Sales, audience share, fuel 48% rise in profits at Newcap

DARTMOUTH – Newfoundland Capital Corp. reported a 48% increase in third quarter profits on the strength of double-digit revenue growth. The radio broadcaster saw profits for the quarter ended September 30 of $4.3 million, up from $1.4 million in the same quarter last year. Revenue of $31.9 million was a 12% increase over last year which the company said was attributable to organic (same-station) revenue growth. EBITDA of $8.6 million in the quarter was 32% higher than $6.5 million recorded last year, though Newcap said that excluding two non-recurring items, EBITDA was 24% higher year-to-date, due primarily to improved revenue. "Double-digit...