Newfoundland Capital Corporation Limited (the “Company”) today announces its financial results for the third quarter ended September 30, 2017.
- Revenue for the third quarter of $43.1 million was $1.6 million, or 4%, higher than the same quarter last year, and year-to-date revenue of $122.4 million was $0.1 million, or less than 1%, lower than 2016. The growth during the quarter was primarily due to growth in the Company’s Ontario operations combined with the business acquisition in Kamloops, British Columbia. Year-to-date, the Toronto and Sudbury operations achieved strong revenue growth, largely offsetting declines faced in other areas of the country, particularly at certain Alberta and Newfoundland and Labrador stations.
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”(1)) of $13.4 million in the third quarter was $0.3 million, or 2%, higher than the third quarter last year, and year-to-date Adjusted EBITDA of $34.3 million was $0.8 million, or 2%, lower than 2016. Excluding the $0.8 million net reduction in expenses related to a copyright fee recovery and certain restructuring costs recognized in the third quarter of 2016, Adjusted EBITDA was 10% higher than the third quarter last year. Contributing to the year-to-date decline was a $0.6 million non-cash expense related to the extension of executive stock options during the year. Excluding the impact of this non-cash expenditure as well as the net impact of copyright fee recoveries and restructuring charges in the prior year, Adjusted EBITDA was 2% higher than 2016 year-to-date.
- Profit for the period of $8.2 million was $0.5 million, or 6%, higher than the same quarter last year primarily due to higher revenue, and year-to-date profit of $19.5 million was $1.1 million, or 5%, lower than last year primarily due to non-cash expense related to the extension of executive stock options during the year and the copyright fee recovery recognized net of restructuring costs in the prior year.
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