Newfoundland Capital Corporation Limited - Fourth Quarter 2015 - Period Ended December 31 (unaudited)

DARTMOUTH, NS, March 3, 2016 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the fourth quarter ending December 31, 2015.


  • Revenue was $45.5 million in the fourth quarter, a $1.1 million or 2% increase over the fourth quarter of 2014. Annual revenue of $164.6 million was $10.1 million or 7% higher than last year. The annual growth was primarily attributable to the inclusion of radio stations acquired in 2014 in Toronto, Ontario, Vancouver, British Columbia, and Saint John, New Brunswick for the full year as compared to nine months in 2014. Also contributing to the increase in revenue was organic growth of 2%.
  • Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) in the fourth quarter of $14.5 million was $0.5 million or 3% lower than the same time last year and annual EBITDA of $46.0 million was $4.3 million or 10% higher than 2014 due to the incremental EBITDA derived from the acquired stations as well as the organic revenue growth and cost control.
  • Profit for the fourth quarter of $8.0 million was $5.4 million higher than the same quarter last year due primarily to the impairment charge recognized in the prior year. Annual profit of $23.2 million was $12.0 million higher than the prior year, primarily as a result of the acquisition costs of $8.9 million and impairment charge of $5.7 million recorded in 2014. Also contributing to higher profit during 2015 was the inclusion of the Toronto and Vancouver stations for the full year in 2015 compared to nine months in 2014.

Significant events

  • In December the Board of Directors declared dividends totaling $0.09 per share, bringing the total dividends declared for 2015 to $0.15 per share which was on par with 2014.

"2015 was a record year for our radio business," commented Rob Steele, President and Chief Executive Officer. "The Company's success was attributable to the integration of the Toronto and Vancouver operations as well as the reduction of operating costs and growth in organic revenue. Ratings results in late 2015 had many of our radio stations ranked within the top three in their respective markets, which should contribute to solid financial performance in 2016."


Financial Highlights - Fourth quarter

(thousands of Canadian dollars except share information)










Profit for the period



Earnings per share – basic



Earnings per share – diluted



Share price, NCC.A (closing)



Weighted average number of shares outstanding (in thousands)



Total assets



Long-term debt, including current portion



Shareholders' equity



The Company's annual audited consolidated financial statements along with related notes and the annual Management's Discussion and Analysis are available on the Company's website at and The Company's Annual Report will be available on the Company's website at and by March 31, 2016.

(1) Non-IFRS Accounting Measure

EBITDA is a measure that is not defined by International Financial Reporting Standards and is not standardized for public issuers. This measure may not be comparable to similar measures presented by other public enterprises. The Company believes this is an important measure because the Company's key decision makers use this measure internally to evaluate the performance of management. The Company's key decision makers also believe certain investors use it as a measure of the Company's financial performance and for valuation purposes. A calculation of this measure is found in the Company's annual Management's Discussion and Analysis.

About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) owns and operates Newcap Radio, which is one of Canada's leading radio broadcasters with 95 licences across Canada. The Company reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.

This press release contains forward-looking statements. These forward-looking statements are based on current expectations. The use of terminology such as "expect", "intend", "anticipate", "believe", "may", "will", "should", "would", "plan" and other similar terminology relate to, but are not limited to, our objectives, goals, plans, strategies, intentions, outlook and estimates. By their very nature, these statements involve inherent risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those expressed in such forward-looking statements. As a result, there is no guarantee that any forward-looking statements will materialize and readers are cautioned not to place undue reliance on these statements. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


SOURCE Newfoundland Capital Corporation Limited

For further information: REF: Robert G. Steele, President and Chief Executive Officer, Scott G.M. Weatherby, Chief Financial Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 8 Basinview Drive, Dartmouth, Nova Scotia B3B 1G4, Tel: (902) 468-7557, Fax: (902) 468-7558, e-mail:, Web:


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