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"I am very pleased by the momentum in all of our businesses, and I am confident our pattern of growth will continue."
—Edgar Bronfman, Seagram
SEAGRAM REPORTS WIDER LOSSES THAN EXPECTED
Music, Film Losses Narrow, Numbers Show Company Still Fueled By Vodka
Maybe they can earn some of the money back getting deposits back on their wine cooler empties.

Seagram, owner of Universal movie and music studios, posted wider losses than analysts predicted for the third quarter. The company lost $265 million, or 61 cents a share, compared to $199 million, or 50 cents a share, for the same period last year.

Seagram's operating losses narrowed from $163 million last year to just over $1 million this year.

In that same period of time, the Universal Music Group narrowed its losses from $87 million to $23 million. Seagram's struggling film division, bolstered by the box office success of "The Green Mile" and home video sales of "The Mummy" and "American Pie," narrowed its losses from $115 million last year to $32 million.

Seagram's beverage business—which includes Absolut vodka and Captain Morgan rum—continued to drive the company's profits, posting a 12 percent rise in operating profit to $77 million.

But the company also announced that its EBITDA more than doubled in the third quarter to $285 million on revenues of $3.4 billion.

"I am very pleased by the momentum in all of our businesses, and I am confident our pattern of growth will continue," said Seagram President/CEO edgar bronfman',390,400);">edgar bronfman',390,400);">Edgar Bronfman Jr. "Perhaps someone else agrees with my assessment? Someone with deep pockets? Someone who would like a film and music division? Please?"

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