Newcap Revenues Up, Profit Falls In Fourth Quarter
March 2, 2015 at 4:12 AM (PT)
NEWCAP fourth quarter revenues rose 25% to C$44.4 million but net income, hit by a C$5.7 million non-cash impairment charge and C$8.9 million in acquisition-related costs while losing the benefit of 2013's sale of its FORT MCMURRAY, AB stations, fell 75% to $2.5 million (8 cents/diluted share).
Growth was "entirely attributable to the radio stations acquired in 2014 in TORONTO, ONTARIO, VANCOUVER, BRITISH COLUMBIA and SAINT JOHN, NEW BRUNSWICK," the company said in its analysis. Revenue declined 3% on other markets, slightly under the industry organic growth rate of negative 2%. National sales were blamed for the lion's share of the decline, off 4% for the quarter and 9% for the year. Organic local revenue fell 3%.