WMG Q1 Revenues Up Slightly
February 9, 2012 at 5:04 AM (PT)
WARNER MUSIC GROUP has announced its fiscal first-quarter financial results for the period ended DECEMBER 31st, 2011.
Overall revenues were up slightly, from $778 million in the same quarter in 2010 to $779 million now. Digital revenue showed some strength, up 17% from $187 million to $219 million. Operating income was up 44% from $27 million to $39 million, OIBDA up 10% from $90 million to $99 million.
"This quarter's results reflect a solid performance throughout WMG as we grew digital Recorded Music revenue and total Music Publishing revenue," said WMG CEO STEPHEN COOPER, "Going forward we will continue to focus on long-term artist development, revenue diversification and cost management."
"Our continued focus on executing cost savings and disciplined investing enabled us to increase OIBDA, OIBDA margin, total cash and Free Cash Flow in the quarter," added EVP/CFO BRIAN ROBERTS.