Small Radio Markets – Radio FM – British Columbia & Territories

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 64 64   66   67   68    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 48,322,099 47,809,359 -1.06 46,804,947 -2.10 48,295,361 3.18 47,531,591 -1.58 -0.4
National Time Sales 14,623,325 14,754,539 0.90 13,742,578 -6.86 16,392,430 19.28 15,279,418 -6.79 1.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 84,492 85,791 1.54 105,261 22.69 65,433 -37.84 73,690 12.62 -3.4
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 315,288 431,141 36.75 587,228 36.20 150,701 -74.34 146,774 -2.61 -17.4
Total Revenue 63,345,204 63,080,830 -0.42 61,240,014 -2.92 64,903,925 5.98 63,031,473 -2.88 -0.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 18,197,393 18,149,259 -0.26 17,874,821 -1.51 18,794,289 5.14 19,575,082 4.15 1.8
Technical 3,080,228 2,965,204 -3.73 2,946,331 -0.64 3,211,365 9.00 2,933,385 -8.66 -1.2
Sales and Promotion 17,009,995 17,281,486 1.60 18,010,800 4.22 18,134,853 0.69 17,337,650 -4.40 0.5
Administration and General 15,546,301 15,675,765 0.83 16,630,710 6.09 16,747,415 0.70 17,201,611 2.71 2.6
Total Expenses 53,833,917 54,071,714 0.44 55,462,662 2.57 56,887,922 2.57 57,047,728 0.28 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 9,511,287 9,009,116   5,777,352   8,016,003   5,983,745    
Depreciation 1,929,984 1,981,121   1,850,626   1,724,559   2,029,045    
P.B.I.T. 7,581,303 7,027,995   3,926,726   6,291,444   3,954,700    
Interest Expense 1,223,383 893,057   775,766   838,216   1,004,628    
Adjustments - Gain (Loss) -31,936,038 -1,983,739   -2,210,131   -7,742,602   -10,833,637    
Pre-tax Profit -25,578,118 4,151,199   940,829   -2,289,374   -7,883,565    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 33.8 33.6   32.2   33.0   34.3    
Program and Production Expense/Total Revenue 28.7 28.8   29.2   29.0   31.1    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 31,285,855 32,326,770 3.33 33,404,221 3.33 33,532,048 0.38 32,126,275 -4.19 0.7
Total Staff Count 595.6 598.7 0.52 616.8 3.02 616.2 -0.09 585.4 -5.01  
Avg Remuneration ($)  52,528 53,996 2.79 54,157 0.30 54,414 0.47 54,884 0.86 1.1
Avg Remuneration excl. Benefits ($)  47,131 48,567 3.05 48,620 0.11 48,427 -0.40 49,299 1.80 1.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 15.0 14.3   9.4   12.4   9.5    
P.B.I.T. Margin 12.0 11.1   6.4   9.7   6.3    
Pre-tax Margin -40.4 6.6   1.5   -3.5   -12.5    
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