Business
Reservoir Media Announces Fourth Quarter and Fiscal Year 2024 Results
Double-Digit Annual Revenue Growth in Both Segments, Surpassing Full Year Outlook Acquired Publishing & Recorded Rights of Legendary Artists and Emerging
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Double-Digit Annual Revenue Growth in Both Segments, Surpassing Full Year Outlook Acquired Publishing & Recorded Rights of Legendary Artists and Emerging Talent Across Genres Fiscal 2025 Financial Outlook Expects Mid-Single Digit Revenue and Adjusted EBITDA Growth at the Mid-Point NEW YORK, May 30, 2024 (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 2024 ended March 31, 2024. Fiscal Year 2024 Highlights: Revenue of $144.9 million, increased 14% organically, or 18% including acquisitions year-over-year Music Publishing Revenue increased 15% year-over-yearRecorded Music Revenue increased by 22% year-over-year Operating Income of $24.6 million, an increase of 17% year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $49.6 million, an increase of 15% year-over-yearNet Income $0.8 million, or $0.01 per diluted share, 3 cents below the prior year periodAdjusted EBITDA of $55.6 million, up 20% year-over-yearExecuted publishing deals with rock legend Joe Walsh and viral rapper Armani WhiteSigned songwriting and producing talents Steph Jones, Rob Ragosta, Willy Will Yanez, and Jonah SummerfieldAcquired catalogs of four of the founding members of R&B pioneers The Spinners, Latin music icon Rudy Perez, and multi-Platinum hip-hop producer Mannie FreshContinued expansion into emerging markets with new investments including Lebanese star and “Queen of Arab Pop” Nancy Ajram, Egyptian content production and distribution company RE Media, Egyptian rap duo El Sawareekh, and Saudi Arabian hip-hop label Mashrex Fourth Quarter 2024 & Recent Highlights: Revenue of $39.1 million, increased 8% organically, or 12% including acquisitions year-over-year Music Publishing Revenue increased 14% year-over-yearRecorded Music Revenue increased by 3% year-over-year Operating Income of $8.8 million, increased 2% year-over-yearOIBDA of $15.1 million, an increase of 5% year-over-yearNet Income of $2.9 million versus $2.3 million in the year ago period, or $0.04 per diluted shareAdjusted EBITDA of $16.0 million, an increase of 6% year-over-yearAnnounced publishing deals with American rock band Kings of Leon and indie-rock singer-songwriter Katie PruittAcquired the catalog of 2...