Small Radio Markets – Radio AM – Manitoba

Commercial Radio – Financial Summary 2010-2014

Table of Contents

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

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 7,303,963 7,259,779 -0.60 7,354,284 1.30 7,327,171 -0.37 7,124,259 -2.77 -0.6
National Time Sales 4,255,665 4,102,619 -3.60 3,947,708 -3.78 4,258,768 7.88 4,193,942 -1.52 -0.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 180,749 189,632 4.91 205,145 8.18 199,144 -2.93 204,364 2.62 3.1
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 10,202 7,326 -28.19 592 -91.92 5,888 894.59 8,101 37.58 -5.6
Total Revenue 11,750,579 11,559,356 -1.63 11,507,729 -0.45 11,790,971 2.46 11,530,666 -2.21 -0.5

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 3,652,195 3,518,763 -3.65 3,570,179 1.46 3,549,811 -0.57 3,520,240 -0.83 -0.9
Technical 180,938 158,721 -12.28 208,105 31.11 254,165 22.13 264,626 4.12 10.0
Sales and Promotion 2,604,418 2,391,869 -8.16 2,242,837 -6.23 2,478,050 10.49 2,375,071 -4.16 -2.3
Administration and General 5,065,961 5,042,301 -0.47 5,147,087 2.08 5,331,751 3.59 5,014,991 -5.94 -0.3
Total Expenses 11,503,512 11,111,654 -3.41 11,168,208 0.51 11,613,777 3.99 11,174,928 -3.78 -0.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 247,067 447,702   339,521   177,194   355,738    
Depreciation 308,440 310,395   290,774   336,576   357,087    
P.B.I.T. -61,373 137,307   48,747   -159,382   -1,349    
Interest Expense 21,537 29,801   111   505   1,382    
Adjustments - Gain (Loss) 76,008 78,940   31,181   46,257   61,885    
Pre-tax Profit -6,902 186,446   79,817   -113,630   59,154    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 31.7 31.7   32.0   30.6   31.5    
Program and Production Expense/Total Revenue 31.1 30.4   31.0   30.1   30.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 6,016,220 5,673,383 -5.70 5,822,206 2.62 5,988,868 2.86 6,013,749 0.42 0.0
Total Staff Count 153.0 157.0 2.61 144.0 -8.27 143.8 -0.17 143.0 -0.52  
Avg Remuneration ($)  39,324 36,138 -8.10 40,432 11.88 41,662 3.04 42,054 0.94 1.7
Avg Remuneration excl. Benefits ($)  35,357 32,107 -9.19 35,619 10.94 36,772 3.24 37,136 0.99 1.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 2.1 3.9   3.0   1.5   3.1    
P.B.I.T. Margin -0.5 1.2   0.4   -1.4   0.0    
Pre-tax Margin -0.1 1.6   0.7   -1.0   0.5    
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