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NewCap revenue up 6% in quarter

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DARTMOUTH, NS, - Newfoundland Capital Corporation Limited (NCC), reports that revenue grew 6% in the fourth quarter, while EBITDA improved 9% to $5.3 million.

Net income was $3.4 million ($0.29 per share), up 49% over the fourth quarter last year. For the year, revenue was $65.4 million and EBITDA $15.2 million.

Net income was $10.2 million ($0.85 per share) as compared to last year's $6.1million ($0.51 per share).

A dividend of $0.10 per share was paid on January 14, 2005 to holders of Class A Subordinate Voting Shares and Class B Common Shares at the close of business on December 31, 2004. This is the second consecutive year the board of directors has declared a dividend.

"We are very pleased with 2004 and are encouraged by the revenue growth prospects for 2005," commented Rob Steele, president and Chief Executive Officer.

NewCap completed its purchase of the broadcasting assets of Shortell's Limited and its related companies on January 31, 2005. The assets acquired include three radio broadcasting licences, two television broadcasting licences and an outdoor billboard business located in Lloydminster, Alberta. The Company is in the process of integrating these
acquisitions into its operations.

The company has entered into agreements to acquire broadcasting assets in Thunder Bay, Ontario, Red Deer, Alberta and Winnipeg, Manitoba. These acquisitions are subject to the approval of the Canadian Radio-television and Telecommunications Commission (CRTC) with decisions expected in 2005.
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