Stingray Group Inc. says revenues and adjusted profits doubled in its third quarter following the acquisition of Newfoundland Capital Corporation Inc. Eric Boyko, right, president of Stingray Digital Group, and co-founder Alexandre Taillefer, try their online karaoke website at the company's headquarters in Montreal Monday, Sept. 8, 2008. THE CANADIAN PRESS/Ryan Remiorz
February 06, 2019 - 3:36 PM
MONTREAL - Stingray Group Inc. says revenues and adjusted profits doubled in its third quarter following the acquisition of Newfoundland Capital Corporation Inc.
The Montreal-based company, which provides advertising-free music service, says net revenues were $70.8 million while recurring broadcasting and commercial music revenues increased 16 per cent to $33.4 million from $28.8 million a year earlier.
Stingray says it swung to an $18-million, 26 cents per diluted share net loss for the three months ended Dec. 31, compared with a profit of $737,000 or one cent per share in the third quarter of 2017.
Excluding expenses related to the CRTC tangible benefits and acquisition costs, adjusted net earnings doubled to $12.4 million or 18 cents per share, up from $6 million or 11 cents per share a year earlier.
The company increased its quarterly dividend 8.3 per cent to 6.5 cents per share, payable around March 15 to shareholders of record as of Feb. 28.
Stingray acquired Newfoundland Capital and its radio stations across Canada in October, in a deal valued at $506 million, including $112 million of debt.
Companies in this story: (TSX:RAY.A)
News from © The Canadian Press, 2019