment Financial Information (unaudited)

                                        Venues and      Digital
    (in thousands)           Events     Sponsorship   Distribution     Other

    Three months ended
     March 31, 2006
    Revenue                $422,260       $77,559       $10,588       $9,006
    Direct operating
     expenses               353,083        26,676           249          671
    Selling, general
     and administrative
     expenses                53,387        53,061         2,298        7,269
    Depreciation and
     amortization             1,996        12,212            66          235
    Loss (gain) on sale
     of operating assets        (13)            4            --       (7,651)
    Corporate expenses           --            --            --           --
    Operating income
     (loss)                 $13,807      $(14,394)       $7,975       $8,482


    Three months ended
     March 31, 2005
    Revenue                $344,368       $74,613        $9,862      $20,497
    Direct operating
     expenses               285,607        26,488           393        6,960
    Selling, general
     and administrative
     expenses                66,296        45,638           749       10,363
    Depreciation and
     amortization             2,324        11,307            76          641
    Loss (gain) on sale
     of operating assets        (42)         (129)           --         (183)
    Corporate expenses           --            --            --           --
    Operating income
     (loss)                 $(9,817)      $(8,691)       $8,644       $2,716




    Segment Financial Information (unaudited)

                                                                 Consolidated
    (in thousands)                Corporate     Eliminations     and Combined

    Three months ended
     March 31, 2006
    Revenue                          $--          $(2,846)          $516,567
    Direct operating
     expenses                         --           (2,847)           377,832
    Selling, general
     and administrative
     expenses                         --                1            116,016
    Depreciation and
     amortization                    496               --             15,005
    Loss (gain) on sale
     of operating assets             (68)              --             (7,728)
    Corporate expenses             7,379               --              7,379
    Operating income
     (loss)                      $(7,807)             $--             $8,063


    Three months ended
     March 31, 2005
    Revenue                          $--          $(4,857)          $444,483
    Direct operating
     expenses                         --           (4,814)           314,634
    Selling, general
     and administrative
     expenses                         --              (15)           123,031
    Depreciation and
     amortization                  1,129               --             15,477
    Loss (gain) on sale
     of operating assets              (3)              --               (357)
    Corporate expenses            19,224               --             19,224
    Operating income
     (loss)                     $(20,350)            $(28)          $(27,526)



    Events

Events reported revenue of $422.3 million, an increase of $77.9 million, or 23%, as compared to the first quarter of 2005. This was attributable primarily to increased events, attendance and ticket prices for domestic music and motor sports events, offset by declines in our international music and global theater revenues.

The increase in our domestic music revenue is primarily due to an increase in the number of events by artists such as Billy Joel, Coldplay, Aerosmith, Toby Keith and Rascal Flatts, principally in third-party arenas. The decline in our international music revenue is due primarily to a decline in the number of high profile tours in the United Kingdom during the first quarter of 2006. The decrease in our global theater revenue is due to a decline in the number of events in 2006 as compared to 2005.

Events direct operating expenses increased $67.5 million, or 24%, during the three months ended March 31, 2006, as compared to the three months ended March 31, 2005, mainly due to an increase in our domestic direct operating expenses related to the increased revenues, partially offset by decreases in our international music and global theater direct operating expenses.

Selling, general and administrative expenses for the segment declined by $12.9 million, or 19%, in the first quarter of 2006, principally due to an $11.9 million reduction in legal contingencies and expenses as compared to the first quarter of 2005.

Operating income for the Events segment for the first quarter of 2006 was $13.8 million compared to a loss of $9.8 million for the prior year period. The improvement in operating income was primarily driven by improved results from domestic music and motor sports events and the above-mentioned decrease in legal contingencies and expenses.

Venues and Sponsorship

Venues and Sponsorship reported revenue of $77.6 million for the first quarter of 2006, an increase of $2.9 million, or 3.9%, as compared to the first quarter of 2005, reflecting a year-over-year increase in sponsorship revenues and the impact of the Mean Fiddler venues acquired in the third quarter of 2005. These increases were partly offset by lower revenues at some theatrical venues due to weaker content compared to the first quarter of 2005.

