Small Radio Markets – Radio AM – Ontario

Commercial Radio – Financial Summary 2010-2014

Table of Contents

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

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 6,918,224 6,573,116 -4.99 6,423,048 -2.28 6,291,488 -2.05 6,569,562 4.42 -1.3
National Time Sales 763,802 764,846 0.14 486,121 -36.44 470,401 -3.23 721,077 53.29 -1.4
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 151,606 6,140 -95.95 21,474 249.74 24,920 16.05 70,652 183.52 -17.4
Total Revenue 7,833,632 7,344,102 -6.25 6,930,643 -5.63 6,786,809 -2.08 7,361,291 8.46 -1.5

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 3,161,391 2,956,826 -6.47 2,908,239 -1.64 2,723,285 -6.36 2,773,055 1.83 -3.2
Technical 800,022 577,309 -27.84 592,010 2.55 595,868 0.65 671,858 12.75 -4.3
Sales and Promotion 2,384,355 2,268,412 -4.86 2,056,113 -9.36 2,026,812 -1.43 2,205,081 8.80 -1.9
Administration and General 2,131,993 2,206,164 3.48 1,919,418 -13.00 1,754,618 -8.59 1,892,779 7.87 -2.9
Total Expenses 8,477,761 8,008,711 -5.53 7,475,780 -6.65 7,100,583 -5.02 7,542,773 6.23 -2.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -644,129 -664,609   -545,137   -313,774   -181,482    
Depreciation 484,741 471,111   427,923   425,028   415,557    
P.B.I.T. -1,128,870 -1,135,720   -973,060   -738,802   -597,039    
Interest Expense 82,684 93,011   86,026   67,307   65,375    
Adjustments - Gain (Loss) 22,137 1,617,489   -59,251   326,142   -299,769    
Pre-tax Profit -1,189,417 388,758   -1,118,337   -479,967   -962,183    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.3 36.9   38.9   38.4   36.8    
Program and Production Expense/Total Revenue 40.4 40.3   42.0   40.1   37.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 5,408,495 5,037,202 -6.86 4,797,231 -4.76 4,597,352 -4.17 4,843,889 5.36 -2.7
Total Staff Count 120.2 112.0 -6.78 104.2 -7.02 86.7 -16.78 86.8 0.12  
Avg Remuneration ($)  45,000 44,959 -0.09 46,052 2.43 53,032 15.16 55,812 5.24 5.5
Avg Remuneration excl. Benefits ($)  40,631 40,550 -0.20 41,292 1.83 47,636 15.36 50,234 5.45 5.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -8.2 -9.0   -7.9   -4.6   -2.5    
P.B.I.T. Margin -14.4 -15.5   -14.0   -10.9   -8.1    
Pre-tax Margin -15.2 5.3   -16.1   -7.1   -13.1    
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