DARTMOUTH, N.S. – 2006 fourth quarter revenue of $28 million came in 14% higher than 2005, and for the year revenue grew 17% to $93.9 million at radio broadcaster Newfoundland Capital Corporation.
Earnings before interest, taxes, depreciation and amortization increased 12% over 2005 in the quarter and improved 26% for the year reaching $23 million, however, the increase was driven primarily by $8.7 million in net investment gains which were not specified.
Net income is $600,000 higher in the quarter, and $5.9 million higher for the year. Net income for fiscal 2006 was $12 million
The company’s release noted it has continued its expansion by way of new licence approvals. A new FM broadcast licence in Fort McMurray, Alberta, was awarded by the CRTC on November 15, 2006, and the conversion of the Edson station from AM to FM was approved subsequent to year end. "This continues a strong trend for 2006 in which the company was awarded FM licences in Calgary, Lac LaBiche, and Bonnyville, Alberta and Charlottetown, Prince Edward Island. The Company also completed the acquisition of CKJS-AM in Winnipeg, Manitoba in April," says the release.
"2006 has been a year of investment for the company. The work completed in 2006 launching new stations and integrating new acquisitions was an important step on the road to achieving our stated goal of doubling EBITDA to $30 million by the end of 2009. We are committed to our growth strategy and will continue to seek high quality, new licence opportunities that will increase shareholder value," said Rob Steele, president and CEO.
