Newcap Revenue, Profit Down In 'Challenging' First Quarter

Q1 Results

NEWFOUNDLAND CAPITAL CORP. (NEWCAP) forst quarter revenue fell 3% to C$35.7 million, blamed on declines in ALBERTA and OTTAWA.  EBITDA dropped 14% to C$7 million; profit declined 35% to C$3 million due to lower revenue and a higher provision for income taxes.

"The first quarter was challenging as our Company experienced revenue declines consistent with the overall radio industry," said President/CEO ROB STEELE.  "We believe that our quality product and keen focus on cost control will allow us to overcome some of this shortfall during the remainder of the year."

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