Newcap Revenues Slip For Second Quarter As Sale Pends

Q2

While the sale of the company to STINGRAY DIGITAL GROUP, INC. pends, NEWCAP (NEWFOUNDLAND CAPITAL CORP.) second quarter revenue fell under 1% to C$43.5 million, with the addition of stations in KAMLOOPS, BC helping but stations in NEWFOUNDLAND AND LABRADOR and TORONTO experiencing softness.  Profit fell 7% to C$7.7 million (29 cents/diluted share).

"The Company achieved growth in Adjusted EBITDA in the second quarter and year-to-date," said Chairman, President and CEO ROB STEELE. "We are pleased with the Company's results and ability to control costs to maintain strong margins, demonstrating radio's ability to be resilient in a competitive media landscape."

The company also said that its Board of Directors has declared a 25 cents/share dividend on each of the Company's Class A Subordinate Voting Shares and Class B Common Shares, payable SEPTEMBER 7th to shareholders of record as of AUGUST 23rd.

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