Designated Markets - Radio AM / FM - Lethbridge

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 6 6   6   6   6    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 5,805,998 5,969,674 2.82 6,119,249 2.51 6,444,843 5.32 6,504,304 0.92 2.9
National Time Sales 2,835,021 3,132,266 10.48 3,286,625 4.93 3,211,938 -2.27 3,014,530 -6.15 1.6
Syndication-Production 34,582 32,333 -6.50 26,498 -18.05 14,288 -46.08 18,459 29.19 -14.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 46,883 60,006 27.99 50,030 -16.63 42,537 -14.98 2,264 -94.68 -53.1
Total Revenue 8,722,484 9,194,279 5.41 9,482,402 3.13 9,713,606 2.44 9,539,557 -1.79 2.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,402,407 2,299,461 -4.29 2,413,024 4.94 2,600,952 7.79 2,654,559 2.06 2.5
Technical 353,563 353,955 0.11 382,360 8.03 381,352 -0.26 386,140 1.26 2.2
Sales and Promotion 2,201,984 2,314,764 5.12 2,360,795 1.99 2,363,536 0.12 2,518,217 6.54 3.4
Administration and General 2,062,243 2,507,100 21.57 2,152,051 -14.16 2,215,581 2.95 2,119,484 -4.34 0.7
Total Expenses 7,020,197 7,475,280 6.48 7,308,230 -2.23 7,561,421 3.46 7,678,400 1.55 2.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,702,287 1,718,999   2,174,172   2,152,185   1,861,157    
Depreciation 315,287 301,570 -4.35 296,946 -1.53 283,116 -4.66 220,445 -22.14 -8.6
P.B.I.T. 1,387,000 1,417,429   1,877,226   1,869,069   1,640,712    
Interest Expense 37,979 31,828   9,455   14,563   120,000    
Adjustments Gain(Loss) -78,677 -101,041   -98,014   -123,652   -181,890    
Pre-tax Profit 1,270,344 1,284,560   1,769,757   1,730,854   1,338,822    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 34.2 30.8   33.0   34.4   34.6    
Programming Expense / Revenue Total 27.5 25.0   25.4   26.8   27.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,944,347 3,902,591 -1.06 3,968,771 1.70 4,214,889 6.20 4,194,391 -0.49 1.6
Avg Staff Count 77.0 70.1 -8.96 75.4 7.57 72.1 -4.38 68.8 -4.58  
Avg Remuneration ($) 51,225 55,672 8.68 52,629 -5.47 58,451 11.06 60,956 4.29 4.4
Avg Remuneration excl. Benefits ($) 45,704 49,462 8.22 46,543 -5.90 53,300 14.52 56,062 5.18 5.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 19.5 18.7   22.9   22.2   19.5    
P.B.I.T. Margin 15.9 15.4   19.8   19.2   17.2    
Pre-tax Margin 14.6 14.0   18.7   17.8   14.0    

CAGR = Compound Annual Growth Rate

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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