Business
Reservoir Media Announces Second Quarter Fiscal 2022 Results
Top-line Expansion of 45% Driven by Increases in Digital and Physical Revenues, as well as Catalog Growth Company Remains Focused on Catalog Growth, Value
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Top-line Expansion of 45% Driven by Increases in Digital and Physical Revenues, as well as Catalog Growth Company Remains Focused on Catalog Growth, Value Enhancement, and Alternative Revenue Sources to Capitalize on Powerful Secular Tailwinds Across Music Industry NEW YORK, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today announced financial results for the second fiscal quarter of 2022 ended September 30, 2021. Recent Highlights Revenue of $30.4 million, increased 15% organically, or 45%, including acquisitions year-over-yearMusic Publishing revenue up 26% and Recorded Music expanded by 149%Operating Income of $7.9 million, increased 49%OIBDA (“Operating Income Before Depreciation & Amortization) of $12.7 million, an increase of 38%Net Income of $4.5 million, increased 61%Adjusted EBITDA of $12.9 million, up 40%Completed several catalog acquisitions including Alabama, Tom Werman, and Stephony SmithSigned multiple publishing deals including Joni Mitchell, Rufio Hooks, and John ParishSigned several recording deals including Emeli Sandé and Simone FeliceCompleted investments in Audio Up and OutdustryProvides financial outlook for fiscal 2022 ending March 31, 2022, which includes 25% projected top-line growth at the mid-point of the range Management Commentary: “We continued to build strong momentum in our second fiscal quarter, as we drove double digit growth across all of our key performance metrics,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. “We also aimed to enable future growth by expanding our reach across the music industry through the completion of numerous new publishing, recording and other deals with highly accomplished artists and songwriters including Joni Mitchell, Alabama, and Rufio Hooks. During the period, we completed the process of going public and expanded our Board through the addition of two high-profile, experienced directors. As we look forward, we are encouraged by the recognition that the music industry is continuing to achieve, and believe that our expansive and growing catalog, coupled with our strong track record of strategic acquisition and cash flow generation, will position Reservoir to drive long-term growth and value for our shareholders.” Second Quarter Fiscal ...