Newfoundland Capital Corporation Limited - First Quarter 2015 - Period Ended March 31 (unaudited)
DARTMOUTH, NS, April 29, 2015 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the first quarter ending March 31, 2015.
Highlights
- Revenue of $35.5 million was $7.0 million or 25% higher than last year. The increase was primarily due to incremental revenue from the Toronto and Vancouver stations which were acquired March 31, 2014.
- Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) of $7.1 million in the quarter were $2.6 million or 56% higher than last year. The majority of the EBITDA increase was derived from the acquired stations.
- Profit for the period was $2.5 million compared to last year's loss of $3.2 million. The loss last year was a result of recognizing costs of $8.4 million in the first quarter of 2014 related to the business acquisition.
Significant events
- March 31, 2015 marked the first anniversary of the acquisition of stations in Toronto and Vancouver. For the last twelve months consolidated revenue was $162 million and EBITDA was $44.2 million.
- Dividends aggregating $2.5 million were paid during the first quarter of 2015.
"We are pleased with the double-digit growth in revenue and EBITDA this quarter. While this is largely due to the financial results from our business expansion, organically we have also posted positive EBITDA growth which is an improvement over 2014", commented Rob Steele, President and Chief Executive Officer. "This quarter started out slow for most businesses in Canada, but beginning in February we began to see positive trending in national revenue for the first time in many months and we are hopeful this will be a trend for the rest of the year."
| Financial Highlights – First Quarter |
||
| (thousands of dollars except share information) |
2015 |
2014 |
| Revenue |
$ 35,505 |
28,463 |
| EBITDA(1) |
7,087 |
4,537 |
| Profit (loss) for the period |
2,502 |
(3,204) |
| Earnings (loss) per share – basic |
0.09 |
(0.11) |
| Earnings (loss) per share – diluted |
0.09 |
(0.11) |
| Share price, NCC.A (closing) |
8.99 |
9.01 |
| Weighted average number of shares outstanding (in thousands) |
28,184 |
28,144 |
| Total assets |
353,142 |
355,080 |
| Long-term debt, including current portion |
141,307 |
146,968 |
| Shareholders' equity |
142,994 |
130,543 |
The Company's complete First 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 First 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
REF: Robert G. Steele, President and Chief Executive Officer, Scott G.M. Weatherby, Chief Financial Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 745 Windmill Road, Dartmouth, Nova Scotia B3B 1C2, Tel: (902) 468-7557, Fax: (902) 468-7558, e-mail: [email protected], Web: www.ncc.ca
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