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 revenue growth continued into the third quarter. This has translated into significant increases in EBITDA", said president and CEO Rob Steele, in a statement. "Maximizing audience share combined with a great sales effort have been the drivers of these results and we expect positive performance to continue into the fourth quarter."
