Posts net income of $95 million.
Sony BMG Music Entertainment posted net income of $95 million on sales of $4.3 billion for Sony Corp.’s fiscal year ended March 31. Income before taxes totaled $150 million—a figure that includes $186 million in restructuring charges associated with the joint venture. Restructuring charges declined by $104 million year-over-year. Sony posted equity in net income of $50 million from its half of the joint venture.
Top sellers included Kelly Clarkson, Il Divo, Foo Fighters, System of a Down and Shakira.
Direct comparable results with fiscal 2004 are not available. The joint venture posted a net loss of $66 million on sales of $3.3 billion between August 2004 and March 2005.
Sony did not break out operating results for Sony BMG for the fourth quarter ended March 31. However, the company reported a $2 million equity in net loss from its half of the joint venture during the quarter.