WMG Reports 34% Drop In Operating Income

Early this morning Warner Music reported it's last quarter's earnings to Wall Street. There was little good news in the report accpet perhaps that the major label group did not do worse then many analysts predicted.

• 
  Total revenue of $878M decreased 11% from the prior-year quarter
• Digital revenue hit $171M  (19% of total revenue) up 2% from the immediately previous quarter and up 20% from $142 million in the prior-year quarter
• Operating income from continuing operations declined 34% to $41M compared to $62M in the prior-year quarter
• Operating income before depreciation and amortization from continuing operations fell 17% to $107M. Income from continuing operations was $.15 per diluted share compared  to income from continuing operations of $0.01 per diluted share in the prior-year quarter.
• The quarter included a gain of $.24 per diluted share from the gain on the previously disclosed sale of a minority stake in Front Line Management contributing to a cash on hand balance of $549M.
• Full report here. Dial into an 8:30A EST earnings call or listen to a recording after here.