Business
Reservoir Media Announces Third Quarter Fiscal 2023 Results
Double-Digit Revenue Growth Driven by Continued Strength in Music Publishing Expands portfolio of artists with multiple margin-accretive deals Raises Midpoint
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Double-Digit Revenue Growth Driven by Continued Strength in Music Publishing Expands portfolio of artists with multiple margin-accretive deals Raises Midpoint of Full Year Revenue and Adjusted EBITDA Guidance NEW YORK, Feb. 08, 2023 (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 2023 ended December 31, 2022. Recent Highlights: Revenue of $29.9 million, increased 7% organically, or 16% including acquisitions year-over-year Music Publishing revenue increased 14% year-over-yearRecorded Music revenue increased by 1% year-over-yearOther revenue, which includes the artist management business, increased by 260% year-over-year Operating Income of $4.6 million increased 71% year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $10.1 million, an increase of 33% year-over-yearNon-cash onetime tax expense of $3.7 million and a onetime loss on early extinguishment of debt of $900 thousand contributed to a net loss of $4.1 million or net loss per share of ($0.07) during the quarter, versus net income of $1.4 million or net earnings per share of $0.02 in the third quarter of fiscal 2022Adjusted EBITDA of $10.9 million, up 24% year-over-yearAnnounced plans to bring De La Soul’s entire back catalog to digital streaming services for the first time ever on March 3, 2023, and supported the release of the first two singles in January and FebruarySigned multiple publishing and future deals including Dion, Leroy Clampitt, and Red ElectricExpanded roster of talent in India with new publishing signings including MC Altaf, D’Evil, and Stunnah Beatz, which built on an existing joint venture with Indian rap superstar DIVINE’s Gully GangAmended credit agreement to improve terms and expand capacity of the facility Management Commentary: “Our third quarter results demonstrate the consistent growth profile of our business model as we delivered another quarter of double-digit top-line growth driven by robust demand in our Music Publishing segment. The additions of catalogs, including Dion and Leroy Clampitt, as well as our recent announcement of bringing De La Soul’s full iconic catalog to digital streaming services, will allow us to continue our momentum as a leader in the music industr...