Music co. earns $119 million in first quarter
EMI Group saw overall revenues rise 61% during the first three months of the year, according to a memo issued to staff by Terra Firma chief Guy Hands. He attributed the growth to cost reductions and strong music releases.In the first quarter, the company’s recorded music division had earnings of nearly £60 million ($119 million) before interest, tax, depreciation and amortization. A year earlier, the first quarter posted a loss of $89.6 million. “It can be misleading to look at just one quarter in isolation due to the timings of releases,” Hands wrote. “As we all know, the recorded music business is extremely volatile and we cannot count on future quarters always being this good.” The new album from Coldplay, “Viva la Vida,” was released at the tail end of the quarter and had strong sales worldwide. Under Terra Firma’s ownership, EMI has been a private company for the last 12 months. It had previously been publicly traded. Detailed financial results are not available.