DARTMOUTH – Strong listener ratings at Newfoundland Capital Corporation’s stations in Toronto and Ottawa helped to power the radio broadcaster's first quarter revenues and profits.
For the period ended March 31, 2016, revenues of $36.9 million were up 4% from $35.5 million year-over-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew 15% from $7.0 million to $8.2 million as a result of higher revenue and a continued focus on controlling expenses.
Profit for the period of $4.6 million was 83% higher than the $2.5 million in the same period last year, as a result of higher EBITDA and lower interest expense.
"We are pleased with the growth in revenue and EBITDA this quarter, despite the challenging economic environment", said president and CEO Rob Steele, in a statement. "The Company's success is attributable to strong listener ratings and a continued focus on operating efficiently."
Newfoundland Capital Corporation Ltd. owns and operates Newcap Radio which holds 95 radio licences across Canada.
