DARTMOUTH – Small market radio station owner Newfoundland Capital Corporation delivered “one of its most impressive years on record” after posting double-digit revenue growth that doubled the industry average.
For the year ended December 31, 2010, the company reported growth of 12%, ending the year with revenue of $117.4 million, while EBITDA was $25.6 million compared to $21.1 million last year. Net income for the fourth quarter of $4.7 million and $10.7 million for the year were lower than last year due to the CRTC Part II fee reversal, an increase in copyright fees, a broadcast licence impairment charge in 2010, and the gain on disposal of a broadcasting licence in 2009.
"Building upon a successful year in 2009, this year we continued to outpace the industry by posting growth of 12% compared to the industry average of 6%," said president and CEO Rob Steele, in a statement. "We ended the year with double digit growth, strong ratings and a lower debt balance. Our fourth quarter was a great finish to the year and we look forward to continued success in 2011."
For more on NewCap’s 2010 financial results, click here.
