Large Radio Markets – Radio AM – Winnipeg

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 3 3   3   3   3    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 9,751,977 10,025,380 2.80 11,170,999 11.43 10,821,657 -3.13 11,345,959 4.84 3.9
National Time Sales 1,174,807 1,121,406 -4.55 796,779 -28.95 804,186 0.93 757,736 -5.78 -10.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 0 0 n/a 0 n/a 0 n/a 2,430 n/a n/a
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 624,107 626,007 0.30 770,763 23.12 502,386 -34.82 351,898 -29.95 -13.4
Total Revenue 11,550,891 11,772,793 1.92 12,738,541 8.20 12,128,229 -4.79 12,458,023 2.72 1.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 2,934,350 2,934,003 -0.01 5,035,626 71.63 4,682,916 -7.00 6,066,228 29.54 19.9
Technical 301,612 303,234 0.54 319,003 5.20 298,483 -6.43 359,911 20.58 4.5
Sales and Promotion 2,188,497 2,442,305 11.60 2,722,983 11.49 2,681,174 -1.54 3,479,144 29.76 12.3
Administration and General 2,093,130 2,302,716 10.01 1,997,985 -13.23 1,622,487 -18.79 1,835,674 13.14 -3.2
Total Expenses 7,517,589 7,982,258 6.18 10,075,597 26.22 9,285,060 -7.85 11,740,957 26.45 11.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 4,033,302 3,790,535   2,662,944   2,843,169   717,066    
Depreciation 291,245 477,521   654,604   629,937   607,247    
P.B.I.T. 3,742,057 3,313,014   2,008,340   2,213,232   109,819    
Interest Expense 102,066 85,363   -5,420   64,787   60,670    
Adjustments - Gain (Loss) 3,858,866 3,722,861   3,725,199   3,958,769   5,105,245    
Pre-tax Profit 7,498,857 6,950,512   5,738,959   6,107,214   5,154,394    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 39.0 36.8   50.0   50.4   51.7    
Program and Production Expense/Total Revenue 25.4 24.9   39.5   38.6   48.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 4,314,488 4,628,868 7.29 5,147,278 11.20 5,262,696 2.24 6,600,890 25.43 11.2
Total Staff Count 77.7 75.5 -2.86 89.8 19.00 85.7 -4.55 94.1 9.76  
Avg Remuneration ($)  55,535 61,334 10.44 57,313 -6.56 61,394 7.12 70,155 14.27 6.0
Avg Remuneration excl. Benefits ($)  49,592 52,609 6.08 49,264 -6.36 52,733 7.04 63,909 21.19 6.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 34.9 32.2   20.9   23.4   5.8    
P.B.I.T. Margin 32.4 28.1   15.8   18.2   0.9    
Pre-tax Margin 64.9 59.0   45.1   50.4   41.4    
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