DARTMOUTH – Newfoundland Capital Corporation’s new stations in Toronto and Vancouver continue to pay off, as second quarter revenues continued to grow at the radio broadcaster.
For the period ended June 30, 2015, revenues of $42.6 million were up 1% from $42.3 million year-over-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew 3% from $12.2 million to $12.5 million. Organic EBITDA growth was 3% in the quarter.
Profit for the period of $6.0 million was 20% lower than $7.5 million in the same period last year, because this quarter there was an increase in income tax expense due to changes in future corporate income tax rates while the prior year had gains in marketable securities.
"Financial results were positive in the second quarter with both revenue and EBITDA exceeding the prior year", said president and CEO Rob Steele, in a statement. "Recent listener ratings have been very encouraging in most markets. With these positive ratings, along with the continued efforts to increase revenue and reduce discretionary spending, the Company should achieve a successful second half of the year."
Newfoundland Capital Corporation holds 95 radio licences across Canada.
