DARTMOUTH – Newfoundland Capital Corporation saw its first quarter revenues climb 25% which it credited to its new stations in the Toronto and Vancouver radio markets.
For the period ended March 31, 2015, the radio broadcaster posted revenues of $35.5 million, up from $28.5 million year-over-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 56% from $4.5 million to $7.1 million.
Profit for the period was $2.5 million compared to a $3.2 million loss in the same period last year. The loss last year was a result of recognizing costs of $8.4 million in the first quarter of 2014 related to the company’s acquisition of two radio stations in Toronto and three in Vancouver from Bell Media.
March 31, 2015 marked the first anniversary of the acquisition of the new stations, and consolidated revenue for the last 12 months was $162 million and EBITDA was $44.2 million.
"We are pleased with the double-digit growth in revenue and EBITDA this quarter. While this is largely due to the financial results from our business expansion, organically we have also posted positive EBITDA growth which is an improvement over 2014", said president and CEO Rob Steele, in a statement. "This quarter started out slow for most businesses in Canada, but beginning in February we began to see positive trending in national revenue for the first time in many months and we are hopeful this will be a trend for the rest of the year."
Newfoundland Capital Corporation holds 95 radio licences across Canada.
