Pandemic hits Stingray’s radio division

MONTREAL – Music provider and radio broadcaster Stingray announced Thursday fourth quarter revenues decreased 6% to $68.4 million, compared to the same quarter of last year primarily due to the initial impact of the Covid-19 pandemic on its radio revenues. Broadcasting and commercial music revenues decreased 0.6% and radio revenues decreased 12.0%. That said, adjusted EBITDA increased 25.9% to $28.2 million and cash flow from operating activities decreased 22.2% to $14.1 million. Adjusted free cash flow increased 82.6% to $18 million For the full year, revenues increased 44.2% to $306.7 million and adjusted EBITDA increased 63.5% to $118.1 million. Cash...