Despite a small increase in digital revenue Warner Music Group posted a $17 million loss or $.11 per diluted share for the 1st quarter of its fiscal year which ended December 31st.
- 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 WMG’s investment in Front Line Management.
- Free Cash Flow (cash flow from operations less capital expenditures and cash paid or received for investments) was negative $44 million, compared to positive $160 million in the comparable fiscal 2009 quarter, which included $123 million from the sale of the company’s Front Line Management stake.
- Unlevered After-Tax Cash Flow (defined as Free Cash Flow excluding cash interest paid) was $37 million, compared to $205 million in the comparable fiscal 2009 quarter, which included $123 million from the sale of Front Line.
February 10, 2010 at 3:10 pm |
In other words, musicians might wanna keep their day jobs.