DARTMOUTH – Double-digit revenue growth continued into a third quarter for Newfoundland Capital Corporation, after the radio station owner marked a 13% year-over-year jump in revenue.
For the quarter ended September 30th, consolidated revenue was $28.7 million, up $3.3 million (or 13%) from $25.4 million last year, as a result of increased revenue in the company’s broadcasting segment. Net income, however, plunged 58% this quarter to $2.6 million from $6.2 million, primarily as a result of the $1.6 million broadcast licence impairment charge incurred in the second quarter this year and last year’s $5.6 million gain on disposal in the third quarter.
"This year has continued to exceed our expectations, with double digit revenue growth for the first nine months of the year", said president and CEO Rob Steele, in a statement. "We are pleased with the growth in our major markets this year, which is a direct result of programming improvements as well as improved economic conditions. Our goal is to continue to post positive growth for the remainder of the year making 2010 a very successful year for the company."
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) in the quarter of $6.4 million was $2.8 million (or 76%) higher than the same period in 2009.
Canada’s largest pure-play radio company includes 62 FM and 18 AM licences which can be heard throughout Canada.
