Newcap Fourth-Quarter Revenues Up
March 6, 2014 at 4:02 AM (PT)
NEWCAP fourth-quarter revenue rose 2% to C$35.6 million, credited to "a combination of organic growth and incremental revenue from the acquired property in SYDNEY, NOVA SCOTIA and the new FM stations launched in FREDERICTON and MIRAMICHI, NEW BRUNSWICK." EBITDA fell 6% to C$700,000 and profit jumped 39% to C$2.9 million, due mostly to a C$3.8 million gain on the sale of operations in FORT MCMURRAY, AB.
Pres./CEO ROB STEELE said, "The Company maintained a healthy 3% revenue increase over last year in contrast to the radio industry which experienced flat growth in 2013. 2014 will be a transformational year for us having entered into the largest acquisition in the Company's history to acquire radio stations in CANADA's largest markets, TORONTO and VANCOUVER. If approved by the CRTC, management's attention will be focused on effectively integrating the operations of these radio stations so that results are accretive immediately."