Stingray Reports Fourth Quarter:
Stingray President, Co-founder, and CEO Eric Boyko, who reports fiscal performance in 2021, is pleased to say, “We’ve had a very solid year over the past few months. Almost $35 million. Net debt, $22 million in dividends. $10 million in share buybacks, investments in the US Stingray business, the foundation for future growth, and building solid traction in the SVOD and FAST channel.
Fourth-quarter adjusted EBITDA decreased to $23.6 million, primarily due to higher accrued liabilities related to the company’s overall performance improvement in the financial year 2021. Annual Adjusted EBITDA increased 3%, 2% to $114, $ 3 million went down and by leveraging our many costs, many of the savings measures, many of the quick and aggressive actions of last year, we were able to build enough financial flexibility to offer the maximum to remain one.
The performance of operating expenses in the year, despite the reduction in revenue, showed significant improvements in the adjusted EBITDA margin compared to the previous year in both segments: broadcasting, commercial music, and radio. Sales and commercial music increased 5.5% to $36.3 million due to the pandemic, lower sales of equipment and facilities, and adverse currency effects, partially offset by higher advertising revenues. Adjusted EBITDA decreased 14.1% to $16.3 million, primarily due to adjustments to certain accumulated liabilities, partially offset by lower operating expenses.
“During the quarter, radio revenue declined 19.9% to $24.0 million and gradually recovered on a similar basis. Adjusted EBITDA decreased 9.8% to $8.7 million, primarily due to the impact of the pandemic and adjustments for accumulated liabilities, partially offset by CEWS and other concessions and lower operating costs.
“We ended the year with more than half a million current subscribers. We expect solid organic revenue to be solid incremental revenue in fiscal 2022, reaching one million subscribers. Driven by tight control over rapidly changing channels, advertising revenue has nearly tripled from a small base last year. With its recent entry into the US market, Stingray Business will become a major growth player, with a potential customer base for innovative measures.
“We are entering 2022 with a leaner and more mobile business, significant growth opportunities, a solid financial position, and fully prepared to take advantage of Radio’s expected recovery.” “By adopting a more offensive attitude, our share allocation strategy will buy and repurchase shares,” Boyko said on leaving.
Fourth Quarter Results
Fourth-quarter revenue decreased 8.1 million or 11.8% to 60.3 million compared to 68.4 million a year ago. The decrease is mainly due to the impact of the COVID-19 pandemic on radio revenues and, to a lesser extent, commercial music revenues and revenues, as well as the decrease in sales of equipment and installations related to digital signals. foreign exchange, partially offset by higher revenues from radio and television advertising and commercial music.
Canada’s fourth-quarter revenue fell $7.9 million or 18.2% to $35.6 million from $43.5 million a year ago. The decrease is mainly due to the impact of the COVID-19 pandemic on radio revenues and, to a lesser extent, on commercial music revenues and revenues and the decrease in sales of equipment and systems related to digital signals. Sales in the United States increased $0.7 million or 6.9% to $10.9 million from $10.2 million a year ago. The increase was primarily driven by organic growth in advertising in the Broadcast and Commercial Music segment and by streaming subscriptions, partially offset by the negative impact of exchange rates. Sales in other countries fell $0.9 million or 6.0% to $13.8 million from $14.7 million a year ago. The reduction is mainly due to the impact of the COVID-19 pandemic on sales.
Revenue for the fiscal year 2021 decreased by $57.2 million or 18.7% to $249.5 million from $306.7 million for the fiscal year 2020. The decrease was primarily due to the impact of COVID-19