EMI has recently reported a pre-tax loss of $546 Million, with
slightly increased gross revenues of $2.3 Billion, for the fiscal year that
ended in March 2012.
Because most of the losses appear to have come from tax-write down,
EMI CEO Rogoer Faxon has celebrated the loss as an “incredibly strong
performance”, dismissing it as “just an accounting issue”.
In a congratulatory letter to EMIs staff obtained by The Guardian,
Faxon said the following:
“"These results are a demonstration of the success of how our strategy has really helped us to enhance the way we connect our artists and writers with a worldwide audience”. "This isn't a success story that you're seeing at other music companies. It's our job to make sure that these businesses are ideally positioned for the next stage of their storied histories under new ownership”.