Newcap Q2 Revenue Up, Net Income Down
August 10, 2007 at 5:45 AM (PT)
NEWCAP second quarter revenue grew 7% to C$26.2 million, credited to incremental growth from new stations in CALGARY and CHARLOTTETOWN, PEI. Net income fell by C$1.7 million to C$5.8 million (53 cents/share), blamed on lower investment income.
"We are pleased with the approvals granted to us by the CRTC this year, which include two new FM licences and the right to convert three AM stations to FM. Owning 100% of all our licences in ALBERTA and MONCTON, NEW BRUNSWICK will allow us to fully capitalize on our strong competitive position in those regions", said Pres./CEO ROB STEELE. He added, "Financial results in the quarter and year-to-date are in line with expectations and we are continuing to monitor operating expenses to generate year-over-year growth in broadcasting EBITDA."
NEWCAP has also declared a dividend of 15 cents/share on its Class A subordinate voting and Class B common shares, payable SEPTEMBER 14 to shareholders of record as of AUGUST 31.