Valley Media reported a net loss for the year ended March 31 of $29.5 million, or $3.47 per share, compared to a loss of $4.6 million, or 54 cents per share, last year, according to Billboard Bulletin. Revenues were $803.7 million, down from $914.3 million.
"Fiscal 2001 was just plain ugly," said chairman Barney Cohen. "The reasons are numerous but can be best described as a failure to focus on core activities."
During the year, the distributor added $17 million to its reserves to guard against customer bankruptcies and the possibility that payments won't be collected. Severance and downsizing cost Valley $10.3 million. On Thursday (6/21), the company had a hearing to appeal its possible delisting from Nasdaq. Its shares closed on Thursday at 76 cents.
MUSIC REVENUE TOPPED $17B IN 2023: RIAA
Streaming subscriptions lead the charge. (3/27a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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