Business
Reservoir Media Announces Third Quarter Fiscal 2024 Results
Robust Demand Across Both Segments Drove 14% Top-Line Organic Revenue Growth Raises Fiscal 2024 Full-Year Top-Line and Profitability Outlook NEW YORK, Feb.
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Robust Demand Across Both Segments Drove 14% Top-Line Organic Revenue Growth Raises Fiscal 2024 Full-Year Top-Line and Profitability Outlook NEW YORK, Feb. 07, 2024 (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 2024 ended December 31, 2023. Recent Highlights: Revenue of $35.5 million, increased 14% organically, or 19% including acquisitions year-over-year Music Publishing revenue rose 15% year-over-yearRecorded Music revenue increased by 32% year-over-year Operating Income of $6.5 million, increased by $1.9 million year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $12.9 million, an increase of 27% year-over-yearNet Loss of ($2.9) million, or ($0.05) per share, versus ($4.1) million, or ($0.07) per share in the prior year periodAdjusted EBITDA of $13.7 million, up 25% year-over-yearAnnounced publishing deals including a deal with songwriter, producer, singer, and multi-instrumentalist Theo Katzman and the co-signing of Australian singer-songwriter grentperez with Mushroom MusicExpanded Middle East presence through a joint publishing deal with PopArabia for the catalog and future works of Lebanese star and “Queen of Arab Pop” Nancy Ajram Management Commentary: “Our third quarter results highlight the strength of our business model and our ability to deploy capital to further grow our portfolio. We posted double digit revenue growth across both our Recorded and Publishing segments, notably driven by record-setting Digital consumption across genres,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. “Through the end of the third quarter of this fiscal year, we continued with consistent delivery in line with our long-term growth strategy. Quarter after quarter, we execute on targeted investments that diversify the roster and catalog, we maintain a focus on emerging markets, and we bring value to our stable of creators and their copyrights.” Third Quarter Fiscal 2024 Financial Results Summary FinancialsQ3 FY24Q3 FY23ChangeTotal Revenue$35.5$29.919%Music Publishing Revenue$23.1$20.215%Recorded Music Revenue$10.0$7.632%Operating Income$6.5$4.642%OIBDA $12.9$10.127%Net Loss ($2.9)($4.1)(30%)Adjusted EBITDA$13.7$10.925%(Table Notes: $...