07:08 AM EDT, 06/05/2024 (MT Newswires) -- Stingray (RAY-A.TO; RAY-B.TO) swung to a fourth-quarter loss as the impairment of goodwill in the radio segment pulled down the results.

The company reported a net loss of $46.3 million, or $0.67 per diluted share, for the three months ended March 31, compared with net income of $4.4 million, or $0.06 per diluted share, in the same three months last year. Analyst estimates were not available.

In the quarter, the company booked a one-time non-cash goodwill impairment charge of $56.1 million.

On an adjusted basis, the company reported net income of $15.4 million, or $0.22 per diluted share, up 4.9% from $14.7 million, or $0.21 per diluted share, a year earlier. Analysts surveyed by Capital IQ expected $0.22.

Revenue rose 6% in the quarter to $83.7 million compared with $78.9 million a year ago. Analysts polled by Capital IQ expected $84.7 million a year ago. An increase in FAST channel and retail media along with improved results in the radio segment helped fuel the revenue growth.

Adjusted EBITDA for the quarter was $29.4 million, up 10.7% from $26.6 million a year ago.

As of March 31, the company had cash and cash equivalents of $9.6 million, subordinated debt of $25.6 million, and credit facilities of $338.7 million, of which about $83.4 million was available.

The company declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share, and multiple voting share on March 19. The dividend will be paid by June 15 to shareholders on record as of May 31.

"Looking ahead to fiscal 2025, we will continue evangelizing the retail media advertising sector, while growing our footprint and fill rate," said Stingray President, Co-Founder and CEO Eric Boyko. "We also expect further growth from our FAST channel business, now supported by a quarterly run-rate of more than 40 million listening hours."