Newcap Q4 Revenues, Income Rise
March 4, 2010 at 5:31 PM (PT)
NEWCAP fourth-quarter revenue rose 4% to C$30.5 million, with net income rising from a loss of C$3.8 million to a gain of $5.5 million. Broadcasting revenue also rose 4% to C$1.3 million, with the ATLANTIC CANADA stations leading the growth.
"We began this year with a lot of uncertainty but we ended it with the best fourth quarter ever from our Radio properties. We achieved our goals and posted positive revenue growth despite the fact the radio industry experienced negative growth for the year," said Pres./CEO ROB STEELE. "This year we aggressively paid down our debt, lowering our outstanding balance by $18.6 million. Our listener ratings results in DECEMBER further strengthened our competitive position in many of our key operating markets laying the foundation for 2010."