Business
Reservoir Media Announces Fourth Quarter and Fiscal Year 2023 Results
Delivers 13% Annual Top-Line Growth Driven by Strong Results in Digital, Exceeds Full Fiscal Year Revenue Outlook Issues Fiscal 2024 Outlook, Including 4% to
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Delivers 13% Annual Top-Line Growth Driven by Strong Results in Digital, Exceeds Full Fiscal Year Revenue Outlook Issues Fiscal 2024 Outlook, Including 4% to 8% Revenue Growth and 6% to 12% Adjusted EBITDA Growth NEW YORK, May 31, 2023 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today announced financial results for the fourth quarter and full year for fiscal 2023 ended March 31, 2023. Fiscal Year 2023 Highlights: Revenue of $122.3 million, increased 8% organically, or 13% including acquisitions year-over-year Music Publishing Revenue increased 9% year-over-yearRecorded Music Revenue increased by 18% year-over-year Operating Income of $21.1 million, an increase of 9% year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $43.1 million, an increase of 12% year-over-yearNet Income $2.8 million, or $0.04 per diluted share, 18 cents below the prior year period inclusive of a non-cash tax expense of $3.6 million and a loss on early extinguishment of debt of $914 thousandAdjusted EBITDA of $46.3 million, up 12% year-over-yearReleased Grammy-winning trio De La Soul’s iconic catalog on streaming platforms for the first time everBroadened emerging markets portfolio by adding Arab superstar Mohamed Ramadan, Egyptian label 100COPIES, Lebanese music company Voice of Beirut, Indian rappers MC Altaf and D'Evil, and producer Stunnah BeatzContinued to diversify the catalog with the additions of jazz legend Sonny Rollins, swing icon Louis Prima, Rock and Roll Hall of Famers Dion, Phil Manzanera, and Matt Sorum, and multi-Platinum hip-hop producers Marley Marl and Mannie Fresh Fourth Quarter 2023 & Recent Highlights: Revenue of $34.8 million, essentially flat year-over-year Music Publishing Revenue decreased 8% year-over-yearRecorded Music Revenue increased by 10% year-over-year Operating Income of $8.6 million, decreased 1% year-over-yearOIBDA of $14.4 million, an increase of 3% year-over-yearNet Income of $2.3 million, or $0.04 per diluted share, decreased 10 cents below the prior yearAdjusted EBITDA of $15.2 million, a decrease of 2% year-over-yearSigned multiple publishing deals with contemporary hitmakers including viral rapper Armani White and #1 country songwriter Christian Stalnecker, and reinforced commitment to supporting dev...