Small Radio Markets – Radio AM / FM – Ontario

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 118 122   125   125   127    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 103,416,015 107,108,905 3.57 107,664,579 0.52 108,632,186 0.90 108,782,098 0.14 1.3
National Time Sales 24,915,073 26,172,492 5.05 20,988,041 -19.81 22,978,766 9.49 26,319,565 14.54 1.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 4,196 24,306 479.27 53,458 119.94 23,906 -55.28 84,525 253.57 111.9
Government Grants 5,000 1,455 -70.90 721 -50.45 0 -100.00 0 n/a n/a
Other 1,492,990 1,310,730 -12.21 1,230,164 -6.15 1,248,745 1.51 1,300,262 4.13 -3.4
Total Revenue 129,833,274 134,617,888 3.69 129,936,963 -3.48 132,883,603 2.27 136,486,450 2.71 1.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 36,875,800 38,791,632 5.20 38,911,039 0.31 38,937,699 0.07 38,874,118 -0.16 1.3
Technical 6,616,630 6,371,985 -3.70 6,490,998 1.87 6,899,583 6.29 7,187,761 4.18 2.1
Sales and Promotion 36,876,015 39,279,678 6.52 37,169,608 -5.37 36,377,135 -2.13 37,104,002 2.00 0.2
Administration and General 31,675,408 30,750,754 -2.92 29,785,678 -3.14 30,047,535 0.88 30,245,997 0.66 -1.2
Total Expenses 112,043,853 115,194,049 2.81 112,357,323 -2.46 112,261,952 -0.08 113,411,878 1.02 0.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 17,789,421 19,423,839   17,579,640   20,621,651   23,074,572    
Depreciation 5,031,407 5,081,388   5,062,517   4,484,387   4,850,139    
P.B.I.T. 12,758,014 14,342,451   12,517,123   16,137,264   18,224,433    
Interest Expense 873,605 1,002,043   1,203,520   1,008,790   1,056,769    
Adjustments - Gain (Loss) 618,626 3,864,273   -399,355   -678,337   -6,229,931    
Pre-tax Profit 12,503,035 17,204,681   10,914,248   14,450,137   10,937,733    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 32.9 33.7   34.6   34.7   34.3    
Program and Production Expense/Total Revenue 28.4 28.8   29.9   29.3   28.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 64,017,337 66,800,213 4.35 65,486,830 -1.97 65,591,922 0.16 66,009,131 0.64 0.8
Total Staff Count 1,250.4 1,276.1 2.06 1,237.0 -3.06 1,299.6 5.06 1,220.1 -6.12  
Avg Remuneration ($)  51,197 52,347 2.24 52,938 1.13 50,470 -4.66 54,101 7.19 1.4
Avg Remuneration excl. Benefits ($)  45,766 46,597 1.82 30,696 -34.13 44,924 46.35 48,281 7.47 1.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 13.7 14.4   13.5   15.5   16.9    
P.B.I.T. Margin 9.8 10.7   9.6   12.1   13.4    
Pre-tax Margin 9.6 12.8   8.4   10.9   8.0    
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