Large Radio Markets – Radio AM – Edmonton

Commercial Radio – Financial Summary 2010-2014

Table of Contents

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

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 15,401,826 15,553,965 0.99 16,709,914 7.43 16,040,770 -4.00 15,573,261 -2.91 0.3
National Time Sales 3,140,245 3,176,688 1.16 3,136,002 -1.28 3,150,879 0.47 3,502,091 11.15 2.8
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 0 0 n/a 4,635 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 627,816 682,180 8.66 832,527 22.04 646,082 -22.40 667,271 3.28 1.5
Total Revenue 19,169,887 19,412,833 1.27 20,683,078 6.54 19,837,731 -4.09 19,742,623 -0.48 0.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,652,839 6,443,569 -3.15 6,888,436 6.90 6,438,640 -6.53 6,994,167 8.63 1.3
Technical 729,397 774,845 6.23 691,378 -10.77 723,220 4.61 746,993 3.29 0.6
Sales and Promotion 5,133,855 5,003,218 -2.54 4,899,978 -2.06 4,692,654 -4.23 5,160,158 9.96 0.1
Administration and General 3,732,704 3,517,020 -5.78 3,354,720 -4.61 3,308,687 -1.37 3,377,770 2.09 -2.5
Total Expenses 16,248,795 15,738,652 -3.14 15,834,512 0.61 15,163,201 -4.24 16,279,088 7.36 0.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 2,921,092 3,674,181   4,848,566   4,674,530   3,463,535    
Depreciation 560,629 502,769   556,270   614,394   893,467    
P.B.I.T. 2,360,463 3,171,412   4,292,296   4,060,136   2,570,068    
Interest Expense 327,957 295,761   268,255   278,303   341,249    
Adjustments - Gain (Loss) 1,428,836 3,117,623   4,261,955   4,138,332   5,367,436    
Pre-tax Profit 3,461,342 5,993,274   8,285,996   7,920,165   7,596,255    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 40.9 40.9   43.5   42.5   43.0    
Program and Production Expense/Total Revenue 34.7 33.2   33.3   32.5   35.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 8,657,562 8,477,170 -2.08 8,139,097 -3.99 8,023,196 -1.42 9,066,881 13.01 1.2
Total Staff Count 117.6 113.7 -3.37 103.6 -8.87 104.1 0.51 113.5 8.98  
Avg Remuneration ($)  73,600 74,577 1.33 78,570 5.35 77,057 -1.93 79,906 3.70 2.1
Avg Remuneration excl. Benefits ($)  68,083 65,915 -3.18 70,905 7.57 69,167 -2.45 72,100 4.24 1.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 15.2 18.9   23.4   23.6   17.5    
P.B.I.T. Margin 12.3 16.3   20.8   20.5   13.0    
Pre-tax Margin 18.1 30.9   40.1   39.9   38.5    
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