Digital music distributor Stingray Digital Group Inc. has reported fourth-quarter net income of $3.2-million or six cents a share, a hike of 69 per cent from a year earlier.
Net income for the year ended March 31 soared to $13.9-million or 29 cents a share, from $6.6-million, a jump of 110.1 per cent.
Fourth quarter revenues climbed 30.6 per cent to $25.7-million from $19.6-million, while 12-month revenues increased 26.7 per cent to $89.9-million from $71-million.
The higher numbers were primarily due to acquisitions, combined with growth in international markets and non-recurring revenues related to installation and equipment sales.
The company also received a boost from the exchange rate between the Canadian and U.S. dollars.
"We completed our first fiscal year as a public company with several accomplishments to report," said Eric Boyko, Stingray's CEO and co-founder.
"As planned, we have been active on the acquisition front with four acquisitions representing investments of $33.1-million, including contingent considerations.
"We enter the new fiscal year with great confidence considering . . . (our) well-diversified business, our scale, a solid balance sheet and many opportunities to grow through acquisitions and organically."