Stingray Reports Third Quarter 2019 Results

Revenues increased 101.6% to $70.8 million following the NCC acquisition

Third Quarter Highlights

  • Revenues increased 101.6% to $70.8 million following the Newfoundland Capital Corporation Inc. (“NCC”) acquisition
  • Recurring Broadcasting and Commercial Music revenues(1) of $33.4 million, an increase of 15.9%
  • Radio accounted for 44.1% of total revenues at $31.2 million
  • Subscription video on demand (“SVOD”) subscribers reached 356,000 subscribers in Q3, representing a 25% increase in monthly revenues over the last quarter
  • Adjusted EBITDA(2) up 144.1% to $27.2 million
  • Net loss of $18.1 million or $(0.26) per share (diluted) compared to a net income of $0.7 million or $0.01 per share (diluted) last year mainly attributable to the non-recurring expenses totaling $35.3 million related to the CRTC Tangible benefits expense and acquisition costs related to the NCC transaction
  • Adjusted Net income(3) up 106.1% to $12.4 million or $0.18 per share (diluted) compared to last year
  • Cash flow from operating activities increased to $9.2 million
  • Adjusted free cash flow(4) of $16.0 million, an increase of 99.4%
  • Dividend increased 8.3% to $0.065 per share

Read the full press release

Read the Third Quarter 2019 Results