Medium Radio Markets – Radio AM / FM – Kitchener/Waterloo

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 7 7   7   7   7    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 18,649,316 18,549,520 -0.54 17,110,047 -7.76 16,710,960 -2.33 16,466,976 -1.46 -3.1
National Time Sales 7,116,114 7,320,046 2.87 6,927,321 -5.37 6,816,044 -1.61 6,812,140 -0.06 -1.1
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 0 n/a n/a
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 235,204 249,887 6.24 184,634 -26.11 153,250 -17.00 134,941 -11.95 -13.0
Total Revenue 26,000,634 26,119,453 0.46 24,222,002 -7.26 23,680,254 -2.24 23,414,057 -1.12 -2.6

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,558,897 6,643,743 1.29 6,662,231 0.28 6,539,910 -1.84 6,618,126 1.20 0.2
Technical 722,764 673,169 -6.86 720,091 6.97 775,437 7.69 656,630 -15.32 -2.4
Sales and Promotion 5,484,931 5,570,774 1.57 5,015,553 -9.97 4,580,668 -8.67 4,549,101 -0.69 -4.6
Administration and General 5,186,667 5,269,928 1.61 4,945,992 -6.15 5,100,122 3.12 4,615,472 -9.50 -2.9
Total Expenses 17,953,259 18,157,614 1.14 17,343,867 -4.48 16,996,137 -2.00 16,439,329 -3.28 -2.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,047,375 7,961,839   6,878,135   6,684,117   6,974,728    
Depreciation 605,450 626,600   684,400   607,006   614,640    
P.B.I.T. 7,441,925 7,335,239   6,193,735   6,077,111   6,360,088    
Interest Expense 25,809 45,719   7,454   18,570   34,110    
Adjustments - Gain (Loss) -2,518,652 -3,359,654   1,551,993   189,683   3,184,965    
Pre-tax Profit 4,897,464 3,929,866   7,738,274   6,248,224   9,510,943    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 36.5 36.6   38.4   38.5   40.3    
Program and Production Expense/Total Revenue 25.2 25.4   27.5   27.6   28.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 9,461,179 9,384,238 -0.81 9,323,568 -0.65 9,148,350 -1.88 9,020,246 -1.40 -1.2
Total Staff Count 127.7 126.7 -0.81 118.4 -6.52 117.6 -0.64 104.3 -11.36  
Avg Remuneration ($)  74,095 74,096 0.00 78,753 6.29 77,772 -1.25 86,509 11.23 4.0
Avg Remuneration excl. Benefits ($)  65,688 64,953 -1.12 68,735 5.82 67,648 -1.58 75,788 12.03 3.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 31.0 30.5   28.4   28.2   29.8    
P.B.I.T. Margin 28.6 28.1   25.6   25.7   27.2    
Pre-tax Margin 18.8 15.0   31.9   26.4   40.6    
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