Small Radio Markets – Radio FM – Saskatchewan

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 26 27   28   30   30    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 38,703,554 40,808,754 5.44 42,310,779 3.68 44,199,514 4.46 43,562,104 -1.44 3.0
National Time Sales 10,002,699 9,892,642 -1.10 10,120,204 2.30 10,982,050 8.52 10,799,156 -1.67 1.9
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production -101,082 -10,523 -89.59 -9,173 -12.83 6,725 -173.31 3,187 -52.61 n/a
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 863,660 837,460 -3.03 804,797 -3.90 917,383 13.99 908,927 -0.92 1.3
Total Revenue 49,468,831 51,528,333 4.16 53,226,607 3.30 56,105,672 5.41 55,273,374 -1.48 2.8

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 15,736,835 16,259,339 3.32 16,594,016 2.06 16,714,716 0.73 16,931,694 1.30 1.9
Technical 1,640,142 1,712,529 4.41 1,913,989 11.76 2,053,813 7.31 2,041,830 -0.58 5.6
Sales and Promotion 13,976,610 15,327,009 9.66 15,688,888 2.36 16,174,063 3.09 15,867,611 -1.89 3.2
Administration and General 9,505,350 9,508,248 0.03 9,726,277 2.29 10,351,515 6.43 10,764,783 3.99 3.2
Total Expenses 40,858,937 42,807,125 4.77 43,923,170 2.61 45,294,107 3.12 45,605,918 0.69 2.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,609,894 8,721,208   9,303,437   10,811,565   9,667,456    
Depreciation 1,916,813 1,942,466   1,922,881   1,994,423   1,977,471    
P.B.I.T. 6,693,081 6,778,742   7,380,556   8,817,142   7,689,985    
Interest Expense 134,435 226,287   214,159   275,031   57,167    
Adjustments - Gain (Loss) -3,647,812 -112,763   140,190   -1,956,302   -83,277    
Pre-tax Profit 2,910,834 6,439,692   7,306,587   6,585,809   7,549,541    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 38.5 38.0   37.8   36.9   37.1    
Program and Production Expense/Total Revenue 31.8 31.6   31.2   29.8   30.6    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 19,249,073 20,491,753 6.46 21,382,058 4.34 22,428,554 4.89 22,022,237 -1.81 3.4
Total Staff Count 347.3 365.5 5.23 355.2 -2.81 395.0 11.18 360.6 -8.70  
Avg Remuneration ($)  55,420 56,063 1.16 60,192 7.36 56,787 -5.66 61,071 7.54 2.5
Avg Remuneration excl. Benefits ($)  50,787 51,736 1.87 54,965 6.24 51,762 -5.83 54,329 4.96 1.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 17.4 16.9   17.5   19.3   17.5    
P.B.I.T. Margin 13.5 13.2   13.9   15.7   13.9    
Pre-tax Margin 5.9 12.5   13.7   11.7   13.7    
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