Reservoir Media Inc (NASDAQ:RSVR) Topline Grows 46%

Reservoir Media Inc (NASDAQ:RSVR) stock fell 9.91% (As on June 22, 11:14:23 AM UTC-4,Source: Google Finance) though the company in the fourth quarter of FY 22 has reported 46% rise in the total revenue to $35.1 million, compared to $24.1 million in the fourth quarter of fiscal 2021. The increases was primarily driven by strong Recorded Music segment growth, inclusive of the acquisitions of various catalogs, including Tommy Boy. Operating income in the fourth quarter of fiscal 2022 was $8.7 million, an increase of 28%, compared to operating income of $6.8 million in the fourth quarter of fiscal 2021. OIBDA in the fourth quarter of fiscal 2022 increased 34% to $13.9 million, compared to $10.4 million in the prior year quarter. Adjusted EBITDA in the fourth quarter of fiscal 2022 increased 47% to $15.4 million, compared to $10.5 million last year. Net income attributable to common stockholders in the fourth quarter of fiscal 2022 was $8.9 million, or $0.14 per share, compared to a net income attributable to common stockholders of $5.1 million, or $0.11 per share, in the year-ago quarter.

Moreover, Music Publishing revenue in the fourth quarter of fiscal 2022 was $25.1 million, an increase of 29% compared to $19.4 million in last year’s fourth quarter. In the fourth quarter of fiscal 2022, Music Publishing OIBDA decreased 10% to $7.8 million, compared to $8.7 million in the fourth quarter of fiscal 2021. Recorded Music revenue in the fourth quarter of fiscal 2022 was $9.8 million, an increase of 123% compared to $4.4 million in last year’s fourth quarter. In the fourth quarter of fiscal 2022, Recorded Music OIBDA increased 320%, to $6.3 million, compared to $1.5 million in the fourth quarter of fiscal 2021.

During fiscal 2022, cash provided by operating activities was $12.5 million, a decrease of $2.2 million compared to the same period last year. As of March 31, 2022, Reservoir had cash and cash equivalents of $17.8 million and $74.4 million available for borrowing under its revolving credit facility, for total available liquidity of $92.2 million. Total debt was $269.9 million (net of $5.8 million of deferred financing costs) and Net Debt was $252.0 million (defined as total debt, less cash and equivalents and deferred financing costs). This compares to cash and cash equivalents of $9.2 million and $32.9 million available for borrowing on the revolving credit facility, for total available liquidity of $42.1 million, total debt of $212.5 million (net of $3.1 million of deferred financing costs), and Net Debt of $203.3 million as of March 31, 2021.

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