Business
Reservoir Media, Inc. Files Form 8-K With First Quarter Fiscal 2022 Financial Results
First quarter fiscal 2022 financial results highlighted by 23% increase in revenue and strong execution against strategic growth priorities NEW YORK, Aug. 16,
About this update from Reservoir Media, Inc..
[{"type":"text","content":"First quarter fiscal 2022 financial results highlighted by 23% increase in revenue and strong execution against strategic growth priorities\nNEW YORK, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today has filed an amendment no. 2 to the Current Report on Form 8-K (the “Form 8-K”), which includes financial results for the first quarter ended June 30, 2021 (the “first quarter 2022”). The Form 8-K can be found in the Company’s filings with the Securities and Exchange Commission (the “SEC”) at www.sec.gov, which are also included in the Investor Relations section of the Company’s website. Highlights and Recent Developments Total revenues for the year ended March 31, 2021 were $81.8 million, which represented an increase of 28% year-over-year, and were higher than previously forecasted.Revenues for the first quarter 2022 increased by 23% to $16.7 million as compared to the first quarter ended June 30, 2020 (the “first quarter 2021”) and were consistent with the Company’s expectations: Music Publishing revenues increased by 8% to $12.3 million as compared to the first quarter 2021, mainly driven by existing catalog and catalog acquisitions, plus growth and contribution from streaming services for music consumption; andRecorded Music revenues increased by 94% to $4.2 million as compared to the first quarter 2021, largely due to strong physical sales on the Chrysalis catalog, the continued growth of streaming services and the acquisition of Tommy Boy Music, LLC during the first quarter 2022. For the first quarter 2022, operating income was $282.0 million and OIBDA, defined as operating income before depreciation and amortization, was $4.4 million. Adjusting for the impact of the one-time $617.0 million benefit of the forgiveness of the Company’s loan under the Paycheck Protection Program during the first quarter 2021, OIBDA increased by 6% even with the additional costs during the first quarter 2022 associated with preparing to be a public company.(i)Reservoir completed several acquisitions during the first quarter 2022, including an acquisition of the legendary independent hip-hop and electronic label Tommy Boy Music, LLC on June 2, 2021 for approximately $100.0 million.Reservoir completed business combination with Roth CH Acquisition...