Business
Reservoir Media Announces First Quarter Fiscal 2025 Results
Strength within Music Publishing Drove 8% Top-Line Growth12th Consecutive Quarter of Year-Over-Year Revenue Growth Since IPO in 2021NEW YORK, NY / ACCESSWIRE
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Strength within Music Publishing Drove 8% Top-Line Growth12th Consecutive Quarter of Year-Over-Year Revenue Growth Since IPO in 2021NEW YORK, NY / ACCESSWIRE / July 31, 2024 / Reservoir Media, Inc. (NASDAQ:RSVR) (\"Reservoir\" or the \"Company\"), an award-winning independent music company, today announced financial results for the first quarter of fiscal 2025 ended June 30, 2024.Recent Highlights:Revenue of $34.3 million, increased 6% organically, or 8% including acquisitions year-over-yearMusic Publishing revenue rose 15% year-over-yearRecorded Music revenue decreased by 7% year-over-yearOperating Income of $5.0 million, increased by $1.8 million year-over-yearOIBDA (\"Operating Income Before Depreciation & Amortization\") of $11.3 million, an increase of 23% year-over-yearNet Loss of $0.5 million, or ($0.01) per share, compared to a net income of $0.2 million, or $0.00 per shareAdjusted EBITDA of $12.6 million, up 25% year-over-yearSigned publishing deals with acclaimed singer-songwriter Wrabel, Platinum-selling songwriter-producer Aaron Zuckerman, and global hitmaking songwriter-producer Lewis ThompsonManagement Commentary:\"Our results in the first fiscal quarter reflect a continuation of our proven track record of financial outperformance in the three years since we became a publicly traded company. We have had year-over-year revenue growth every quarter since our listing, and we have raised guidance over the course of each fiscal year.\" said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. \"The music industry has enjoyed an unprecedented return to growth, which experts predict will continue for the next decade. We are excited to be part of that momentum as our creators shape the music landscape with their chart-topping collaborations across genres and markets. We are well-positioned to capture additional organic growth, while continuing to pursue accretive opportunities.\"First Quarter Fiscal 2025 Financial ResultsSummary Financials Q1 FY25 Q1 FY24 Change Total Revenue $34.3 $31.8 8%Music Publishing Revenue $24.0 $20.8 15%Recorded Music Revenue $9.6 $10.4 (7%)Operating Income $5.0 $3.1 58%OIBDA $11.3 $9.2 23%Net (Loss) Income $(0.5) $0.2 NM Adjusted EBITDA $12.6 $10.1 25%(Table Notes: $ in millions; Quarters ended June 30th; Unaudited; NM = Not meaningful) Total revenue in the first quarter o...