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UMG Reports Q1 Earnings Growth
May 19, 2006 at 4:24 PM (PT)
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UNIVERSAL MUSIC GROUP (UMG) reports that Q1 earnings have increased to $114.9 million from $48.5 million for the same period last year. While the gain can primarily be attributed to the company's recovery of a cash deposit of $63.85 million from the UNITED STATES DISTRICT COURT following UMG's successful appeal of an unfavorable decision after trial in a the 2003 lawsuit brought by TVT RECORDS and TVT MUSIC, INC. (NET NEWS 1/17), the company does report higher sales volumes for the quarter.

