Warner Music Group Corp. has announced its second-quarter financial results for the period ended March 31, 2014, and the results were at best mixed. The highlights:
- Revenue declined 3% on a constant-currency basis
- Digital revenue increased 6% on a constant-currency basis
- Cash balance improved to $149 million for the quarter ended March 31, 2014 from $129 million for the quarter ended December 31, 2013
- Net loss was $59 million versus net income of $4 million in the prior-year quarter
"We have begun to see the strength in our release schedule for the remainder of the fiscal year," said Stephen Cooper, Warner Music Group's CEO. "Through our A&R, marketing and promotional efforts, we continue to discover and develop new artists and further the careers of established artists."
"We were very pleased to complete another successful refinancing last month, which will generate cash interest savings of approximately $30 million per year," added Brian Roberts, Warner Music Group's Executive Vice President and CFO. "We remain strongly committed to delivering solid free cash flow in the quarters to come."