DARTMOUTH – “Strong organic growth" at Newfoundland Capital Corporation’s new stations in Toronto and Vancouver helped to buoy the radio broadcaster's third quarter revenues and profits.
For the period ended September 30, 2015, revenues of $41.0 million were up 4% from $39.3 million year-over-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew 20% from $9.9 million to $11.9 million. Organic EBITDA growth was 20% in the quarter.
Profit for the period of $6.7 million was 57% higher than $4.3 million in the same period last year, because of higher revenue as well as lower unrealized losses on marketable securities.
"This was a great quarter for the Company, with strong organic growth, as we strive to maximize the return from our stations", said president and CEO Rob Steele, in a statement. "The Company's success is supported by encouraging listener ratings along with continued efforts to increase revenues and operate the Company more efficiently."
Newfoundland Capital Corporation holds 95 radio licences across Canada.
