Small Radio Markets – Radio AM / FM – Alberta

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 65 68   68   69   70    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 58,577,020 61,691,527 5.32 63,307,706 2.62 65,845,066 4.01 68,212,788 3.60 3.9
National Time Sales 23,579,166 22,687,904 -3.78 24,167,034 6.52 27,038,632 11.88 26,040,206 -3.69 2.5
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 57,151 26,971 -52.81 29,250 8.45 33,026 12.91 13,594 -58.84 -30.2
Government Grants 66,624 80,650 21.05 72,238 -10.43 126,097 74.56 67,000 -46.87 0.1
Other 4,519,934 4,770,592 5.55 4,840,643 1.47 4,347,110 -10.20 4,660,285 7.20 0.8
Total Revenue 86,799,895 89,257,644 2.83 92,416,871 3.54 97,389,931 5.38 98,993,873 1.65 3.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 23,552,457 22,487,782 -4.52 23,308,425 3.65 23,755,830 1.92 25,192,520 6.05 1.7
Technical 4,059,970 4,401,012 8.40 4,693,280 6.64 4,773,420 1.71 4,746,167 -0.57 4.0
Sales and Promotion 19,112,223 20,157,943 5.47 20,697,844 2.68 21,499,833 3.87 21,216,504 -1.32 2.7
Administration and General 21,377,754 23,108,997 8.10 24,956,126 7.99 25,057,093 0.40 25,750,390 2.77 4.8
Total Expenses 68,102,404 70,155,734 3.02 73,655,675 4.99 75,086,176 1.94 76,905,581 2.42 3.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 18,697,491 19,101,910   18,761,196   22,303,755   22,088,292    
Depreciation 3,232,034 3,519,090   3,445,102   3,902,950   3,871,647    
P.B.I.T. 15,465,457 15,582,820   15,316,094   18,400,805   18,216,645    
Interest Expense 1,425,446 1,660,883   1,410,401   1,710,205   1,927,087    
Adjustments - Gain (Loss) -517,371 -1,375,852   1,078,289   -1,166,134   -5,134,245    
Pre-tax Profit 13,522,640 12,546,085   14,983,982   15,524,466   11,155,313    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 34.6 32.1   31.6   31.6   32.8    
Program and Production Expense/Total Revenue 27.1 25.2   25.2   24.4   25.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 38,651,645 38,528,869 -0.32 39,612,252 2.81 40,523,554 2.30 41,723,958 2.96 1.9
Total Staff Count 708.0 807.7 14.09 761.1 -5.78 766.3 0.68 788.8 2.94  
Avg Remuneration ($)  54,593 47,700 -12.63 52,047 9.11 52,885 1.61 52,897 0.02 -0.8
Avg Remuneration excl. Benefits ($)  49,934 43,227 -13.43 47,226 9.25 47,813 1.24 47,794 -0.04 -1.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 21.5 21.4   20.3   22.9   22.3    
P.B.I.T. Margin 17.8 17.5   16.6   18.9   18.4    
Pre-tax Margin 15.6 14.1   16.2   15.9   11.3    
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