Large Radio Markets – Radio AM – Calgary

Commercial Radio – Financial Summary 2010-2014

Table of Contents

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

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 12,242,948 13,887,308 13.43 13,250,757 -4.58 13,231,279 -0.15 12,063,615 -8.83 -0.4
National Time Sales 2,102,021 2,223,811 5.79 2,268,977 2.03 2,384,271 5.08 2,795,395 17.24 7.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 0 0 n/a 1,835 n/a 0 -100.00 0 n/a n/a
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 675,172 606,696 -10.14 598,477 -1.35 545,425 -8.86 337,965 -38.04 -15.9
Total Revenue 15,020,141 16,717,815 11.30 16,120,046 -3.58 16,160,975 0.25 15,196,975 -5.96 0.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,656,015 6,668,116 0.18 6,901,043 3.49 7,269,353 5.34 7,135,806 -1.84 1.8
Technical 606,448 665,871 9.80 680,918 2.26 713,302 4.76 737,697 3.42 5.0
Sales and Promotion 4,354,972 4,639,976 6.54 4,204,738 -9.38 4,052,428 -3.62 3,689,990 -8.94 -4.1
Administration and General 2,519,090 3,031,584 20.34 3,028,372 -0.11 2,726,491 -9.97 3,411,276 25.12 7.9
Total Expenses 14,136,525 15,005,547 6.15 14,815,071 -1.27 14,761,574 -0.36 14,974,769 1.44 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 883,616 1,712,268   1,304,975   1,399,401   222,206    
Depreciation 151,045 168,700   154,603   162,153   217,073    
P.B.I.T. 732,571 1,543,568   1,150,372   1,237,248   5,133    
Interest Expense 84,408 86,288   177,734   145,263   116,278    
Adjustments - Gain (Loss) -1,349,568 132,760   -77,832   -421,861   -121,327    
Pre-tax Profit -701,405 1,590,040   894,806   670,124   -232,472    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 47.1 44.4   46.6   49.2   47.7    
Program and Production Expense/Total Revenue 44.3 39.9   42.8   45.0   47.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 8,469,700 9,256,145 9.29 8,859,122 -4.29 9,129,012 3.05 9,030,893 -1.07 1.6
Total Staff Count 114.4 118.6 3.65 102.2 -13.86 112.1 9.76 104.6 -6.72  
Avg Remuneration ($)  74,023 78,045 5.43 86,718 11.11 81,415 -6.12 86,337 6.05 3.9
Avg Remuneration excl. Benefits ($)  66,719 69,613 4.34 76,368 9.70 71,593 -6.25 75,622 5.63 3.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 5.9 10.2   8.1   8.7   1.5    
P.B.I.T. Margin 4.9 9.2   7.1   7.7   0.0    
Pre-tax Margin -4.7 9.5   5.6   4.1   -1.5    
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