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Newcap reports continued growth
11/3/2003

DARTMOUTH, N.S. - Radio station owner Newfoundland Capital Corporation reported continued growth for the third quarter of 2003, ended September, 30th.

Revenue for this quarter was $15.3 million, an 18% improvement over the third quarter of 2002. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $3.15 million in the quarter, a 13% increase over Q3 2002.

Net income was $1.25 million, which is down from $4.3 million last year. However last year's figures were boosted by the sale of the company's publishing and print business.

"The stations in Edmonton and Newfoundland and Labrador continue to report significant growth over last year," said the company's press release. It also remarked that its Ottawa and Calgary stations are operating at or near break-even, which, "is very encouraging given the very short time span these properties have been in operation."

Newcap Broadcasting will be applying for new licenses in the New Brunswick markets of Fredericton and Saint John. It currently owns 57 licenses for 42 stations across Canada, which are for the most part concentrated in Alberta and the Atlantic provinces.

For the full release, go to www.ncc.ca.

For more on Newcap, look for the next issue of Broadcaster Magazine, to be released at the Canadian Association of Broadcasters annual conference next week in Quebec City.

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