Large Radio Markets – Radio AM / FM – Calgary

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 17 17   17   18   19    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 65,608,302 66,612,257 1.53 66,659,375 0.07 66,373,254 -0.43 65,562,723 -1.22 0.0
National Time Sales 20,795,989 25,137,230 20.88 27,244,756 8.38 30,389,674 11.54 29,270,166 -3.68 8.9
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 76,103 526 -99.31 64,205 >999± 5,121 -92.02 38,313 648.15 -15.8
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 1,400,085 1,442,674 3.04 1,821,189 26.24 1,014,600 -44.29 961,192 -5.26 -9.0
Total Revenue 87,880,479 93,192,687 6.04 95,789,525 2.79 97,782,649 2.08 95,832,394 -1.99 2.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 28,622,311 28,586,997 -0.12 27,495,098 -3.82 28,892,232 5.08 28,253,195 -2.21 -0.3
Technical 2,615,690 2,758,202 5.45 2,724,153 -1.23 2,769,579 1.67 2,939,076 6.12 3.0
Sales and Promotion 22,588,446 25,064,041 10.96 24,613,317 -1.80 22,262,011 -9.55 22,268,378 0.03 -0.4
Administration and General 14,408,499 15,270,835 5.98 15,918,857 4.24 15,768,034 -0.95 17,431,691 10.55 4.9
Total Expenses 68,234,946 71,680,075 5.05 70,751,425 -1.30 69,691,856 -1.50 70,892,340 1.72 1.0

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 19,645,533 21,512,612   25,038,100   28,090,793   24,940,054    
Depreciation 2,141,333 2,047,146   1,617,943   1,351,785   1,908,932    
P.B.I.T. 17,504,200 19,465,466   23,420,157   26,739,008   23,031,122    
Interest Expense 789,409 878,010   909,657   678,871   876,071    
Adjustments - Gain (Loss) -44,065,968 -528,373   -315,929   -8,357,933   -4,786,685    
Pre-tax Profit -27,351,177 18,059,083   22,194,571   17,702,204   17,368,366    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 41.9 39.9   38.9   41.5   39.9    
Program and Production Expense/Total Revenue 32.6 30.7   28.7   29.5   29.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 33,952,391 36,046,788 6.17 35,729,663 -0.88 35,759,490 0.08 35,832,796 0.20 1.4
Total Staff Count 422.4 413.3 -2.16 390.4 -5.54 411.1 5.31 432.6 5.22  
Avg Remuneration ($)  80,376 87,217 8.51 91,518 4.93 86,976 -4.96 82,827 -4.77 0.8
Avg Remuneration excl. Benefits ($)  73,479 79,233 7.83 82,719 4.40 78,287 -5.36 75,159 -3.99 0.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 22.4 23.1   26.1   28.7   26.0    
P.B.I.T. Margin 19.9 20.9   24.4   27.3   24.0    
Pre-tax Margin -31.1 19.4   23.2   18.1   18.1    
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