Small Radio Markets – Radio AM – Alberta

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 10 9   7   5   5    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 4,393,796 3,888,854 -11.49 3,062,731 -21.24 2,738,280 -10.59 2,122,216 -22.50 -16.6
National Time Sales 3,794,936 3,330,341 -12.24 2,906,639 -12.72 2,567,075 -11.68 2,277,736 -11.27 -12.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 8,315 6,410 -22.91 6,650 3.74 6,765 1.73 3,060 -54.77 -22.1
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 10,217 5,510 -46.07 5,467 -0.78 47,374 766.54 9,371 -80.22 -2.1
Total Revenue 8,207,264 7,231,115 -11.89 5,981,487 -17.28 5,359,494 -10.40 4,412,383 -17.67 -14.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 2,119,807 1,822,524 -14.02 1,547,100 -15.11 1,441,698 -6.81 1,367,081 -5.18 -10.4
Technical 539,903 547,724 1.45 468,922 -14.39 423,007 -9.79 371,696 -12.13 -8.9
Sales and Promotion 2,097,856 1,944,221 -7.32 1,594,996 -17.96 1,452,338 -8.94 1,300,502 -10.45 -11.3
Administration and General 2,802,319 2,339,295 -16.52 1,987,055 -15.06 1,625,171 -18.21 1,440,747 -11.35 -15.3
Total Expenses 7,559,885 6,653,764 -11.99 5,598,073 -15.87 4,942,214 -11.72 4,480,026 -9.35 -12.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 647,379 577,351   383,414   417,280   -67,643    
Depreciation 250,778 300,591   225,044   175,436   151,828    
P.B.I.T. 396,601 276,760   158,370   241,844   -219,471    
Interest Expense 368,597 397,396   225,938   214,029   253,399    
Adjustments - Gain (Loss) 26,044 67,656   48,720   -64,065   23,127    
Pre-tax Profit 54,048 -52,980   -18,848   -36,250   -449,743    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 28.0 27.4   27.6   29.2   30.5    
Program and Production Expense/Total Revenue 25.8 25.2   25.9   26.9   31.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 4,188,627 3,710,559 -11.41 2,983,443 -19.60 2,474,689 -17.05 2,095,234 -15.33 -15.9
Total Staff Count 63.5 89.0 40.16 70.5 -20.79 29.0 -58.87 48.0 65.52  
Avg Remuneration ($)  65,963 41,692 -36.80 42,318 1.50 85,334 101.65 43,651 -48.85 -9.8
Avg Remuneration excl. Benefits ($)  60,113 37,708 -37.27 39,856 5.69 80,400 101.73 38,956 -51.55 -10.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 7.9 8.0   6.4   7.8   -1.5    
P.B.I.T. Margin 4.8 3.8   2.6   4.5   -5.0    
Pre-tax Margin 0.7 -0.7   -0.3   -0.7   -10.2    
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