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Sony BMG Loses $57 Million In Q2
October 29, 2008
By Ed Christman, N.Y.
Sony BMG Music Entertainment lost $57 million on sales of $762 million for the three-month period ended Sept. 30.
Those numbers are down from the $8 million net income loss posted in the corresponding period in the prior year when sales totaled $851 million. The latter represents a 10.5% decline in sales.
Before taxes, Sony BMG lost $45 million in the second quarter, compared to $8 million in income in the second quarter of the prior year. Besides lower sales, this year's second quarter result reflected a year-on-year $4 million increase in restructuring charges.
The company said best selling releases during the quarter included "Kings Of Leon "Only By The Night;" AC/DC's "No Bull;" and Paul Potts' "One Chance."
Meanwhile, parent Sony Corp. completed the acquisition of Bertelsmann's 50% stake in Sony BMG on Oct. 1. As part of that deal, Bertelsmann acquired a limited amount of selected European music catalog assets from Sony BMG.
While no artists, titles or labels are mentioned, Sony Corp. said the titles included in the deal account for less than 1% of Sony BMG's revenue in the calendar year 2007.
Also, Sony and Bertelsmann will continue to share Sony BMG's manufacturing and distribution requirements through a contract that hires Bertelsmann's Arvato Digital Services for up to six more years.
Meanwhile, Sony Corp. posted 20.8 billion yen ($200 million) in net income, on sales of 2.07 trillion yen ($19.9 billion). That's compared to the 73.7 billion yen ($641.9 million) the company posted in the second quarter of the prior year when sales were slightly higher at 2.08 trillion yen ($18.1 billion).
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