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

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 6 6 - 6 - 7 - 7 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 9,037,562 7,790,991 -13.79 7,394,574 -5.09 7,364,020 -0.41 7,051,629 -4.24 -6.0
National Time Sales 3,572,400 4,405,130 23.31 4,496,374 2.07 4,061,412 -9.67 4,500,778 10.82 6.0
Syndication-Production 28,005 10,500 -62.51 6,600 -37.14 7,200 9.09 69,236 861.61 25.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 293,285 0 n/a 0 n/a 49,388 n/a 45,794 -7.28 -37.1
Total Revenue 12,931,252 12,206,621 -5.60 11,897,548 -2.53 11,482,020 -3.49 11,667,437 1.61 -2.5

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 3,689,646 3,534,898 -4.19 3,580,088 1.28 3,570,947 -0.26 3,678,418 3.01 -0.1
Technical 322,075 339,198 5.32 465,458 37.22 358,360 -23.01 284,713 -20.55 -3.0
Sales and Promotion 3,099,568 2,874,672 -7.26 2,670,787 -7.09 3,133,362 17.32 3,320,291 5.97 1.7
Administration and General 2,635,149 2,641,466 0.24 2,297,600 -13.02 2,224,112 -3.20 2,708,972 21.80 0.7
Total Expenses 9,746,438 9,390,234 -3.65 9,013,933 -4.01 9,286,781 3.03 9,992,394 7.60 0.6

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 3,184,814 2,816,387 - 2,883,615 - 2,195,239 - 1,675,043 - -
Depreciation 255,816 165,953 -35.13 378,327 127.97 263,943 -30.23 157,497 -40.33 -11.4
P.B.I.T. 2,928,998 2,650,434 - 2,505,288 - 1,931,296 - 1,517,546 - -
Interest Expense 61,211 64,961 - 91,738 - 30,216 - 30,129 - -
Adjustments Gain(Loss) 160,665 -2,311,085 - -847,116 - -212,994 - -424,229 - -
Pre-tax Profit 3,028,452 274,388 - 1,566,434 - 1,688,086 - 1,063,188 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 37.9 37.6 - 39.7 - 38.5 - 36.8 - -
Prog-Prod Expense / Revenue Total 28.5 29.0 - 30.1 - 31.1 - 31.5 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 5,800,938 5,562,832 -4.10 4,989,377 -10.31 5,242,414 5.07 5,668,810 8.13 -0.6
Total Staff Count 84.5 88.8 5.03 68.7 -22.55 80.9 17.69 80.1 -0.96 -
Avg Remuneration ($) 68,650 62,680 -8.70 72,583 15.80 64,801 -10.72 70,754 9.19 0.8
Avg Remuneration excl. Benefits ($) 61,612 56,162 -8.85 65,627 16.85 58,773 -10.44 62,707 6.69 0.4

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 24.6 23.1 - 24.2 - 19.1 - 14.4 - -
P.B.I.T. Margin 22.7 21.7 - 21.1 - 16.8 - 13.0 - -
Pre-tax Margin 23.4 2.2 - 13.2 - 14.7 - 9.1 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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