Stingray swings to $8.5M quarterly loss as COVID-19 slams radio revenue

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MONTREAL — 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.

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.

Read more  HERE.

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