WMG Reports Mixed News For Q1
February 9, 2010 at 5:05 AM (PT)
WARNER MUSIC GROUP has released its Q1 financials, with the highlights:
* Total revenue of $918 million increased 3% from the prior-year quarter, and declined 2% on a constant-currency basis.
* Digital revenue was $184 million, or 20% of total revenue, flat sequentially from the fourth quarter of fiscal 2009, and up 8% from $171 million in the prior-year quarter. On a constant-currency basis, digital revenue grew 4% sequentially and was up 5% from the prior-year quarter.
* Operating income grew 15% to $47 million compared to $41 million in the prior-year quarter.
* Operating income before depreciation and amortization (OIBDA) was up 5% to $112 million from $107 million in the prior-year quarter.
* Net loss was ($0.11) per diluted share compared to net income of $0.15 per diluted share in the prior-year quarter. The prior-year quarter included a gain of $0.24 per diluted share related to the sale of the company's investment in FRONT LINE MANAGEMENT.
"We are pleased to have delivered stable revenue and OIBDA in our core Recorded Music and Music Publishing businesses despite ongoing recorded music industry pressures and macroeconomic headwinds," said Chairman/CEO EDGAR BRONFMAN, JR. "Our goals remain focused on delivering strong returns on A&R investments while we develop new business models, diversify our revenue mix and fortify our digital leadership position."