Stingray third quarter profit falls to $12.6 million despite increased revenues
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 08/02/2022 (1700 days ago), so information in it may no longer be current.
MONTREAL – Stingray Group Inc. says its net income fell to $12.6 million in its latest quarter despite an increase in revenues with a gradual easing of COVID-19 restrictions.
The Montreal-based music and media company says its profit for the quarter amounted to 18 cents per diluted share, compared with 19 cents per share or $14.1 million a year earlier when it booked a gain from a settlement with SOCAN.
Adjusted profits slumped 19 per cent to $17.05 million or 24 cents per share in the third quarter, from $21.05 million or 29 cents per share in the third quarter of 2020.
Revenues for the three months ended Dec. 31 were $76 million, up nearly five per cent from $72.6 million in the prior year quarter, with U.S. revenues increasing more than 28 per cent.
Stingray was expected to report 22 cents per share in adjusted profits on $77.5 million of revenues, according to financial data firm Refinitiv.
Stingray says the increase in revenues was primarily due to easing restrictions and the return to normal commercial operations as well as an increase in advertising revenues in the broadcast and commercial Music segment.
This report by The Canadian Press was first published Feb. 8, 2022.
Companies in this story: (TSX:RAY.A, TSX:RAY.B)
