Business
Reservoir Media Announces Third Quarter Fiscal 2022 Results
Delivers 26% top-line growth, remains on track to exceed $200 million acquisition goal ahead of schedule, and raises full fiscal year revenue and
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Delivers 26% top-line growth, remains on track to exceed $200 million acquisition goal ahead of schedule, and raises full fiscal year revenue and profitability guidance\nNEW YORK, Feb. 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 third fiscal quarter of 2022 ended December 31, 2021. Recent Highlights: Revenue of $27.1 million, increased 15% organically, or 26%, including acquisitions year-over-year Music Publishing revenue rose 4% year-over-year, adjusting for a one-time settlement received in the prior year period, Music Publishing revenue rose 22%Recorded Music increased by 147% year-over-year Increased financial outlook for fiscal year 2022, including over 25% top-line growth for fiscal 2022Operating Income of $4.0 million declined by 19%, primarily due to a rise in non-cash, stock-based compensation and other expenses related to being a public company that did not exist in the prior year periodOIBDA (“Operating Income Before Depreciation & Amortization”) of $9.0 million, an increase of 11% driven by higher Recorded Music revenuesNet Income of $2.4 million, or $0.03 per share, two cents below the prior year periodAdjusted EBITDA of $10.2 million, up 26% year-over-yearCompleted several catalog acquisitions including Fred Parris, Dallas Austin, Fred Rister, and Travis TrittSigned multiple publishing deals including Oak Felder, an award-winning songwriter and producer whose credits include Demi Lovato, Alicia Keys, and John Legend as well as Michael League and his band Snarky Puppy Management Commentary: “Our strong third fiscal quarter financial performance demonstrates how we are capitalizing on the growth in the music industry and generating significant value by executing on our strategy of building a robust, curated, and diversified portfolio of award-winning songwriters’ and artists’ bodies of work,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. “As part of this, we expect to deploy over $200 million in strategic M&A during our first year as a public company. We are proud to deliver on our promises to deploy capital toward accretive deals that will bring long-term value to our organization and our shareholders. We are honored that these incredibly talented a...