Radio AM – Canada - Ethnic

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 12 12   12   12   12    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 19,964,566 20,314,912 1.75 21,230,484 4.51 21,172,728 -0.27 21,175,312 0.01 1.5
National Time Sales 1,783,234 1,802,586 1.09 1,653,376 -8.28 1,402,061 -15.20 1,427,526 1.82 -5.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 309,008 331,450 7.26 323,179 -2.50 376,439 16.48 369,109 -1.95 4.5
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 1,962,714 1,957,233 -0.28 1,966,383 0.47 2,188,356 11.29 1,680,127 -23.22 -3.8
Total Revenue 24,019,522 24,406,181 1.61 25,173,422 3.14 25,139,584 -0.13 24,652,074 -1.94 0.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 8,456,772 8,139,784 -3.75 8,390,838 3.08 8,777,575 4.61 8,680,068 -1.11 0.7
Technical 1,793,281 1,767,999 -1.41 1,897,182 7.31 1,923,555 1.39 1,855,434 -3.54 0.9
Sales and Promotion 3,774,302 4,060,793 7.59 4,068,692 0.19 3,948,774 -2.95 3,349,419 -15.18 -2.9
Administration and General 8,083,040 8,296,818 2.64 8,105,459 -2.31 6,872,812 -15.21 6,423,431 -6.54 -5.6
Total Expenses 22,107,395 22,265,394 0.71 22,462,171 0.88 21,522,716 -4.18 20,308,352 -5.64 -2.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 1,912,127 2,140,787   2,711,251   3,616,868   4,343,722    
Depreciation 677,919 616,301   607,908   567,411   612,959    
P.B.I.T. 1,234,208 1,524,486   2,103,343   3,049,457   3,730,763    
Interest Expense 227,316 187,011   145,014   211,801   176,415    
Adjustments - Gain (Loss) 287,395 447,074   223,891   90,335   150,762    
Pre-tax Profit 1,294,287 1,784,549   2,182,220   2,927,991   3,705,110    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 38.3 36.6   37.4   40.8   42.7    
Program and Production Expense/Total Revenue 35.2 33.4   33.3   34.9   35.2    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 9,771,355 9,899,098 1.31 10,450,257 5.57 10,584,619 1.29 9,863,852 -6.81 0.2
Total Staff Count 368.3 375.0 1.82 397.8 6.07 397.3 -0.13 394.8 -0.63  
Avg Remuneration ($)  26,531 26,398 -0.50 26,273 -0.47 26,645 1.41 24,988 -6.22 -1.5
Avg Remuneration excl. Benefits ($)  24,570 24,383 -0.76 24,481 0.40 24,798 1.30 22,357 -9.85 -2.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 8.0 8.8   10.8   14.4   17.6    
P.B.I.T. Margin 5.1 6.2   8.4   12.1   15.1    
Pre-tax Margin 5.4 7.3   8.7   11.6   15.0    
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