Newfoundland Capital Corporation Limited today announces its financial results for the second quarter ending June 30, 2017.
- Revenue for the second quarter of $43.6 million was $0.6 million or 1% lower than the same quarter last year and year-to-date revenue of $79.3 million was $1.8 million or 2% lower than 2016. The decrease during the quarter and year-to-date was primarily due to revenue declines in the Company’s Alberta and Newfoundland and Labrador operations as a result of continued economic challenges in those regions of the country and declines in Ottawa as a result of downward pressure on advertising rates in that market. These declines were partially offset by growth in the Company’s Toronto and Sudbury operations, which have achieved strong listener ratings.
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”(1)) of $13.9 million in the second quarter was on par with the second quarter last year and year-to-date Adjusted EBITDA of $20.9 million was $1.1 million or 5% lower than 2016. Excluding the impact of a $0.4 million non-cash expense related to the extension of certain executive stock options, Adjusted EBITDA would have been 3% higher in the quarter due to the Company’s focus on controlling costs and operating efficiently. The decline in Adjusted EBITDA year-to-date was a result of the revenue declines combined with the non-cash expense related to the extension of certain executive stock options.
- Profit for the period of $8.4 million was $0.1 million or 1% higher than the same quarter last year. Year-to-date profit of $11.3 million was $1.6 million or 12% lower than last year due primarily to lower revenue.
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