Business
Reservoir Media Announces First Quarter Fiscal 2024 Results
31% Top-Line Growth Driven by Strong Performance in Digital Across Recorded Music and Music Publishing NEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reservoir
About this update from Reservoir Media, Inc..
[{"type":"text","content":"31% Top-Line Growth Driven by Strong Performance in Digital Across Recorded Music and Music Publishing\nNEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today announced financial results for the first fiscal quarter of 2024 ended June 30, 2023. Recent Highlights: Revenue of $31.8 million, increased 21% organically, or 31% including acquisitions year-over-year Music Publishing revenue rose 26% year-over-yearRecorded Music revenue increased by 37% year-over-year Operating Income of $3.1 million, increased by $1.8 million year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $9.2 million, an increase of 38% year-over-yearNet Income of $0.2 million, or $0.00 per share, flat compared to year-over-yearAdjusted EBITDA of $10.1 million, up 36% year-over-yearExpanded emerging markets portfolio with the addition of Saudi Arabian hip-hop label MashrexDiversified the catalog with the additions of legendary R&B and pop vocal group The Spinners, multi-platinum writer-producer Willy Will Yanez, and rock artist and songwriter Greg KihnSigned publishing deals with Paul Cauthen and Jonah Summerfield Management Commentary: “We had a very strong first quarter of fiscal 2024, which demonstrates the strength of our business model and reflects the momentum we are seeing in both Music Publishing and Recorded Music. The power of consuming music through streaming platforms globally continues to grow in size and value, and our roster of artists and creators are well-positioned to benefit from these trends,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. “We continue to take a disciplined approach to capital deployment to support growth while our value enhancement teams ensure that our artists’ work is broadly consumed and successfully monetized across the music ecosystem. Looking ahead, we remain steadfast in our approach of identifying and executing on deals that provide top-line growth and margin accretion to create value for all stakeholders.” First Quarter Fiscal 2024 Financial Results Summary FinancialsQ1 FY24Q1 FY23ChangeTotal Revenue$31.8$24.331%Music Publishing Revenue$20.8$16.426%Recorded Music Revenue$10.4$7.637%Operating Income$3.1$1.3138%OIBDA $9.2$6.738%Net Income $0.2$0.0NMAdj...