Newcap Q3 Revenues Rise Due To Toronto, Vancouver Additions
October 30, 2014 at 4:28 PM (PT)
NEWCAP third-quarter 2014 revenue rose 20% to C$39.3 million, reflecting the addition of stations in the TORONTO and VANCOUVER markets which offset declines in existing markets. Profit fell 50% to C$4.3 million, due to 2013 including a one-time C$4.7 million tax adjustment.
President/CEO ROB STEELE said, "Revenue growth has continued to be a challenge this year in our organic markets which have been impacted by lower national revenue. The combined results from TORONTO and VANCOUVER have met our expectations and have been accretive since acquisition. Our concerted efforts in marketing, promotion and research this year will set the stage for 2015."