Diversified Royalty Sinks To Q4 2022 Loss YOY Diversified Royalty Sinks To Q4 2022 Loss YOY
07:35 AM EST, 03/10/2023 (MT Newswires) -- Diversified Royalty Corp. (DIV.TO) said overnight Thursday that it posted a net loss of $4.5 million in the fourth quarter of 2022, swinging from a year-ago net income of $8.2 million.
The company attributed the decline to non-cash impairment losses related to the AIR MILES and Sutton intellectual property rights, fair value adjustments on financial instruments, higher income tax expenses and a higher interest expense.
Diversified Royalty generated a record adjusted revenue of $14.0 million in the fourth quarter of 2022, increasing year over year from $11.9 million. The company said this is its third consecutive record quarter in terms of adjusted revenues.
The revenue increase was driven by positive trends experienced by most of its royalty partners, the inclusion of four net stores to the Mr. Lube royalty pool and the acquisition of the trademarks and certain other intellectual property rights utilized by Stratus in its business.