Business
Reservoir Media Announces Second Quarter Fiscal 2025 Results
Robust Activity in Music Publishing Grew Top-Line by 6%Expanded Margins and Strong Cost Discipline Support Strong Profitability GrowthRaises Fiscal 2025
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Robust Activity in Music Publishing Grew Top-Line by 6%Expanded Margins and Strong Cost Discipline Support Strong Profitability GrowthRaises Fiscal 2025 Financial Outlook for Both Top-Line and Adjusted EBITDA NEW YORK, NY / ACCESSWIRE / October 30, 2024 / Reservoir Media, Inc. (NASDAQ:RSVR) (\"Reservoir\" or the \"Company\"), an award-winning independent music company, today announced financial results for the second quarter of fiscal 2025 ended September 30, 2024.Recent Highlights:Revenue of $40.7 million, increased 5% organically, or 6% including acquisitions year-over-yearMusic Publishing revenue rose 10% year-over-yearRecorded Music revenue decreased by 1% year-over-yearOperating Income of $10.1 million, increased by $4.0 million year-over-yearOIBDA (\"Operating Income Before Depreciation & Amortization\") of $16.6 million, an increase of 34% year-over-yearNet Income of $0.2 million, or $0.00 per share, compared to a net income of $0.7 million, or $0.01 per shareAdjusted EBITDA of $17.6 million, up 11% year-over-yearPartnered with rap icon and multifaceted entertainer and entrepreneur, Snoop Dogg, as well as Snoop's Death Row Records in a new publishing deal, which includes Snoop's legendary catalogue and Death Row hits.Signed publishing deals with Grammy and Juno award-winning singer-songwriter k.d. lang, Top 10 Billboard country writer-producer Travis Heidelman, in-demand, Nashville-based songwriter Jon Decious, dance writer-producer Kes Kamara, and multi-genre writer-producer Ben Stancombe.Acquired publishing catalog of acclaimed Elvis songwriter the late Billy Strange and rights to the producer catalog of celebrated rock producer Jack Douglas.Management Commentary:\"From Snoop Dogg to k.d. lang to Jack Douglas and more, this quarter represented a period of notable growth for our roster. Reservoir has proven again its capability to attract top-tier talent who help define their various music genre landscapes, popular culture, and beyond,\" said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. \"Meanwhile, our existing roster of talent continued to deliver chart-topping music, earning accolades and acclaim across the industry and contributing to Reservoir's position on Billboard's Top 10 market share evaluation.\"Second Quarter Fiscal 2025 Financial ResultsSummary Financials Q2 FY25 Q2 FY24 Chang...