Warner Music Group Corp. Reports Fiscal Third Quarter Results
August 7, 2014 Untitled Document
Warner Music Group Corp. today announced its third-quarter financial results for the period ended June 30, 2014.
Third Quarter Highlights: * Total revenue increased 16.9% on a constant-currency basis * Recorded Music revenue increased 20.8% on a constant-currency basis * Cash balance increased to $142 million versus $102 million for the prior-year quarter * OIBDA was $66 million versus $69 million in the prior-year quarter * Net loss was $184 million versus $62 million in the prior-year quarter
“A stronger release schedule, combined with sustained investment in exceptional artistic talent and first-class execution by our operators, delivered robust results this quarter,” said Stephen Cooper, Warner Music Group’s CEO. “We are especially pleased to see our strategic moves pay off, with the acquisition of Parlophone Label Group (PLG) being a key contributor to this quarter’s success. We expect our momentum to continue through the remainder of the fiscal year, due to several exciting artist releases in the coming months.”
“We are pleased with our financial performance with key highlights including solid revenue growth, improvement in Adjusted OIBDA and an increase in our cash balance as compared to the prior-year quarter,” added Brian Roberts, Warner Music Group’s Executive Vice President and CFO. “Excluding the non-recurring costs associated with the PLG acquisition and integration, our cash flow from operations was strong and we remain committed to delivering solid free cash flow in the quarters to come.”