DARTMOUTH – Newcap Radio owner Newfoundland Capital Corporation started its 2018 fiscal year with what it described as a “small shortfall”.
For the period ended March 31, revenues of $35.67 million dipped less than 1% from $35.73 million year-over-year, primarily due to revenue declines in Newfoundland and Labrador and Alberta due to economic challenges in those markets, partially offset by the recent business acquisition in Kamloops, BC., Newcap said in a press release.
Adjusted EBITDA of $7.0 million was 1% lower than the same period last year as a result of slightly lower revenue and slightly higher operating expenses.
Profit for the period increased 12% to $3.3 million from $2.9 million in Q1 2017 due to a lower provision for income taxes.
"The first quarter saw slight declines in revenue and Adjusted EBITDA compared to the prior year", said Rob Steele, president and CEO of Newfoundland Capital Corporation, in the press release announcing the company’s first quarter results. "We will continue to focus on operations to overcome this small shortfall during the remainder of the year."
As Cartt.ca reported earlier this month, Newcap is being bought by Stingray Digital Group in a deal valued at $506
