Newfoundland Capital Corporation Limited - First Quarter 2016 - Period Ended March 31 (unaudited)

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

Highlights

• Revenue of $36.9 million was $1.4 million or 4% higher than last year. The increase was primarily due to growth in Toronto and Ottawa as a result of strong listener ratings in those markets.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA"⁽¹⁾) of $8.2 million in the quarter was $1.1 million or 15% higher than last year as a result of higher revenue and a continued focus on controlling expenses.
• Profit for the period was $4.6 million, an increase of $2.1 million or 83% compared to last year, as a result of higher EBITDA and lower interest expense.

Significant events

• During the quarter, the Company invested in strategic rebranding initiatives in Toronto and Halifax in an effort to improve market share and financial results of those operations. 

"We are pleased with the growth in revenue and EBITDA this quarter, despite the challenging economic environment" commented Rob Steele, President and Chief Executive Officer. "The Company's success is attributable to strong listener ratings and a continued focus on operating efficiently."

Financial Highlights - First Quarter
		Three months ended March 31
(thousands of Canadian dollars, except share information)		2016	2015
Revenue	$	36,879	35,505
EBITDA ^(1)		8,162	7,087
Profit		4,571	2,502
Earnings per share - basic		0.17	0.09
Earnings per share - diluted		0.16	0.09
Weighted average number of shares outstanding (in thousands)		26,630	28,184
		March 31	December 31
		2016	2015
Share price, NCC.A (closing)	$	9.50	11.00
Total assets		358,543	364,246
Long-term debt, including current portion		140,170	145,908
Shareholders' equity		150,557	145,991

The Company's complete First 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 www.ncc.ca and www.sedar.com.

(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 First 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

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: [phone], Fax: [phone], e-mail: [email protected], Web: www.ncc.ca