After being battered yesterday on Wall Street, WMG shared more gloomy news with investors just prior to today’s opening bell.
Total revenue of $804 million for 3Q of fiscal 2007 decreased 5% from the prior-year quarter on a constant-currency basis.- Digital revenue increased 29% to $119 million or 15% of total revenue in the quarter from $92 million in the prior-year quarter and up 7% from $111 million in the second quarter of fiscal 2007.
- Operating income increased to $45 million in the quarter compared to $28 million in the prior-year quarter.
- After being adjusted to exclude $38 million related to the company’s restructuring, a $52 million benefit from a settlement with Bertelsmann AG over Napster and $8 million in expenses from the failed acquisition of EMI, operating income for the quarter increased 39% to $39 million.
- Net loss increased to $.20 per diluted share when adjusted to exclude non-recurring items up from a net loss of $0.10 per diluted share in the prior year’s quarter.
Read the company’s statement here.
