Medium Radio Markets – Radio AM / FM – Other Medium Markets (Oshawa/Windsor) - Aggregate

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 9 9   9   10   10    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 15,426,086 15,754,766 2.13 15,694,041 -0.39 15,909,965 1.38 14,460,218 -9.11 -1.6
National Time Sales 5,526,167 6,203,183 12.25 5,877,106 -5.26 6,096,102 3.73 6,388,752 4.80 3.7
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 413,597 309,123 -25.26 348,191 12.64 305,421 -12.28 350,674 14.82 -4.0
Total Revenue 21,365,850 22,267,072 4.22 21,919,338 -1.56 22,311,488 1.79 21,199,644 -4.98 -0.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 5,561,829 6,402,581 15.12 6,460,732 0.91 6,893,584 6.70 6,326,662 -8.22 3.3
Technical 740,833 702,335 -5.20 712,077 1.39 686,849 -3.54 619,407 -9.82 -4.4
Sales and Promotion 7,552,232 7,634,736 1.09 7,531,895 -1.35 7,102,005 -5.71 7,388,185 4.03 -0.6
Administration and General 4,389,020 4,279,067 -2.51 4,117,146 -3.78 4,514,553 9.65 3,889,116 -13.85 -3.0
Total Expenses 18,243,914 19,018,719 4.25 18,821,850 -1.04 19,196,991 1.99 18,223,370 -5.07 0.0

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 3,121,936 3,248,353   3,097,488   3,114,497   2,976,274    
Depreciation 686,347 388,423   806,541   694,381   552,109    
P.B.I.T. 2,435,589 2,859,930   2,290,947   2,420,116   2,424,165    
Interest Expense 2,592 8,471   853   2,944   1,200    
Adjustments - Gain (Loss) -778,972 -361,263   -687,525   -4,368,190   267,611    
Pre-tax Profit 1,654,025 2,490,196   1,602,569   -1,951,018   2,690,576    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 30.5 33.7   34.3   35.9   34.7    
Program and Production Expense/Total Revenue 26.0 28.8   29.5   30.9   29.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 10,118,552 11,139,274 10.09 10,026,084 -9.99 9,728,287 -2.97 9,152,999 -5.91 -2.5
Total Staff Count 159.7 164.2 2.77 157.5 -4.05 149.6 -5.05 149.9 0.24  
Avg Remuneration ($)  63,344 67,852 7.12 63,650 -6.19 65,046 2.19 61,053 -6.14 -0.9
Avg Remuneration excl. Benefits ($)  57,651 61,908 7.38 57,359 -7.35 59,210 3.23 55,480 -6.30 -1.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 14.6 14.6   14.1   14.0   14.0    
P.B.I.T. Margin 11.4 12.8   10.5   10.8   11.4    
Pre-tax Margin 7.7 11.2   7.3   -8.7   12.7    
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