Mediaco Holdings Inc. (MDIA), a radio broadcasting media company, saw a surge of 36.30% in its share price on Tuesday, and as a result, the company’s share price stood at $10.10. In the current market, MDIA is losing its momentum, with a decrease of 12.28% in share price, and hence, it stands at $8.95.
Appointment of CEO
On the 11th of June, MDIA announced the appointment of Rahsan-Rahsan Lindsay as the new CEO and said that his appointment would become effective from the 1st of July. Mr. Lindsay, before his appointment as the company’s CEO, was acting as Executive Vice President of Urban One. He has 20 years of experience in the media industry in leadership roles, as well as in the management sector. His vast experience and keen perspective will be invaluable in taking the company into the future, as said by Laura Lee, the company’s Board Director.
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MDIA Q1 financial results
On the 24th of May, the company released quarterly report for first quarter of fiscal 2021, which ended March 31st. According to the results, the company generated net revenue of $9.74 million, as compared to the equivalent period of 2020, when it had brought in $11.78 million in terms of revenue. The operating expenses by the company during the quarter stood at $10.3 million, as compared to operating expenses of $11.6 million during the equivalent period of 2020. The net loss faced by the company during the quarter stood at $3.88 million, while the net loss during equivalent period of 2020 was $2.01 million.
MDIA Yearly financial results
In late March, the company announced the financial results for the fiscal year 2020. According to the results reported by the company, the net revenue generated during the year stood at$ 39.26 million, as compared to the ten-month period of the fiscal year 2019, when the company generated net revenue of $40.8 million hence, during the year 2020, the company net revenue increased by some 3.8%. Besides, the consolidated net income (loss) by the company stood at $26.75 million, an increase of 1473.4% when compared with the consolidated net income (loss) of the year 2019.
Effect of COVID
The company’s performance was negatively affected by the COVID-19 pandemic. The revenue and profitability of the company declined during the course of the pandemic, mainly due to the restrictions imposed by the government administration. But, with gradual these in these stringent restrictions, the company’s business is well on track to achieve maximum financial stability during the coming times.
What lies in future for MDIA stock
What lies ahead for the company is a tricky question to answer, mainly because of the fact that the companies related to the media industry don’t enjoy stable times over a long period of time with regards to financial performance. But, as the financials depict, the company has the potential to make its financial situation better over time by adopting innovative policies. The future performance of MDIA stock relies heavily upon the future financial performance of a company.