DARTMOUTH, NS – Local advertising is back, said radio station owner Newfoundland Capital Corporation on Wednesday.
The company recorded what it called one of the best Q1’s it has ever had with revenue that was $25.7 million in the quarter ended March 31, 2010, or 13% higher than the same quarter last year – and most of the growth was organic, or same-station, increases.
Earnings before interest, taxes, depreciation and amortization of $4.4 million in the quarter were 115% higher than last year, primarily attributable to improved revenue. Net income of $1.2 million was 124% better than the same quarter last year.
"Local revenue has continued to drive our success and we are very pleased to see a rebound in national advertising,” said Rob Steele, president and CEO, in a release. “Both local and national advertising revenue grew over 2009 by 14% which is significantly higher than industry results. Our realigned strategy to narrow our focus on maximizing existing operations and paying down debt has solidified our financial position and we are well positioned for future growth."
Newcap is Canada’s largest pure-play radio company, employing approximately 800 who are responsible for 60 FM and 19 AM licences which can be heard throughout Canada.
