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.
This report by The Canadian Press was first published June 3, 2020.
Companies in this story: (TSX:RAY.A)
The Canadian Press