2022-10-07 08:47:42
Warner Music Group Corp. Reports First-Quarter 2008 Results For The Period Ended December 31, 2007 market data/music

Mi2N – Music Industry News Network

* Total revenue of $989 million increased 7% from $928 million in the prior-year quarter, and grew 1% on a constant-currency basis.

* Digital revenue was $141 million, or 14% of total revenue, up 9% sequentially from $130 million in the fourth quarter of fiscal 2007 and up 41% from $100 million in the prior-year quarter.

* Operating income decreased 45% to $44 million from $80 million in the prior-year quarter. Operating income in the first quarter includes an $18 million impairment charge related to Bulldog Entertainment, an entertainment services company purchased in May 2007, a business we have since exited.

* Operating income before depreciation and amortization (OIBDA) fell 8% to $129 million from $140 million in the prior-year quarter.

* Net loss of $0.11 per diluted share, which reflects the previously noted $18 million or $0.12 per share impairment charge, declined from net income of $0.12 per diluted share in the prior-year quarter.

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