Business
Reservoir Media Announces Second Quarter Fiscal 2023 Results
10% Top-line growth driven by robust Digital and Synchronization demand Raises full year guidance across the board Continues to execute against capital
About this update from Reservoir Media, Inc..
[{"type":"text","content":"10% Top-line growth driven by robust Digital and Synchronization demand Raises full year guidance across the board Continues to execute against capital deployment target of $100 million for M&A in fiscal 2023 NEW YORK, Nov. 08, 2022 (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 2023 ended September 30, 2022. Recent Highlights: Revenue of $33.3 million, increased 6% organically, or 10% including acquisitions year-over-year Music Publishing revenue increased 9% year-over-yearRecorded Music revenue increased by 11% year-over-year Operating Income of $6.6 million, decreased 15% year-over-year, driven by higher administrative costs and higher amortization on Acquired assetsOIBDA (“Operating Income Before Depreciation & Amortization”) of $12.0 million, a decrease of 5% year-over-year, as a result of higher administrative costsNet Income of $4.5 million increased 3% year-over-yearEarnings per share of $0.07 versus $0.08 in the second quarter of fiscal 2022Adjusted EBITDA of $12.8 million, up 1% year-over-yearClosed key publishing and recorded music catalog acquisitions including Louis Prima and Voice of BeirutSigned multiple publishing and future deals including KayGee of Naughty By Nature, Nick Lee, and Brit TaylorExpanded frontline recorded music roster with The Wandering Hearts Management Commentary: “Our second fiscal quarter financial results are a testament to the strength and consistency of our business model, and we have raised guidance for the year to reflect our momentum. We delivered double-digit top-line growth while also signing multiple high-profile creators to our talented roster and catalog across both our Recording and Publishing segments,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. “The music industry continues to experience strong secular tailwinds, which should allow it to overcome any impacts from the macroeconomic downturn. We’re seeing a vibrant resurgence in live performances, growing opportunities for synchronization, and an increase in subscribers to streaming content services. Our value enhancement initiatives, combined with our diversified portfolio of award-winning songwriters and artists, strategically positions Reservoir ...