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Warner Music posts dividend
By Jim Welte - MP3.com
March 14, 2006 at 11:40:00 AM | more stories by this author

Fresh off a 92 percent surge in quarterly profit, music giant tosses shareholders 13 cents per share for a total of $19.3 million.

Warner Music Group today declared a regular quarterly dividend of 13 cents per share, rewarding shareholders for a quarter that saw a 92 percent profit surge on strong digital-music sales and popular albums from Madonna, Enya, James Blunt, Green Day, and Notorious BIG.

At 13 cents per share with approximately 148.6 million outstanding shares as of February 10, the total dividend is approximately $19.3 million. It is payable May 3 to stockholders of record as of the close of business April 3.

Warner Music last month reported that it nearly doubled its first-quarter profits, despite a decline in overall revenue. Warner said its profits jumped 92 percent to $69 million, or 46 cents per share, up from $36 million, or 31 cents per share, a year earlier.

The company said that digital music accounted for 7 percent of its total revenue and grew 36 percent from the previous quarter of fiscal year 2005. Digital sales jumped 125 percent to $69 million over the same period a year ago.

Much of the profit came as a result of major cost-cutting moves Warner made, including trimming more than 1,000 jobs at Atlantic Records.

But company CEO Edgar Bronfman Jr. said the label had some hit albums in the quarter, particularly Madonna's Confessions on a Dance Floor, which has reportedly sold 3.5 million copies worldwide. The company also had strong album sales from Enya, James Blunt, Green Day, and Notorious BIG.

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