DARTMOUTH – Radio station owner Newfoundland Capital Corporation saw its double-digit revenue growth continue into its second quarter.
Revenue for the quarter ended June 30, 2010 was $30.8 million, a 15% ($4 million) jump over the same period in 2009, while year-to-date revenue of $56.5 million was 14% ($7.1 million) higher than last year. The company attributed the growth to same-station increases.
“We have enjoyed double-digit revenue growth for the first half of 2010 and continue to outpace the radio industry’s growth rate," said president and CEO Rob Steele, in a statement. "We have achieved excellent positive organic growth as a result of the great efforts across all of our radio stations. We continue to explore new growth opportunities as we enter the second half of the year and remain committed to solidifying our financial position."
Earnings before interest, taxes, depreciation and amortization were $6.1 million in the quarter and $10.5 million year-to-date, $0.9 million and $3.3 million higher than the respective periods in 2009. Net income of $2.1 million in the quarter was down approximately $1 million due to copyright fee expenses and a non-cash impairment charge on one of its broadcast licences.
