DARTMOUTH, N.S. – Newfoundland Capital Corp. reported a 6% increase in revenue and more than doubled its profit in its first quarter of 2013 compared to the same period last year.
Revenue in Newcap’s first quarter, which ended March 31, 2013, was $29.1 million, an increase of $1.6 million over the same period last year. The company attributed the growth to its existing radio stations.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter was $5.16 million, which was 9% higher than the first quarter of 2012. Profit for the period was $2.1 million as compared to $0.8 million the same period last year.
“Our broadcasting revenue has continued to show strong growth and continues to outpace the industry growth which was flat compared to the same time last year,” said president and CEO Rob Steele in a release. ”We have integrated the newly acquired Sydney, Nova Scotia radio station with our existing station there and we are currently focusing on launching the new FM stations in Miramichi and Fredericton, New Brunswick.”
The company said it was still exploring the possible sale of its Western Canadian broadcasting assets which are located primarily in Alberta. The assets consist of 32 radio stations, six repeater licences and two television stations. There is currently no agreement in place to sell these assets.
