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
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
The unique combination of Amazon Web Services and Cloud Raxak, a Gartner Cool Vendor in IT Automation, provides a seamless and cost-effective way of securely moving on-premise IT workloads to Amazon Web Services. Any enterprise can now leverage the cloud, manage risk, and maintain continuous security compliance. Forrester's analysis shows that enterprises need automated security to lower security risk and decrease IT operational costs. Through the seamless integration into Amazon Web Services, ...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, discussed the best practices that will ensure a successful smart city journey.