Small Radio Markets – Radio AM – 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 5 5   5   5   5    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 2,192,085 2,227,406 1.61 2,073,546 -6.91 2,119,529 2.22 2,011,001 -5.12 -2.1
National Time Sales 402,967 372,840 -7.48 375,337 0.67 426,005 13.50 468,185 9.90 3.8
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 6,045 5,885 -2.65 250,029 >999± 14,409 -94.24 17,235 19.61 29.9
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 60,947 43,167 -29.17 29,067 -32.66 259 -99.11 0 -100.00 -100.0
Total Revenue 2,662,044 2,649,298 -0.48 2,727,979 2.97 2,560,202 -6.15 2,496,421 -2.49 -1.6

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 751,893 755,306 0.45 686,531 -9.11 719,108 4.75 657,255 -8.60 -3.3
Technical 84,530 103,007 21.86 129,320 25.54 127,308 -1.56 115,332 -9.41 8.1
Sales and Promotion 437,004 441,174 0.95 642,042 45.53 606,170 -5.59 465,059 -23.28 1.6
Administration and General 812,034 827,031 1.85 785,169 -5.06 725,491 -7.60 651,832 -10.15 -5.4
Total Expenses 2,085,461 2,126,518 1.97 2,243,062 5.48 2,178,077 -2.90 1,889,478 -13.25 -2.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 576,583 522,780   484,917   382,125   606,943    
Depreciation 70,752 73,683   46,808   34,202   80,553    
P.B.I.T. 505,831 449,097   438,109   347,923   526,390    
Interest Expense 517 412   810   1,353   7,684    
Adjustments - Gain (Loss) -2,205,902 125,913   204,160   -267,604   15,314    
Pre-tax Profit -1,700,588 574,598   641,459   78,966   534,020    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 36.1 35.5   30.6   33.0   34.8    
Program and Production Expense/Total Revenue 28.2 28.5   25.2   28.1   26.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 1,021,442 1,033,179 1.15 1,126,856 9.07 1,160,421 2.98 832,179 -28.29 -5.0
Total Staff Count 27.4 27.4 0.00 27.2 -0.73 22.6 -16.94 23.9 5.81  
Avg Remuneration ($)  37,347 37,776 1.15 41,505 9.87 51,460 23.99 34,878 -32.22 -1.7
Avg Remuneration excl. Benefits ($)  32,906 33,014 0.33 30,548 -7.47 45,697 49.59 32,130 -29.69 -0.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 21.7 19.7   17.8   14.9   24.3    
P.B.I.T. Margin 19.0 17.0   16.1   13.6   21.1    
Pre-tax Margin -63.9 21.7   23.5   3.1   21.4    
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