Non-designated Markets - Radio AM / FM - New Brunswick

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 15 15   17   18   18    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 12,262,292 12,264,283 0.02 11,924,381 -2.77 11,973,547 0.41 11,303,614 -5.60 -2.0
National Time Sales 2,581,242 2,718,172 5.30 3,283,773 20.81 3,376,169 2.81 3,327,564 -1.44 6.6
Syndication-Production 29,585 390,948 >999± 127,904 -67.28 73,997 -42.15 52,208 -29.45 15.3
Government/Corporate Grants 0 0 n/a 0 n/a 2,135 n/a 1,281 -40.00 n/a
Other Revenue 215,539 264,131 22.54 4,175 -98.42 36,232 767.83 62,408 72.25 -26.7
Total Revenue 15,088,658 15,637,534 3.64 15,340,233 -1.90 15,462,080 0.79 14,747,075 -4.62 -0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 3,758,166 3,713,111 -1.20 4,179,761 12.57 4,300,442 2.89 4,252,680 -1.11 3.1
Technical 336,182 615,537 83.10 612,127 -0.55 533,274 -12.88 512,494 -3.90 11.1
Sales and Promotion 3,031,436 3,655,402 20.58 3,770,306 3.14 3,882,672 2.98 3,792,792 -2.31 5.8
Administration and General 4,275,996 3,899,771 -8.80 4,122,466 5.71 4,084,645 -0.92 3,831,528 -6.20 -2.7
Total Expenses 11,401,780 11,883,821 4.23 12,684,660 6.74 12,801,033 0.92 12,389,494 -3.21 2.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,686,878 3,753,713   2,655,573   2,661,047   2,357,581    
Depreciation 517,979 744,778 43.79 310,925 -58.25 835,407 168.68 661,989 -20.76 6.3
P.B.I.T. 3,168,899 3,008,935   2,344,648   1,825,640   1,695,592    
Interest Expense 113,863 90,479   142,410   267,716   247,973    
Adjustments Gain(Loss) -426,414 349,972   -3,132,989   -275,814   -68,645    
Pre-tax Profit 2,628,622 3,268,428   -930,751   1,282,110   1,378,974    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.0 31.2   33.0   33.6   34.3    
Programming Expense / Revenue Total 24.9 23.7   27.2   27.8   28.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,453,073 6,410,658 17.56 7,373,017 15.01 6,990,524 -5.19 6,819,502 -2.45 5.8
Avg Staff Count 141.4 144.7 2.33 152.5 5.39 154.1 1.08 130.7 -15.17  
Avg Remuneration ($) 38,579 44,318 14.88 48,364 9.13 45,367 -6.20 52,169 14.99 7.8
Avg Remuneration excl. Benefits ($) 33,253 38,533 15.88 41,524 7.76 40,433 -2.63 46,086 13.98 8.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.4 24.0   17.3   17.2   16.0    
P.B.I.T. Margin 21.0 19.2   15.3   11.8   11.5    
Pre-tax Margin 17.4 20.9   -6.1   8.3   9.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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