Small Radio Markets – Radio AM / FM – New Brunswick

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 29 29   29   31   32    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 24,784,674 24,254,873 -2.14 24,151,237 -0.43 22,854,472 -5.37 23,045,249 0.83 -1.8
National Time Sales 6,697,857 6,576,962 -1.80 6,820,266 3.70 7,812,130 14.54 7,669,350 -1.83 3.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 29,920 29,585 -1.12 390,948 >999± 127,904 -67.28 73,997 -42.15 25.4
Government Grants 0 0 n/a 0 n/a 0 n/a 2,135 n/a n/a
Other 205,359 231,650 12.80 283,505 22.39 13,797 -95.13 44,430 222.03 -31.8
Total Revenue 31,717,810 31,093,070 -1.97 31,645,956 1.78 30,808,303 -2.65 30,835,161 0.09 -0.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 8,305,379 8,188,795 -1.40 8,106,813 -1.00 8,732,134 7.71 8,240,245 -5.63 -0.2
Technical 950,114 1,016,400 6.98 1,228,928 20.91 1,225,969 -0.24 1,134,881 -7.43 4.5
Sales and Promotion 6,666,606 6,277,234 -5.84 7,099,348 13.10 7,152,904 0.75 7,212,640 0.84 2.0
Administration and General 8,141,286 8,140,248 -0.01 8,133,179 -0.09 8,025,995 -1.32 7,701,818 -4.04 -1.4
Total Expenses 24,063,385 23,622,677 -1.83 24,568,268 4.00 25,137,002 2.31 24,289,584 -3.37 0.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 7,654,425 7,470,393   7,077,688   5,671,301   6,545,577    
Depreciation 975,827 1,013,908   1,202,373   731,667   1,192,191    
P.B.I.T. 6,678,598 6,456,485   5,875,315   4,939,634   5,353,386    
Interest Expense 255,008 373,096   277,311   276,562   460,349    
Adjustments - Gain (Loss) -18,342,701 -418,734   440,840   -3,037,729   -190,520    
Pre-tax Profit -11,919,111 5,664,655   6,038,844   1,625,343   4,702,517    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 34.5 34.7   33.0   34.7   33.9    
Program and Production Expense/Total Revenue 26.2 26.3   25.6   28.3   26.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 12,245,003 11,792,836 -3.69 12,665,120 7.40 13,398,100 5.79 12,730,813 -4.98 1.0
Total Staff Count 309.0 291.4 -5.71 287.8 -1.22 281.3 -2.25 264.8 -5.88  
Avg Remuneration ($)  39,628 40,477 2.14 44,005 8.72 47,622 8.22 48,077 0.95 5.0
Avg Remuneration excl. Benefits ($)  34,903 35,397 1.42 38,472 8.69 41,230 7.17 42,677 3.51 5.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 24.1 24.0   22.4   18.4   21.2    
P.B.I.T. Margin 21.1 20.8   18.6   16.0   17.4    
Pre-tax Margin -37.6 18.2   19.1   5.3   15.3    
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