Business
Reservoir Media Announces Second Quarter Fiscal 2024 Results
Delivers 15% Revenue Growth on Strength of Recorded Music Raises Fiscal 2024 Full-Year Top-Line and Profitability Guidance NEW YORK, Nov. 07, 2023 (GLOBE
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Delivers 15% Revenue Growth on Strength of Recorded Music Raises Fiscal 2024 Full-Year Top-Line and Profitability Guidance NEW YORK, Nov. 07, 2023 (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 2024 ended September 30, 2023. Recent Highlights: Revenue of $38.4 million, increased 10% organically, or 15% including acquisitions year-over-year Music Publishing revenue rose 8% year-over-yearRecorded Music revenue increased by 22% year-over-year Operating Income of $6.1 million, decreased by $0.4 million year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $12.4 million, an increase of 3% year-over-yearNet Income of $0.7 million, or $0.01 per share, versus $4.5 million, or $0.07 per share in the prior year periodAdjusted EBITDA of $15.9 million, up 24% year-over-yearClosed numerous publishing deals with high-profile talent including rock legend Joe Walsh, Latin music icon Rudy Perez, and decorated country writer-producer Brent MaherExpanded international portfolio with the addition of RE Media and El Sawareekh, in conjunction with PopArabiaSigned songwriting and producing talent to the active creator roster including Steph Jones, Rob Ragosta, Cam Becker, Josh Record, and Wé Ani Management Commentary: “We are pleased with our results in the second quarter as we delivered double-digit revenue and profitability growth while investing in our business by closing numerous deals that diversified and expanded our roster of artists. We advanced our strategy of adding award-winning songwriters and prominent catalogs to our portfolio to capitalize on the continued strong secular tailwinds in the music industry,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. “Reservoir remains well positioned to benefit from the growth of the music industry, and we are confident in our ability to effectively deploy capital given our strong market position in both the U.S. and emerging markets. We are encouraged by the growing opportunities internationally and welcome recent additions of El Sawareekh and RE Media expanding our presence in the emerging markets. We will continue to pursue acquisitions in the U.S. and across the globe, and we have the right team...