Small Radio Markets – Radio 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 108 113   116   116   118    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 96,497,791 100,535,789 4.18 101,241,531 0.70 102,340,698 1.09 102,212,536 -0.13 1.5
National Time Sales 24,151,271 25,407,646 5.20 20,501,920 -19.31 22,508,365 9.79 25,598,488 13.73 1.5
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 1,341,384 1,304,590 -2.74 1,208,690 -7.35 1,223,825 1.25 1,229,610 0.47 -2.2
Total Revenue 121,999,642 127,273,786 4.32 123,006,320 -3.35 126,096,794 2.51 129,125,159 2.40 1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 33,714,409 35,834,806 6.29 36,002,800 0.47 36,214,414 0.59 36,101,063 -0.31 1.7
Technical 5,816,608 5,794,676 -0.38 5,898,988 1.80 6,303,715 6.86 6,515,903 3.37 2.9
Sales and Promotion 34,491,660 37,011,266 7.30 35,113,495 -5.13 34,350,323 -2.17 34,898,921 1.60 0.3
Administration and General 29,543,415 28,544,590 -3.38 27,866,260 -2.38 28,292,917 1.53 28,353,218 0.21 -1.0
Total Expenses 103,566,092 107,185,338 3.49 104,881,543 -2.15 105,161,369 0.27 105,869,105 0.67 0.6

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 18,433,550 20,088,448   18,124,777   20,935,425   23,256,054    
Depreciation 4,546,666 4,610,277   4,634,594   4,059,359   4,434,582    
P.B.I.T. 13,886,884 15,478,171   13,490,183   16,876,066   18,821,472    
Interest Expense 790,921 909,032   1,117,494   941,483   991,394    
Adjustments - Gain (Loss) 596,489 2,246,784   -340,104   -1,004,479   -5,930,162    
Pre-tax Profit 13,692,452 16,815,923   12,032,585   14,930,104   11,899,916    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 32.6 33.4   34.3   34.4   34.1    
Program and Production Expense/Total Revenue 27.6 28.2   29.3   28.7   28.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 58,608,842 61,763,011 5.38 60,689,599 -1.74 60,994,570 0.50 61,165,242 0.28 1.1
Total Staff Count 1,130.2 1,164.1 3.00 1,132.9 -2.68 1,212.9 7.07 1,133.3 -6.56  
Avg Remuneration ($)  51,857 53,058 2.32 53,572 0.97 50,287 -6.13 53,969 7.32 1.0
Avg Remuneration excl. Benefits ($)  46,313 47,179 1.87 29,721 -37.00 44,730 50.50 48,131 7.60 1.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 15.1 15.8   14.7   16.6   18.0    
P.B.I.T. Margin 11.4 12.2   11.0   13.4   14.6    
Pre-tax Margin 11.2 13.2   9.8   11.8   9.2    
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