DARTMOUTH, N.S. - Radio station owner Newfoundland Capital Corporation saw growth across the board, both organic and thanks to acquisitions, in the second quarter of 2003, ended June 30th.
Revenue in the quarter was $16.6 million, up 23% over Q2 2002. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $4.3 million in the quarter, a 14% increase. Net income came in at $2 million, essentially flat compared to the same time frame last year.
"The positive momentum that began in the first quarter of this year continued into the second quarter with double-digit revenue and EBITDA growth," said the company's press release. "Improvements in operating results were experienced in most of our properties with the highest growth coming from our Newfoundland and Labrador, Edmonton and Moncton markets.
"This spring was the first rating period for our new station in Ottawa," it continued. "Launched in February, HOT 89.9 FM has built a strong foundation in a very short time, attracting its intended 18 to 34 audience. With a highly successful launch and recent format changes in the market, we expect to be one of the top rated stations in our intended demographic this fall.
As well, The Breeze 103.1 FM in Calgary also climbed in the ratings in the quarter "and advertising bookings continue to grow," says the release. "This station has posted a profit in recent months and we expect this to be sustainable throughout the remainder of this year.
Other highlights for the company include June's appearance before the CRTC for a new FM license in Red Deer, Alberta. As well, the company is a 29.9% minority partner, with majority owner Larche Communications, in a successful application for a new country FM radio license in Kitchener-Waterloo, Ontario. This station is expected to be launched in early 2004.
The company currently owns and operates 42 radio stations representing a total of 57 licenses across Canada with a significant presence in Alberta and Atlantic Canada.
For the full release, go to www.ncc.ca.
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