Developers work at the Stingray Digital Group offices, in Montreal, in an undated file photo.Christinne Muschi/The Globe and Mail
Stingray Group Inc. RAY-A-T says its net income fell to $12.6-million in its latest quarter despite an increase in revenues with a gradual easing of COVID-19 restrictions.
The Montreal-based music and media company says its profit for the quarter amounted to 18 cents per diluted share, compared with 19 cents per share or $14.1-million a year earlier when it booked a gain from a settlement with SOCAN.
Adjusted profits slumped 19 per cent to $17.05-million or 24 cents per share in the third quarter, from $21.05-million or 29 cents per share in the third quarter of 2020.
Revenues for the three months ended Dec. 31 were $76-million, up nearly five per cent from $72.6-million in the prior year quarter, with U.S. revenues increasing more than 28 per cent.
Stingray was expected to report 22 cents per share in adjusted profits on $77.5-million of revenues, according to financial data firm Refinitiv.
Stingray says the increase in revenues was primarily due to easing restrictions and the return to normal commercial operations as well as an increase in advertising revenues in the broadcast and commercial Music segment.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.