Toronto, Vancouver Acquisitions Boost Newcap Q2 Revenue
August 13, 2014 at 4:20 PM (PT)
NEWCAP second quarter revenue rose 19% to C$42.3 million, credited to incremental revenue generated by recently acquired stations in TORONTO and VANCOUVER. Profit rose 26% to C$7.5 million, also due to the station acquisitions and C$800,000 of realized gains from sale of marketable securities.
The Board of Directors also declared a dividend of C$0.06 per share on Class A Subordinate Voting Shares and Class B Common Shares, payable OCTOBER 3rd to shareholders of record as of SEPTEMBER 19th.
President/CEO ROB STEELE said, "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. Our primary focus in the coming months is to grow revenue and to reduce discretionary spending so that EBITDA results continue to be strong."