Small Radio Markets – Radio AM

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 82 77   72   70   69    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 67,668,534 67,918,423 0.37 66,501,904 -2.09 66,511,087 0.01 64,491,734 -3.04 -1.2
National Time Sales 18,753,298 17,343,757 -7.52 16,307,010 -5.98 16,231,143 -0.47 15,470,089 -4.69 -4.7
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 279,209 193,794 -30.59 435,656 124.80 229,379 -47.35 273,838 19.38 -0.5
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 854,754 725,942 -15.07 603,979 -16.80 556,767 -7.82 613,663 10.22 -8.0
Total Revenue 87,555,795 86,181,916 -1.57 83,848,549 -2.71 83,528,376 -0.38 80,849,324 -3.21 -2.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 27,168,585 27,014,474 -0.57 26,580,210 -1.61 27,393,253 3.06 27,961,979 2.08 0.7
Technical 3,774,895 3,478,661 -7.85 3,542,087 1.82 3,271,143 -7.65 3,444,590 5.30 -2.3
Sales and Promotion 23,280,714 22,772,352 -2.18 21,720,319 -4.62 22,089,660 1.70 21,669,799 -1.90 -1.8
Administration and General 25,018,740 24,429,794 -2.35 24,421,435 -0.03 23,635,480 -3.22 22,638,855 -4.22 -2.5
Total Expenses 79,242,934 77,695,281 -1.95 76,264,051 -1.84 76,389,536 0.16 75,715,223 -0.88 -1.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,312,861 8,486,635   7,584,498   7,138,840   5,134,101    
Depreciation 3,295,303 3,865,482   3,296,035   3,262,232   3,297,812    
P.B.I.T. 5,017,558 4,621,153   4,288,463   3,876,608   1,836,289    
Interest Expense 964,879 1,222,973   875,303   858,097   988,107    
Adjustments - Gain (Loss) -9,304,979 2,239,558   852,072   -871,408   -501,025    
Pre-tax Profit -5,252,300 5,637,738   4,265,232   2,147,103   347,157    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 34.3 34.8   34.9   35.9   36.9    
Program and Production Expense/Total Revenue 31.0 31.3   31.7   32.8   34.6    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 43,367,707 42,136,132 -2.84 42,347,596 0.50 42,437,817 0.21 42,770,306 0.78 -0.4
Total Staff Count 887.8 872.8 -1.69 813.4 -6.80 769.9 -5.35 802.0 4.17  
Avg Remuneration ($)  48,850 48,280 -1.17 52,062 7.84 55,122 5.88 53,332 -3.25 2.2
Avg Remuneration excl. Benefits ($)  44,355 43,748 -1.37 46,863 7.12 49,686 6.02 47,428 -4.54 1.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 9.5 9.8   9.0   8.5   6.4    
P.B.I.T. Margin 5.7 5.4   5.1   4.6   2.3    
Pre-tax Margin -6.0 6.5   5.1   2.6   0.4    
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