New station acquisitions eat into Q1 profits at Newcap

DARTMOUTH, NS - Newfoundland Capital Corporation’s foray into the Toronto and Vancouver radio markets weighed heavily on its first quarter financial results.For the period ended March 31, 2014, the radio broadcaster posted a $3.2 million loss, an abrupt change from last year's profit of $2.1 million, which it said was due to acquisition-related costs of $8.4 million when it bought two radio stations in Toronto and three radio stations in Vancouver from Bell Media for $111.9 million. Excluding these costs, profit for the quarter would have been $800,000 higher than last year, primarily due to mark-to-market unrealized gains in the quarter.Revenue...