{"id":966,"date":"2009-08-06T15:34:43","date_gmt":"2009-08-06T14:34:43","guid":{"rendered":"http:\/\/routenote.com\/blog\/?p=966"},"modified":"2022-06-09T12:32:02","modified_gmt":"2022-06-09T11:32:02","slug":"warner-music-group-announces-heavy-losses-for-2nd-quarter-2009","status":"publish","type":"post","link":"https:\/\/routenote.com\/blog\/warner-music-group-announces-heavy-losses-for-2nd-quarter-2009\/","title":{"rendered":"Warner Music Group Announces Heavy Losses for 2nd Quarter 2009"},"content":{"rendered":"<p>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.<\/p>\n<p style=\"text-align: justify;\">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<\/p>\n<p>This morning&#8217;s SEC filing showed:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Total revenue<\/strong> of $769 million<strong> decreased 9.3 %<\/strong> from the prior year quarter.<\/li>\n<li><strong>Digital revenue<\/strong> was $175 million or <strong>23% of total revenue<\/strong> in the quarter <strong>up just 1%<\/strong> from the second quarter and up 5%f rom $166 million in the prior year quarter.<\/li>\n<li><strong>Operating income from continuing operations declined 51%<\/strong> to $25 million compared to $51 million in the prior year quarter.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><strong>Operating income before depreciation<\/strong> and amortization (OIBDA) <strong>fell 22<\/strong>% to $90 million from $116 million in the prior year quarter.<\/li>\n<li><strong>Loss from continuing operations was $37 million or $.25 per diluted share<\/strong> compared to a loss from continuing operations of\u00a0 <strong>$9 million<\/strong> or $.06 per diluted share <strong>in the prior year quarter<\/strong>.<\/li>\n<li><strong>Interest expense<\/strong> this quarter <strong>included<\/strong> <strong>$18 million<\/strong> or $.12 per diluted share of previously unamortized deferred financing fees related to the company&#8217;s senior secured credit facility. These fees were written off in the current quarter when <strong>the company repaid the credit facility in full in connection with its senior secured bond offering<\/strong>.<\/li>\n<\/ul>\n<p>Read the full filing <a href=\"http:\/\/investors.wmg.com\/phoenix.zhtml?c=182480&amp;p=irol-newsArticle&amp;ID=1317682&amp;highlight=\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s SEC filing showed: Total revenue of $769 million&#8230;<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[705,1051,21,677],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Warner Music Group Announces Heavy Losses for 2nd Quarter 2009 - RouteNote Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/routenote.com\/blog\/warner-music-group-announces-heavy-losses-for-2nd-quarter-2009\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warner Music Group Announces Heavy Losses for 2nd Quarter 2009 - RouteNote Blog\" \/>\n<meta property=\"og:description\" content=\"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%. 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