Newfoundland Capital Corporation Limited - Third Quarter 2015 - Period Ended September 30 (unaudited)

DARTMOUTH, NS, Oct. 29, 2015 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the third quarter ending September 30, 2015.


  • Revenue for the third quarter of $41.0 million was $1.7 million or 4% higher than the same quarter last year and year-to-date revenue of $119.1 million was $9.0 million or 8% higher than 2014. The year-to-date increase was partly attributable to organic growth and partly attributable to the revenue generated by the stations in Toronto, Ontario and Vancouver, British Columbia, which were acquired March 31, 2014, and as such the comparative year-to-date results include only six months of operations for these stations.
  • Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) of $12.0 million in the third quarter were $2.0 million or 20% higher than the third quarter last year and year-to-date EBITDA of $31.5 million was $4.8 million or 18% higher than 2014. A majority of the increase was a result of improved EBITDA margins as a result of efforts to increase revenues and reduce discretionary spending in organic markets. Also contributing to the increased EBITDA year-to-date was the incremental impact from including results of the Toronto and Vancouver stations. Organic EBITDA growth was 20% in the quarter and 10% year-to-date.
  • Profit for the period of $6.7 million was $2.4 million or 57% higher than the same quarter last year because of higher revenue as well as lower unrealized losses on marketable securities. Year-to-date profit of $15.2 million was $6.6 million or 77% higher than last year due primarily to the fact that last year's profit was impacted by acquisition-related costs of $8.9 million related to the Toronto and Vancouver business acquisition.

Significant events

  • During the third quarter, the Company's Board of Directors approved a dividend of $0.06 on each of its Class A Subordinate Voting and Class B Common shares. The dividend was paid on September 15, 2015 to shareholders of record at the close of business on August 31, 2015.
  • During the third quarter, the Company repurchased 1,164,800 Class A Subordinate Voting shares for cash consideration of $10.3 million.

"This was a great quarter for the Company, with strong organic growth, as we strive to maximize the return from our stations" commented Rob Steele, President and Chief Executive Officer.  "The Company's success is supported by encouraging listener ratings along with continued efforts to increase revenues and operate the Company more efficiently."

Financial Highlights Third 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 Third Quarter Report, which includes the unaudited condensed interim consolidated financial statements along with related notes in accordance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB") and the Management's Discussion and Analysis, are available on the Company's website at  and

(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 included in the Company's Third Quarter Report.

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:


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890