Reservoir Media, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2023
May 31, 2023 at 08:01 am EDT
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Reservoir Media, Inc. reported earnings results for the fourth quarter and full year ended March 31, 2023. For the fourth quarter, the company reported sales was USD 34.81 million compared to USD 35.12 million a year ago. Net income was USD 2.33 million compared to USD 8.9 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.14 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 0.14 a year ago.
For the full year, sales was USD 122.29 million compared to USD 107.84 million a year ago. Net income was USD 2.54 million compared to USD 13.08 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.23 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 0.22 a year ago.
Reservoir Media, Inc. is an independent music company. The Company operates a music publishing business, a record label business, a management business and a rights management entity in the Middle East. The Company operates in two segments: Music Publishing and Recorded Music. Operations of the Music Publishing segment involve the acquisition of interests in music catalogs, from which royalties are earned, as well as signing songwriters to agreements. Operations of the Recorded Music segment involves the acquisition of sound recording catalogs, as well as the discovery and development of recording artists and the marketing, distribution, selling and licensing of the music catalogs. Its publishing catalog includes compositions written and performed by Joni Mitchell, The Isley Brothers, Billy Strayhorn, Hoagy Carmichael and John Denver. Its songwriters include James Fauntleroy, Ali Tamposi, Jamie Hartman and Oak Felder.