SYS-CON MEDIA Authors: Ava Smith, Scott Bampton, Elizabeth White, Glenn Rossman, Pat Romanski

News Feed Item

Newfoundland Capital Corporation Limited - Second Quarter 2014 - Period Ended June 30 (unaudited)

DARTMOUTH, NS, Aug. 13, 2014 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the second quarter ending June 30, 2014.

Highlights

  • Revenue for the second quarter of $42.3 million was $6.9 million or 19% higher than last year. Year-to-date revenue of $70.8 million was $6.6 million or 10% higher than 2013.  The growth was due to incremental revenue generated by the recently acquired stations in Toronto, Ontario and Vancouver, British Columbia. 
  • Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) of $12.2 million in the second quarter were $2.0 million or 19% higher than last year and year-to-date EBITDA of $16.7 million was $1.3 million or 9% higher than 2013.  The increase in EBITDA was due to the recently acquired stations.
  • Profit for the period of $7.5 million was $1.6 million or 26% higher than the same quarter last year due to the acquisition and $0.8 million of realized gains from the sale of marketable securities. Year-to-date profit of $4.3 million was $3.7 million or 46% lower than the same period in 2013. The Company incurred acquisition-related costs of $8.8 million related to the Toronto and Vancouver business acquisition.  Offsetting these one-time costs, the Company benefited from $2.3 million of unrealized and realized gains this year. 
  • The Board of Directors declared a dividend of $0.06 per share on each of the Company's Class A Subordinate Voting Shares and Class B Common Shares on August 13, 2014, payable on October 3, 2014 to all shareholders of record as at September 19, 2014.

Significant events

  • During the second quarter, the Company successfully integrated the operations of the two radio stations acquired in Toronto, Ontario and the three radio stations acquired in Vancouver, British Columbia.
  • Subsequent to quarter end, the Company completed the acquisition of CHNI-FM in Saint John, New Brunswick for $0.8 million cash consideration.

"The integration of the Toronto and Vancouver stations went as expected and has generated accretive results from day one.  In our other markets, revenue growth has been more of a challenge this year, particularly with national advertising revenue declining compared to the same periods in 2013", commented Rob Steele, President and Chief Executive Officer.  "Our primary focus in the coming months is to grow revenue and to reduce discretionary spending so that EBITDA results continue to be strong."

 

Financial Highlights Second Quarter        




(thousands of dollars except share information)                                       


2014

2013

Revenue           

$

42,298

35,434

EBITDA(1)               


12,162

10,210

Profit for the period                 


7,541

5,972

Earnings per share –basic      


0.27

0.21

Earnings per share – diluted     


0.26

0.20

Share price, NCC.A (closing)                                  


8.50

8.75

Weighted average number of shares outstanding (in thousands) 


28,155

28,902

Total assets                                                          


362,526

235,900

Long-term debt, including current portion 


150,962

49,000

Shareholders' equity 


138,091

123,294

 

The Company's complete Second Quarter Report, which includes the unaudited condensed interim consolidated financial statements along with related notes in accordance with International Financial Reporting Standards ("IFRS") and the Management's Discussion and Analysis, are available on the Company's website at www.ncc.ca and www.sedar.com.

(1) Non-IFRS Accounting Measure 

EBITDA is a measure that is not defined by International Financial Reporting Standards and is not standardized for public issuers.  This measure may not be comparable to similar measures presented by other public enterprises.  The Company believes this is an important measure because the Company's key decision makers use this measure internally to evaluate the performance of management. The Company's key decision makers also believe certain investors use it as a measure of the Company's financial performance and for valuation purposes.  A calculation of this measure is included in the Company's Second Quarter Report.

About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of Canada's leading radio broadcasters with 95 licences across Canada.  The Company reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.

This press release contains forward looking statements.  These forward-looking statements are based on current expectations.  The use of terminology such as "expect", "intend", "anticipate", "believe", "may", "will", "should", "would", "plan" and other similar terminology relate to, but are not limited to, our objectives, goals, plans, strategies, intentions, outlook and estimates.   By their very nature, these statements involve inherent risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those expressed in such forward-looking statements. As a result, there is no guarantee that any forward-looking statements will materialize and readers are cautioned not to place undue reliance on these statements. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

SOURCE Newfoundland Capital Corporation Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and ...
SYS-CON Events announced today that TMCnet has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business to business and integrated marketing media company, servicing niche markets within the communications and t...
As cloud gives an opportunity to businesses to buy services externally - how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, will provide answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He will also te...
Can we look to the paradigm of cloud computing from a completely different perspective? In his General Session at 15th Cloud Expo, Gundars Kulups, Sales Director at DEAC, will discuss what we can learn from our dining habits when choosing a cloud solution. Gundars Kulups is Sales Director at DEAC, full service data center operator. An IT expert, he specializes in European countries and has worke...
We live in a time when seconds – even milliseconds – can have a dramatic economic impact on your company’s future. With technology being the primary conduit for consumer interaction, the user experience is at center stage. User experience will be a deciding factor in separating the future winners from the losers. By building more speed and agility into the application delivery process, DevOps prom...
SYS-CON Events announced today that Parasoft will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. For 27 years, Parasoft has researched and developed software solutions that help organizations deliver defect-free software efficiently. By integrating Development Testing, API/cloud/SOA/composi...
SYS-CON Events announced today that AgilePoint, the leading provider of Microsoft-centric Business Process Management software, will exhibit at SYS-CON's 2nd International @ThingsExpo which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. AgilePoint is the leading provider of Microsoft-based Business Process Management (BPM) software products, has 1,...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / ...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high val...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, will describe an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service...