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 millionor 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.”

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.