Although direct operating expenses remained flat compared to 2005, selling, general and administrative expenses for the segment increased by $7.4 million, or 16%, in the first quarter of 2006 primarily as a result of the acquisitions of a 50.1% interest in Mean Fiddler in the third quarter of 2005 and 51.0% interest in the Historic Theater Group in 2006, as well as costs associated with building a new global venue management team.

Venues and Sponsorship operating results for the first quarter of 2006 decreased to a loss of $14.4 million from a loss of $8.7 million for the prior year period. The decrease was attributable to the results for a few of our larger theatrical venues being down compared to 2005 based on available content in the first quarter of 2006 and due to additional costs incurred related to building the venue management team in 2006.

Digital Distribution

Digital Distribution reported revenue of $10.6 million for the first quarter of 2006, an increase of $0.7 million, or 7.4%, as compared to the first quarter of 2005, primarily due to additional ticket service charge rebates arising from the increase in the number of events and attendance within our Events division.

Digital Distribution's selling, general and administrative expenses increased $1.5 million during the three months ended March 31, 2006, as compared to the three months ended March 31, 2005, due primarily to the hiring of management and staff to run this division and build our on-line presence.

Operating income for the first quarter of 2006 for Digital Distribution was $8.0 million, a decrease of $0.7 million, or 7.7%, from the prior year period. This decrease is attributable to the increased costs related to building the management team and developing our on-line presence.

Other Operations

Our other operations, which includes our sports representation business and a number of other businesses that were sold or terminated in 2005, reported revenue of $9.0 million for the first quarter of 2006, a decrease of $11.5 million, or 56%, as compared to the first quarter of 2005. This was primarily due to a decrease in our sports business resulting from an Australian golf event managed in 2005 that we are no longer managing due to its relocation to another country, as well as the sale of a portion of our sports representation assets in Los Angeles.

Other direct operating expenses decreased $6.3 million, or 90%, during the three months ended March 31, 2006, as compared to the three months ended March 31, 2005, due primarily to the loss of the Australian golf event referred to above.

Operating income for the first quarter of 2006 for other operations increased to $8.5 million, an increase of $5.8 million from the prior year period. This increase is primarily due to the gain on the sale of a portion of the sports representation assets in Los Angeles, partially offset by the loss of income related to the Australian golf event.

Corporate Expenses

Corporate expenses decreased $11.8 million, or 62%, during the three months ended March 31, 2006, as compared to the three months ended March 31, 2005, primarily as a result of a reduction of $12.3 million in litigation contingencies and expenses compared to 2005.

Interest

Interest expense increased $7.2 million during the three months ended March 31, 2006 as compared to the same period of 2005, primarily due to interest expense related to our term loan and redeemable preferred stock issued at the time of the spin-off in December 2005. Our interest expense with Clear Channel Communications decreased $11.2 million during the three months ended March 31, 2006 as compared to the three months ended March 31, 2005 as this debt was repaid to, or contributed to our capital by, Clear Channel as of December 21, 2005.

Free Cash Flow

Free cash flow for the quarter amounted to $27.7 million, an increase of $11.8 million, or 74%, over the same period in 2005. This increase was driven by an increase in cash provided by operating activities of $15.7 million offset by an increase in maintenance capital expenditures of $4.0 million. Free cash flow is a non-GAAP financial measure. A reconciliation of free cash flow to net cash provided by operating activities, its most directly comparable GAAP financial measure, is included at the end of this press release.

Cash and Debt

Cash and cash equivalents at March 31, 2006, totaled $408.8 million, an increase of $5.1 million over the balance at December 31, 2005.

Total debt, including preferred stock, at March 31, 2006 totaled $406.3 million, a reduction of $0.5 million compared to the balance at December 31, 2005.

Stock Option Accounting

We adopted Financial Accounting Standards Board Standard No. 123 (revised 2004), Share-Based Payment, Statement 123(R), effective January 1, 2006. Statement 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We estimate fair value of our stock options at the date of grant using the Black-Scholes option pricing model. We chose the modified-prospective application of Statement 123(R) and recorded $0.5 million as part of non-cash compensation expense during the three months ended March 31, 2006. This expense was recorded to selling, general and administrative expenses in Events and Venues and Sponsorship for $0.3 million and $0.1 million, respectively, and in corporate expenses for $0.1 million.

