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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

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