Stingray reports $8.5M loss in fourth quarter

Stingray reports $8.5M loss

Stingray Group Inc. swung to an $8.5-million loss in the fourth quarter of its fiscal year as radio revenues declined due to the initial impact of the COVID-19 pandemic.

The Montreal-based company, which provides an advertising-free music service, says it lost 11 cents per diluted share for the period ended March 31. 

Stingray owns and operates K96.3 and Country 100.7 in Kelowna and Radio NL, K97.5 and Country 103.1 in Kamloops. 

That compared with a profit of six cents per share or $3.9 million a year earlier.

Excluding one-time items, adjusted earnings fell 31.4 per cent to $10.1 million or 13 cents per share, down from $14.7 million or 21 cents per share in the final quarter of 2019.

Revenues dropped six per cent to $68.4 million from $72.7 million.

Radio revenues decreased 12 per cent, while broadcasting and commercial music revenues were down 0.6 per cent.

Adjusted earnings were expected to be 17 cents per share on $73.3 million in revenues, according to financial markets data firm Refinitiv.

For the full-year, Stingray earned nearly $14 million or 18 cents per share on $306.7 million of revenues, up from a loss of almost $12 million or 19 cents per share on $212.7 million of revenues.

Adjusted profits surged 40.7 per cent to $55.9 million or 74 cents per share, compared with $39.7 million or 61 cents per share in 2019.

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