Warner Music Announces Fiscal Q4, Full-Year Results
December 13, 2012
Warner Music Group has announced its financial results for the company's fiscal fourth quarter, as well as the full year, which ended September 30. In Q4, revenue was up by 1.8 percent, with both physical and digital recorded music sales up in the quarter, to $731 million. Digital revenue was up by 14.8 percent in fiscal Q4 to $241 million. Operating income was up to $41 million, compared to a $21 million loss a year earlier. Net loss shrunk by 83 percent to $18 million in Q4.
For WMG's full fiscal year, revenue was down three percent to $2.78 billion. Digital revenue grew by 13 percent to $925 million, from $820 million a year ago. Operating income grew by 241 percent to $109 million, while net loss shrunk by 45 percent to $112 million.
"We had a very productive year. Warner Music Group performed well and is positioned to capitalize on the industry’s more stable recent trends," said WMG CEO Stephen Cooper. "Among our important achievements, we grew global digital and physical Recorded Music sales on an aggregate basis, for the quarter and the fiscal year."
"We improved Free Cash Flow significantly for both the quarter and the full fiscal year, and we nearly doubled our cash balance to $302 million at September 30th – up by $148 million for the fiscal year," added WMG EVP/CFO Brian Roberts.