Designated Markets - Radio AM / FM - St. Catharines/Niagara

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 8,967,574 9,037,562 0.78 7,790,991 -13.79 7,394,574 -5.09 7,364,020 -0.41 -4.8
National Time Sales 4,047,595 3,572,400 -11.74 4,405,130 23.31 4,496,374 2.07 4,061,412 -9.67 0.1
Syndication-Production 30,064 28,005 -6.85 10,500 -62.51 6,600 -37.14 7,200 9.09 -30.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 211,386 293,285 38.74 0 -100.00 0 n/a 49,388 n/a -30.5
Total Revenue 13,256,619 12,931,252 -2.45 12,206,621 -5.60 11,897,548 -2.53 11,482,020 -3.49 -3.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 3,588,731 3,689,646 2.81 3,534,898 -4.19 3,580,088 1.28 3,570,947 -0.26 -0.1
Technical 382,612 322,075 -15.82 339,198 5.32 465,458 37.22 358,360 -23.01 -1.6
Sales and Promotion 2,910,992 3,099,568 6.48 2,874,672 -7.26 2,670,787 -7.09 3,133,362 17.32 1.9
Administration and General 2,268,934 2,635,149 16.14 2,641,466 0.24 2,297,600 -13.02 2,224,112 -3.20 -0.5
Total Expenses 9,151,269 9,746,438 6.50 9,390,234 -3.65 9,013,933 -4.01 9,286,781 3.03 0.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 4,105,350 3,184,814   2,816,387   2,883,615   2,195,239    
Depreciation 420,914 255,816 -39.22 165,953 -35.13 378,327 127.97 263,943 -30.23 -11.0
P.B.I.T. 3,684,436 2,928,998   2,650,434   2,505,288   1,931,296    
Interest Expense 40,641 61,211   64,961   91,738   30,216    
Adjustments Gain(Loss) -696,882 160,665   -2,311,085   -847,116   -212,994    
Pre-tax Profit 2,946,913 3,028,452   274,388   1,566,434   1,688,086    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 39.2 37.9   37.6   39.7   38.5    
Programming Expense / Revenue Total 27.1 28.5   29.0   30.1   31.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,160,364 5,800,938 12.41 5,562,832 -4.10 4,989,377 -10.31 5,242,414 5.07 0.4
Avg Staff Count 105.0 84.5 -19.52 88.8 5.03 68.7 -22.55 80.9 17.69  
Avg Remuneration ($) 49,146 68,650 39.69 62,680 -8.70 72,583 15.80 64,801 -10.72 7.2
Avg Remuneration excl. Benefits ($) 44,511 61,612 38.42 56,162 -8.85 65,627 16.85 58,773 -10.44 7.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 31.0 24.6   23.1   24.2   19.1    
P.B.I.T. Margin 27.8 22.7   21.7   21.1   16.8    
Pre-tax Margin 22.2 23.4   2.2   13.2   14.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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