Small Radio Markets – Radio AM / FM – Manitoba

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 18 19   19   19   21    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 12,588,422 12,707,639 0.95 12,960,490 1.99 12,935,761 -0.19 13,463,016 4.08 1.7
National Time Sales 5,553,829 5,523,965 -0.54 5,226,022 -5.39 5,878,216 12.48 6,146,706 4.57 2.6
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 269,259 282,869 5.05 324,280 14.64 325,548 0.39 333,854 2.55 5.5
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 40,358 75,440 86.93 127,260 68.69 6,179 -95.14 13,988 126.38 -23.3
Total Revenue 18,451,868 18,589,913 0.75 18,638,052 0.26 19,145,704 2.72 19,957,564 4.24 2.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 4,940,820 4,815,370 -2.54 4,802,336 -0.27 4,882,170 1.66 5,163,558 5.76 1.1
Technical 373,450 375,828 0.64 403,575 7.38 470,592 16.61 437,634 -7.00 4.0
Sales and Promotion 4,271,899 4,085,360 -4.37 4,030,465 -1.34 4,233,003 5.03 4,411,334 4.21 0.8
Administration and General 6,896,158 6,985,166 1.29 7,155,240 2.43 7,445,987 4.06 7,558,503 1.51 2.3
Total Expenses 16,482,327 16,261,724 -1.34 16,391,616 0.80 17,031,752 3.91 17,571,029 3.17 1.6

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 1,969,541 2,328,189   2,246,436   2,113,952   2,386,535    
Depreciation 556,795 546,144   459,915   447,061   697,041    
P.B.I.T. 1,412,746 1,782,045   1,786,521   1,666,891   1,689,494    
Interest Expense 63,595 68,205   35,901   33,769   45,761    
Adjustments - Gain (Loss) -4,885,015 -100,065   75,908   -883,679   -56,663    
Pre-tax Profit -3,535,864 1,613,775   1,826,528   749,443   1,587,070    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 30.0 29.6   29.3   28.7   29.4    
Program and Production Expense/Total Revenue 26.8 25.9   25.8   25.5   25.9    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 8,109,574 7,941,097 -2.08 8,316,724 4.73 8,478,436 1.94 8,840,088 4.27 2.2
Total Staff Count 203.7 214.7 5.42 195.8 -8.84 200.8 2.55 209.0 4.11  
Avg Remuneration ($)  39,813 36,980 -7.12 42,486 14.89 42,234 -0.59 42,297 0.15 1.5
Avg Remuneration excl. Benefits ($)  35,656 32,877 -7.79 37,508 14.09 37,293 -0.57 37,506 0.57 1.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 10.7 12.5   12.1   11.0   12.0    
P.B.I.T. Margin 7.7 9.6   9.6   8.7   8.5    
Pre-tax Margin -19.2 8.7   9.8   3.9   8.0    
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