Welcome!

News Feed Item

Newfoundland Capital Corporation Limited - Fourth Quarter 2013 - Period Ended December 31 (unaudited)

DARTMOUTH, N.S., March 3, 2014 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the fourth quarter ending December 31, 2013.

Highlights

  • Revenue in the fourth quarter of $35.6 million improved by 2% or $0.6 million and for the year ended December 31, 2013, revenue of $132.6 million was 3% or $3.3 million higher than 2012.  This improvement came from a combination of organic growth and incremental revenue from the acquired property in Sydney, Nova Scotia and the new FM stations launched in Fredericton and Miramichi, New Brunswick.

  • Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) of $10.3 million in the quarter were $0.7 million or 6% lower than last year while year-to-date EBITDA was $33.2 million; $0.2 million or 1% lower than 2012.  The reduction in EBITDA was a result of higher operating expenses in the Broadcasting segment due to incremental costs associated with the acquisition and new station launches, costs associated with re-branding a station in Nova Scotia, higher advertising expenses and increased variable costs related to higher revenue and inflation.

  • Profit for the fourth quarter of $10.3 million was $2.9 million or 39% higher than the same quarter last year due primarily to the $3.8 million gain on disposal of the Fort McMurray, Alberta operations. There were several factors impacting profit year-over-year which at $27.0 million was $16.1 million or 148% higher than 2012.  This year, the Company recognized the gain on disposal of Fort McMurray operations, benefited from lower mark-to-market unrealized losses in addition to a $5.3 million reduction of the income tax provision.  In contrast during 2012, the Company recorded a net impairment charge of $6.6 million, and $2.2 million of mark-to-market unrealized losses which negatively impacted profit.

Significant events

  • In December, the Company finalized the sale of CHFT-FM in Fort McMurray, Alberta for cash proceeds of $5.0 million plus an amount for certain working capital balances.
  • In December the Board of Directors declared dividends totaling $0.09 per share, bringing the total dividends declared for 2013 to $0.15 per share which was on par with 2012.
  • Subsequent to year end, the CRTC approved two new FM licences to serve Fox Creek and Hinton, Alberta. These stations will be launched later in 2014.

"The Company maintained a healthy 3% revenue increase over last year in contrast to the radio industry which experienced flat growth in 2013", commented Rob Steele, President and Chief Executive Officer.  "2014 will be a transformational year for us having entered into the largest acquisition in the Company's history to acquire radio stations in Canada's largest markets, Toronto and Vancouver.  If approved by the CRTC, management's attention will be focused on effectively integrating the operations of these radio stations so that results are accretive immediately."

Financial Highlights - Fourth quarter         
(thousands of dollars except share information)    2013    2012
Revenue  $ 35,649   35,099
EBITDA(1)      10,331   11,024
Profit for the period      10,295   7,405
Earnings per share - basic             0.37   0.25
Earnings per share - diluted      0.35   0.24
Share price, NCC.A (closing)     8.75   9.00
Weighted average number of shares outstanding (in thousands)     28,128   29,168
Total assets    235,605    232,396
Long-term debt     42,642   47,904
Shareholders' equity     133,785   119,128

The Company's annual audited consolidated financial statements along with related notes and the annual Management's Discussion and Analysis are available on the Company's website at www.ncc.ca and www.sedar.com.  The Company's Annual Report will be available on the Company's website at www.ncc.ca and www.sedar.com by March 27, 2014.

(1) Non-IFRS Accounting Measure 

EBITDA is a measure that is not defined by International Financial Reporting Standards and is not standardized for public issuers.  This measure may not be comparable to similar measures presented by other public enterprises.  The Company believes this is an important measure because the Company's key decision makers use this measure internally to evaluate the performance of management. The Company's key decision makers also believe certain investors use it as a measure of the Company's financial performance and for valuation purposes.  A calculation of this measure is found in the Company's annual Management's Discussion and Analysis.

About Newfoundland Capital Corporation Limited

Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of Canada's leading radio broadcasters with 89 licences across Canada.  The Company reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.

This press release contains forward-looking statements.  These forward-looking statements are based on current expectations.  The use of terminology such as "expect", "intend", "anticipate", "believe", "may", "will", "should", "would", "plan" and other similar terminology relate to, but are not limited to, our objectives, goals, plans, strategies, intentions, outlook and estimates.   By their very nature, these statements involve inherent risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those expressed in such forward-looking statements. As a result, there is no guarantee that any forward-looking statements will materialize and readers are cautioned not to place undue reliance on these statements. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

SOURCE Newfoundland Capital Corporation Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...