Warner Profit Up 115%; Records, Films Cited
Warner Communications said its first-quarter net income rose 115% over 1986 levels, due to gains in records and films.
The company’s record division posted a record operating profit of $47 million, up 50% from 1986. Warner said that a rapid growth in the sale of compact disks had a strong impact on the higher earnings.
Warner’s record labels include Warner Bros. Records, Elektra/Asylum/Nonesuch and Atlantic Records.
The film division’s operating profit was up 4% from a year earlier.
At Warner Cable, the cable-TV subsidiary, earnings rose 57% in the quarter, the company said.
The only division to post lower earnings was book publishing, where first-quarter profit fell 26% from the same 1986 period. The company gave no reason for the decline.
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