Warner Music 1Q loss expands, but beats estimates

[May 11, 2011]  LOS ANGELES (AP) -- Warner Music Group Corp. says its first-quarter net loss expanded even as revenue grew in the first three months of the year, helped by the growth of digital downloads.

The New York company is being sold to Len Blavatnik's Access Industries, which will pay $1.3 billion cash in a deal to close by September.

The net loss in the three months to March 31 grew to $38 million, or 25 cents per share, from a loss of $25 million, or 17 cents per share, a year earlier.

Excluding severance charges, the adjusted loss came to 20 cents per share, better than the 28 cent loss expected by analysts polled by FactSet.

Revenue grew 2 percent to $682 million from $666 million, also better than the $610 million expected by analysts.

[Associated Press]

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