Share Repurchase

On December 22, 2005, Live Nation's board of directors authorized a $150 million share repurchase program, effective through December 31, 2006. As of March 31, 2006, Live Nation had purchased 3.4 million shares for an aggregate purchase price of $42.7 million, including commissions and fees, at an average price of $12.65 per share. Subsequent to the first quarter of 2006, the company has not purchased any additional shares.

Live Nation will continue to base its decisions on amounts of repurchases and their timing on such factors as the stock price, general economic and market conditions and the company's debt levels. The repurchase program may be suspended or discontinued at any time. Shares of stock repurchased under the plan will be held as treasury shares.

    Other Significant Events During and Subsequent to the First Quarter

    *  On January 11, 2006, the company signed an exclusive deal to join a
       partnership between Korn and EMI.

    *  On January 25, 2006, the company announced a 15-year agreement to
       manage and promote the world famous Wembley Arena in London.

    *  On February 6, 2006, the company announced a partnership with Nokia to
       launch new live music service ticketrush.co.uk.

    *  On April 28, 2006, the company divested its interest in Planet
       Hollywood, Las Vegas, a venue project, to BASE Entertainment.  BASE
       Entertainment also purchased a minority interest in Andrew Lloyd
       Weber's Phantom at the Venetian and the touring property Cirque de
       Soleil/Delirium, which is itself a partnership with Cirque de Soleil
       American.

    Conference Call

The company will host a teleconference to discuss its first quarter 2006 financial results today Friday, May 5th at 11:00 a.m. Eastern Daylight Time/8:00 a.m. Pacific Daylight Time. To access the teleconference, please dial 973-582-2785 ten minutes prior to the start time. The teleconference will also be available via live webcast under the "About Us" portion of the company's website located at www.livenation.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Friday, May 12, 2006, which can be accessed by dialing 877-519-4471 (U.S.) or 973-341-3080 (Int'l), passcode 7304589. The webcast will also be archived on the company's website for 30 days.

About Live Nation

Live Nation is a leading live event, venue and digital distribution company focused on creating superior experiences for artists, performers, corporations and fans. Live Nation owns, operates or has booking rights for 153 venues worldwide and produced over 29,500 events in 2005. Live Nation operates more than 60 websites globally. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol "LYV". For more information regarding Live Nation and its businesses, please visit the company's website at www.livenation.com.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Live Nation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases "believe," "expect," "anticipate," "plans," and "estimates," and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Various risks that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, those described in Live Nation's Form 10-K for the year ended December 31,2005 and in the company's other filings with the SEC. Other unknown or unpredictable factors could have material adverse effects on Live Nation's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed herein may not occur. You are cautioned not to place undue reliance on these forward-looking statements. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

       CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)

                                                  Three months ended March 31,
                                                         2006        2005
                                                      (in thousands except
                                                     share and per share data)
    Revenue                                            $516,567    $444,483
    Operating expenses:
      Direct operating expenses                         377,832     314,634
      Selling, general and administrative expenses      116,016     123,031
      Depreciation and amortization                      15,005      15,477
      Gain on sale of operating assets                   (7,728)       (357)
      Corporate expenses                                  7,379      19,224
    Operating income (loss)                               8,063     (27,526)
    Interest expense                                      7,813         619
    Interest expense with Clear Channel Communications       --      11,188
    Equity in earnings of nonconsolidated affiliates      1,824         510
    Other income (expense) - net                           (239)        944
    Income (loss) before income taxes                     1,835     (37,879)
    Income tax benefit (expense):
      Current                                              (167)     12,151
      Deferred                                             (551)      3,001
    Net income (loss)                                     1,117     (22,727)
    Other comprehensive income, net of tax:
      Unrealized holding gain on cash flow derivatives      492          --
      Foreign currency translation adjustments            3,678       9,583
    Comprehensive income (loss)                          $5,287    $(13,144)
    Net income per common share:
      Basic                                                $.02
      Diluted                                              $.02
    Weighted average common shares outstanding:
      Basic                                          63,971,508
      Diluted                                        64,480,376



          CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                         Three months ended
                                                              March 31,
                                                          2006        2005
                                                            in thousands)
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net income (loss)                                    $1,117    $(22,727)
    Reconciling items:
      Depreciation                                       14,748      14,780
      Amortization of intangibles                           257         697
      Deferred income tax expense (benefit)                 551      (3,001)
      Amortization of debt issuance costs                   105          --
      Current tax benefit dividends to owner                 --     (14,182)
      Non-cash compensation expense                         861         343
      Gain on sale of operating assets                   (7,728)       (357)
      Loss on sale of other investments                   2,257          --
      Equity in earnings of nonconsolidated affiliates   (1,824)       (510)
      Minority interest expense (income)                   (835)        173
      Decrease in other - net                                --         (17)
    Changes in operating assets and liabilities,
     net of effects of acquisitions:
      Increase in accounts receivable                   (13,067)    (10,777)
      Increase in prepaid expenses                      (96,978)   (141,555)
      Decrease (increase) in other assets                 7,204     (14,758)
      Increase (decrease) in accounts payable,
       accrued expenses and other liabilities           (20,061)      7,436
      Increase in deferred income                       152,744     209,003
      Decrease in minority interest liability              (194)     (1,090)
        Net cash provided by operating activities        39,157      23,458
    CASH FLOWS FROM INVESTING ACTIVITIES
    Decrease (increase) in notes receivable, net         (4,719)        865
    Decrease (increase) in investments in, and
     advances to, nonconsolidated affiliates - net       (4,248)        346
    Proceeds from disposal of other investments           1,743          --
    Purchases of property, plant and equipment          (17,158)    (22,607)
    Proceeds from disposal of operating assets           12,136         133
    Acquisition of operating assets                      (2,177)        656
    Decrease in other - net                                  98          12
        Net cash used in investing activities           (14,325)    (20,595)
    CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from debt with Clear Channel
     Communications                                          --      37,337
    Payments on long-term debt                             (779)       (287)
    Payments for purchase of common stock               (24,717)         --
        Net cash provided by (used in) financing
         activities                                     (25,496)     37,050
    Effect of exchange rate changes on cash               5,777       2,675
        Net increase in cash and cash equivalents         5,113      42,588
    Cash and cash equivalents at beginning of period    403,716     179,137
    Cash and cash equivalents at end of period         $408,829    $221,725



                           CONSOLIDATED BALANCE SHEETS

                                                     March 31,   December 31,
                                                       2006          2005
                                                   (unaudited)    (audited)
                                                         (in thousands)
                      ASSETS
    CURRENT ASSETS
    Cash and cash equivalents                        $408,829      $403,716
    Accounts receivable, less allowance of
     $9,184 as of March 31, 2006 and $9,518
     as of December 31, 2005                          196,229       190,207
    Prepaid expenses                                  212,369       115,055
    Other current assets                               37,345        46,714
        Total Current Assets                          854,772       755,692
    PROPERTY, PLANT AND EQUIPMENT
    Land, buildings and improvements                  919,220       910,926
    Furniture and other equipment                     169,534       166,004
    Construction in progress                           46,939        39,856
                                                    1,135,693     1,116,786
    Less accumulated depreciation                     322,231       307,867
                                                      813,462       808,919
    INTANGIBLE ASSETS
    Definite-lived intangibles - net                   12,172        12,351
    Goodwill                                          140,655       137,110
    OTHER ASSETS
    Notes receivable, less allowance of $745
     as of March 31, 2006 and December 31, 2005         4,028         4,720
    Investments in, and advances to,
     nonconsolidated affiliates                        36,903        30,660
    Other assets                                       30,310        27,132
        Total Assets                               $1,892,302     $1,776,584

          LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES
    Accounts payable                                  $40,563       $37,654
    Deferred income                                   386,150       232,754
    Accrued expenses                                  375,071       405,507
    Current portion of long-term debt                  25,939        25,705
        Total Current Liabilities                     827,723       701,620
    Long-term debt                                    340,363       341,136
    Other long-term liabilities                        40,540        30,766
    Minority interest liability                        25,618        26,362
    Series A and Series B redeemable
     preferred stock                                   40,000        40,000
    Commitments and contingent liabilities
    SHAREHOLDERS' EQUITY
    Common stock                                          672           672
    Additional paid-in capital                        748,798       748,011
    Retained deficit                                  (86,446)      (87,563)
    Cost of shares held in treasury                   (42,719)      (18,003)
    Accumulated other comprehensive loss               (2,247)       (6,417)
        Total Shareholders' Equity                    618,058       636,700
        Total Liabilities and
         Shareholders' Equity                      $1,892,302    $1,776,584



    RECONCILIATIONS OF NON-GAAP MEASURES TO THEIR MOST DIRECTLY COMPARABLE
    GAAP MEASURES (UNAUDITED)

    Reconciliation of OIBDAN to operating
     income (loss) and net income (loss)                Three months ended
     - Consolidated and Combined                            March 31,
                                                        2006         2005
                                                          (in thousands)

    OIBDAN                                            $16,201      $(12,063)
    Depreciation and amortization                      15,005        15,477
    Loss (gain) on sale of operating assets            (7,728)         (357)
    Non-cash compensation expense                         861           343
    Operating income (loss)                             8,063       (27,526)
    Interest expense                                    7,813           619
    Interest expense with Clear Channel Communications     --        11,188
    Equity in earnings of nonconsolidated affiliates    1,824           510
    Other income (expense) - net                         (239)          944
    Income (loss) before income taxes                   1,835       (37,879)
    Income tax benefit (expense):
        Current                                          (167)       12,151
        Deferred                                         (551)        3,001
    Net income (loss)                                  $1,117      $(22,727)


    Reconciliation of free cash flow to                 Three months ended
     net cash provided by operating activities              March 31,
                                                        2006         2005
                                                          (in thousands)

    Free cash flow                                    $27,722       $15,924
    Maintenance capital expenditures                   11,435         7,534
    Net cash provided by operating activities         $39,157       $23,458


    Definitions and Use of Non-GAAP Measures

    OIBDAN is a non-GAAP financial measure that the company defines as
    operating income (loss) before depreciation, amortization, loss (gain) on
    sale of operating assets and non-cash compensation expense.  The company
    uses OIBDAN to evaluate the performance of its operating segments.  The
    company believes that information about OIBDAN assists investors by
    allowing them to evaluate changes in the operating results of the
    company's portfolio of businesses separate from non-operational factors
    that affect net income, thus providing insights into both operations and
    the other factors that affect reported results.  OIBDAN is not calculated
    or presented in accordance with U.S. generally accepted accounting
    principles.  A limitation of the use of OIBDAN as a performance measure is
    that it does not reflect the periodic costs of certain capitalized
    tangible and intangible assets used in generating revenues in the
    company's business.  Accordingly, OIBDAN should be considered in addition
    to, and not as a substitute for, operating income (loss), net income
    (loss), and other measures of financial performance reported in accordance
    with U.S. GAAP.  Furthermore, this measure may vary among other companies;
    thus, OIBDAN as presented above may not be comparable to similarly titled
    measures of other companies.

    Free cash flow is a non-GAAP financial measure that the company defines as
    cash flow from operations less maintenance capital expenditures.  The
    company uses free cash flow, among other measures, to evaluate the ability
    of its operations to generate cash that is available for purposes other
    than maintenance capital expenditures.  Management believes that
    information about free cash flow provides investors with an important
    perspective on the cash available to service debt, make acquisitions and
    repurchase shares.

SOURCE  Live Nation
    -0-                             05/05/2006
    /CONTACT:  Investors, Mike Smargiassi or Jonathan Lesko, both of Brainerd
Communicators, +1-212-986-6667, for Live Nation; or Press, John Vlautin of
Live Nation, +1-310-867-7127/
    /Web site:  http://www.livenation.com /
    (LYV)

CO:  Live Nation
ST:  California
IN:  ENT CPR MLM
SU:  ERN CCA

LP
-- LAF025 --
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