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# Warner Music Reports Mounting Losses
- URL: https://www.hypebot.com/warner-music-reports-mounting-losses/
- Published: 2009-08-06T07:44:35.000Z
- Updated: 2009-08-06T07:44:35.000Z
- Description: In a report to shareholders this morning, Warner Music Group revealed that in the quarter ending June 30th, 2009, total revenue decreased 9.3% and operating income from continuing operations declined. Continue reading [https://www.hypebot.com/hypebot/2009/08/warner-music-reports-mounting-losses.html
- Author: Bruce Houghton
- Tags: Uncategorized, #wp, #wp-post, #Import 2026-01-21 11:03

[![Wmg](http://hypebot.typepad.com/.a/6a00d83451b36c69e20120a52428f6970c-100wi)](http://hypebot.typepad.com/.a/6a00d83451b36c69e20120a52428f6970c-pi?ref=hypebot.com) In a report to shareholders this morning, Warner Music Group revealed that in the quarter ending June 30th, 2009, total revenue decreased 9.3% and operating income from continuing operations declined 51%. Total losses from continuing operations swelled to $37 million from $9 in the prior year quarter.

WMG improved its financial position during the quarter with a $1.1 billion offering of secured notes which the company used to pay off previous loans. But the new new notes carry a hefty 9.5% interest rate and come due in just 7 years

This morning's SEC filing showed:

- **Total revenue** of $769 million **decreased 9.3 %** from the prior year quarter.
- **Digital revenue** was $175 million or **23% of total revenue** in the quarter **up just 1%** from the second quarter and up 5%f rom $166 million in the prior year quarter.
- **Operating income from continuing operations declined 51%** to $25 million compared to $51 million in the prior year quarter.
- **Operating income before depreciation** and amortization (OIBDA) **fell 22**% to $90 million from $116 million in the prior year quarter.
- **Loss from continuing operations was $37 million or $.25 per diluted share** compared to a loss from continuing operations of **$9 million** or $.06 per diluted share **in the prior year quarter**.
- **Interest expense** this quarter **included** **$18 million** or $.12 per diluted share of previously unamortized deferred financing fees related to the company's senior secured credit facility. These fees were written off in the current quarter when **the company repaid the credit facility in full in connection with its senior secured bond offering**.

Read the full filing [here](http://investors.wmg.com/phoenix.zhtml?c=182480&p=irol-newsArticle&ID=1317682&highlight=&ref=hypebot.com).