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Jun 3, 2020

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

Microphone. Ben Koorengevel via Unsplash

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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.

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.