|By PR Newswire||
|March 3, 2014 05:36 PM EST||
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.
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.
- 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|
|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|
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
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Apr. 24, 2017 10:45 PM EDT Reads: 2,079
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, 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. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 24, 2017 10:45 PM EDT Reads: 671
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 24, 2017 10:45 PM EDT Reads: 1,699
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 24, 2017 10:00 PM EDT Reads: 763
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 24, 2017 09:45 PM EDT Reads: 3,608
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 24, 2017 09:15 PM EDT Reads: 1,636
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busin...
Apr. 24, 2017 08:15 PM EDT Reads: 393
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 24, 2017 08:00 PM EDT Reads: 733
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 24, 2017 07:45 PM EDT Reads: 2,139
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 24, 2017 07:30 PM EDT Reads: 2,107
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 24, 2017 07:15 PM EDT Reads: 2,405
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 24, 2017 06:45 PM EDT Reads: 609
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 24, 2017 06:45 PM EDT Reads: 702
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 24, 2017 06:30 PM EDT Reads: 649
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 24, 2017 06:30 PM EDT Reads: 1,667