Major Radio Markets – Radio AM – Toronto

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 13 13   13   13   13    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 64,806,617 63,928,241 -1.36 65,211,762 2.01 64,353,916 -1.32 58,648,290 -8.87 -2.5
National Time Sales 11,645,651 13,096,192 12.46 13,186,810 0.69 14,335,686 8.71 20,378,203 42.15 15.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 435,999 443,137 1.64 527,703 19.08 324,561 -38.50 298,157 -8.14 -9.1
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 2,114,586 2,171,777 2.70 2,333,157 7.43 1,771,471 -24.07 938,715 -47.01 -18.4
Total Revenue 79,002,853 79,639,347 0.81 81,259,432 2.03 80,785,634 -0.58 80,263,365 -0.65 0.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 27,575,278 27,998,369 1.53 30,503,267 8.95 32,475,241 6.46 35,513,352 9.36 6.5
Technical 3,668,467 3,413,026 -6.96 3,006,623 -11.91 3,320,548 10.44 2,741,628 -17.43 -7.0
Sales and Promotion 14,837,456 14,557,392 -1.89 13,352,376 -8.28 12,650,882 -5.25 11,811,041 -6.64 -5.5
Administration and General 15,687,375 16,386,934 4.46 15,863,247 -3.20 15,006,183 -5.40 17,065,513 13.72 2.1
Total Expenses 61,768,576 62,355,721 0.95 62,725,513 0.59 63,452,854 1.16 67,131,534 5.80 2.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 17,234,277 17,283,626   18,533,919   17,332,780   13,131,831    
Depreciation 1,724,049 1,620,294   1,346,005   1,581,524   1,352,714    
P.B.I.T. 15,510,228 15,663,332   17,187,914   15,751,256   11,779,117    
Interest Expense 477,311 450,596   270,478   84,977   158,204    
Adjustments - Gain (Loss) -17,723,662 1,372,844   1,118,568   -1,488,033   3,668,473    
Pre-tax Profit -2,690,745 16,585,580   18,036,004   14,178,246   15,289,386    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 44.6 44.9   48.6   51.2   52.9    
Program and Production Expense/Total Revenue 34.9 35.2   37.5   40.2   44.2    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 30,018,895 30,821,362 2.67 33,108,643 7.42 34,539,250 4.32 33,428,664 -3.22 2.7
Total Staff Count 473.1 509.4 7.66 538.2 5.66 526.2 -2.23 493.4 -6.24  
Avg Remuneration ($)  63,447 60,506 -4.64 61,517 1.67 65,637 6.70 67,750 3.22 1.7
Avg Remuneration excl. Benefits ($)  56,989 53,990 -5.26 54,376 0.71 57,837 6.36 60,716 4.98 1.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 21.8 21.7   22.8   21.5   16.4    
P.B.I.T. Margin 19.6 19.7   21.2   19.5   14.7    
Pre-tax Margin -3.4 20.8   22.2   17.6   19.0    
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