Major Radio Markets – Radio AM – Montreal

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 9 7   7   9   8    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 13,227,013 12,894,466 -2.51 10,761,297 -16.54 10,905,742 1.34 10,307,291 -5.49 -6.0
National Time Sales 5,205,253 5,435,411 4.42 4,512,227 -16.98 3,943,562 -12.60 4,210,678 6.77 -5.2
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 21,051 133,187 532.69 52,310 -60.72 55,036 5.21 265,925 383.18 88.5
Government Grants 0 0 n/a 7,500 n/a 10,200 36.00 0 -100.00 n/a
Other 777,921 1,020,645 31.20 274,769 -73.08 149,545 -45.57 97,658 -34.70 -40.5
Total Revenue 19,231,238 19,483,709 1.31 15,608,103 -19.89 15,064,085 -3.49 14,881,552 -1.21 -6.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 10,035,493 10,196,027 1.60 7,177,847 -29.60 7,191,893 0.20 7,356,393 2.29 -7.5
Technical 1,331,091 952,010 -28.48 1,116,979 17.33 1,156,916 3.58 895,155 -22.63 -9.4
Sales and Promotion 4,361,747 4,348,909 -0.29 3,211,570 -26.15 3,004,015 -6.46 3,465,683 15.37 -5.6
Administration and General 4,668,037 3,915,759 -16.12 3,569,288 -8.85 4,979,273 39.50 3,588,879 -27.92 -6.4
Total Expenses 20,396,368 19,412,705 -4.82 15,075,684 -22.34 16,332,097 8.33 15,306,110 -6.28 -6.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -1,165,130 71,004   532,419   -1,268,012   -424,558    
Depreciation 432,541 164,587   585,750   451,809   947,381    
P.B.I.T. -1,597,671 -93,583   -53,331   -1,719,821   -1,371,939    
Interest Expense 769,506 -119,967   30,670   119,345   148,639    
Adjustments - Gain (Loss) 1,826,224 -43,320   1,578,086   1,038,939   360,765    
Pre-tax Profit -540,953 -16,936   1,494,085   -800,227   -1,159,813    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 49.2 52.5   47.6   44.0   48.1    
Program and Production Expense/Total Revenue 52.2 52.3   46.0   47.7   49.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 11,280,583 12,069,038 6.99 9,312,662 -22.84 11,136,969 19.59 10,464,324 -6.04 -1.9
Total Staff Count 205.9 175.2 -14.92 157.4 -10.18 166.9 6.06 168.9 1.20  
Avg Remuneration ($)  54,776 68,879 25.75 59,173 -14.09 66,724 12.76 61,948 -7.16 3.1
Avg Remuneration excl. Benefits ($)  47,242 60,732 28.56 52,075 -14.25 58,439 12.22 57,185 -2.15 4.9

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -6.1 0.4   3.4   -8.4   -2.9    
P.B.I.T. Margin -8.3 -0.5   -0.3   -11.4   -9.2    
Pre-tax Margin -2.8 -0.1   9.6   -5.3   -7.8    
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