DARTMOUTH, NS – Newfoundland Capital Corp. more than doubled its fourth quarter and 2011 profits thanks to strong revenue growth and the sale of its two Winnipeg radio stations.
The radio broadcaster saw profits for the quarter ended December 31, 2011 of $13 million, up from $4 million in the same quarter last year. Year-to-date profits of $26.1 million were $14.5 million higher than 2010.
Quarterly revenue of $34.7 million and year-to-date revenue of $126.6 million were both 9% higher than 2010 results, which the company attributed primarily to organic (same-station) growth in the broadcasting segment. Earnings before interest, taxes, depreciation and amortization (EBITDA) of $10.6 million in the quarter were 21% higher than last year due to higher revenue, while year-to-date EBITDA was $35.3 million, 34% better than 2010.
"For the second year in a row, the company delivered one of its best years on record, posting significant revenue and EBITDA growth in its core operating segment", said president and CEO Rob Steele, in a statement. "Revenue bookings are looking solid so far and we are optimistic growth will continue into 2012. The company is in great shape and we are ready to pursue new opportunities that may arise in 2012."
