Major Radio Markets – Radio AM – Montreal - English/Ethnic

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 5 4   4   4   4    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 7,809,357 7,438,761 -4.75 8,408,122 13.03 8,149,992 -3.07 7,322,651 -10.15 -1.6
National Time Sales 3,453,272 3,537,315 2.43 3,494,495 -1.21 3,074,694 -12.01 3,316,538 7.87 -1.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 21,051 23,663 12.41 52,310 121.06 55,036 5.21 265,925 383.18 88.5
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 237,521 135,619 -42.90 126,978 -6.37 48,098 -62.12 19,338 -59.79 -46.6
Total Revenue 11,521,201 11,135,358 -3.35 12,081,905 8.50 11,327,820 -6.24 10,924,452 -3.56 -1.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 5,176,421 5,359,895 3.54 5,899,276 10.06 5,496,791 -6.82 5,717,020 4.01 2.5
Technical 869,346 728,410 -16.21 706,364 -3.03 618,851 -12.39 590,621 -4.56 -9.2
Sales and Promotion 2,579,851 2,200,170 -14.72 2,292,431 4.19 2,400,365 4.71 2,700,114 12.49 1.2
Administration and General 2,677,027 2,450,484 -8.46 2,829,929 15.48 4,228,619 49.42 2,894,315 -31.55 2.0
Total Expenses 11,302,645 10,738,959 -4.99 11,728,000 9.21 12,744,626 8.67 11,902,070 -6.61 1.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 218,556 396,399   353,905   -1,416,806   -977,618    
Depreciation 214,867 46,086   519,972   307,106   834,082    
P.B.I.T. 3,689 350,313   -166,067   -1,723,912   -1,811,700    
Interest Expense 64,124 7,566   6,955   6,942   11,698    
Adjustments - Gain (Loss) 7,729 -43,320   1,578,086   1,038,939   360,765    
Pre-tax Profit -52,706 299,427   1,405,064   -691,915   -1,462,633    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 45.8 49.9   50.3   43.1   48.0    
Program and Production Expense/Total Revenue 44.9 48.1   48.8   48.5   52.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 6,527,545 6,349,576 -2.73 7,635,633 20.25 8,957,376 17.31 8,172,223 -8.77 5.8
Total Staff Count 134.8 128.3 -4.84 130.4 1.59 128.1 -1.70 128.0 -0.10  
Avg Remuneration ($)  48,410 49,486 2.22 58,578 18.37 69,908 19.34 63,845 -8.67 7.2
Avg Remuneration excl. Benefits ($)  40,762 41,252 1.20 51,647 25.20 61,070 18.25 59,951 -1.83 10.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 1.9 3.6   2.9   -12.5   -8.9    
P.B.I.T. Margin 0.0 3.1   -1.4   -15.2   -16.6    
Pre-tax Margin -0.5 2.7   11.6   -6.1   -13.4    
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