Small Radio Markets – Radio 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 8 9   9   9   11    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 5,284,459 5,447,860 3.09 5,606,206 2.91 5,608,590 0.04 6,338,757 13.02 4.7
National Time Sales 1,298,164 1,421,346 9.49 1,278,314 -10.06 1,619,448 26.69 1,952,764 20.58 10.8
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 88,510 93,237 5.34 119,135 27.78 126,404 6.10 129,490 2.44 10.0
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 30,156 68,114 125.87 126,668 85.96 291 -99.77 5,887 >999± -33.5
Total Revenue 6,701,289 7,030,557 4.91 7,130,323 1.42 7,354,733 3.15 8,426,898 14.58 5.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 1,288,625 1,296,607 0.62 1,232,157 -4.97 1,332,359 8.13 1,643,318 23.34 6.3
Technical 192,512 217,107 12.78 195,470 -9.97 216,427 10.72 173,008 -20.06 -2.6
Sales and Promotion 1,667,481 1,693,491 1.56 1,787,628 5.56 1,754,953 -1.83 2,036,263 16.03 5.1
Administration and General 1,830,197 1,942,865 6.16 2,008,153 3.36 2,114,236 5.28 2,543,512 20.30 8.6
Total Expenses 4,978,815 5,150,070 3.44 5,223,408 1.42 5,417,975 3.72 6,396,101 18.05 6.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 1,722,474 1,880,487   1,906,915   1,936,758   2,030,797    
Depreciation 248,355 235,749   169,141   110,485   339,954    
P.B.I.T. 1,474,119 1,644,738   1,737,774   1,826,273   1,690,843    
Interest Expense 42,058 38,404   35,790   33,264   44,379    
Adjustments - Gain (Loss) -4,961,023 -179,005   44,727   -929,936   -118,548    
Pre-tax Profit -3,528,962 1,427,329   1,746,711   863,073   1,527,916    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 25.9 25.2   23.6   24.6   25.7    
Program and Production Expense/Total Revenue 19.2 18.4   17.3   18.1   19.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 2,093,354 2,267,714 8.33 2,494,518 10.00 2,489,568 -0.20 2,826,339 13.53 7.8
Total Staff Count 50.7 57.8 13.91 51.8 -10.39 57.0 10.14 66.0 15.79  
Avg Remuneration ($)  41,289 39,268 -4.90 48,203 22.76 43,677 -9.39 42,823 -1.95 0.9
Avg Remuneration excl. Benefits ($)  36,556 34,970 -4.34 42,765 22.29 38,607 -9.72 38,309 -0.77 1.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 25.7 26.7   26.7   26.3   24.1    
P.B.I.T. Margin 22.0 23.4   24.4   24.8   20.1    
Pre-tax Margin -52.7 20.3   24.5   11.7   18.1    
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