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NEWCAP Reports Q1 Results


Newfoundland Capital Corporation Limited  today announces its financial results for the first quarter ending March 31, 2022.

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.”

Financial Highlights – First Quarter

   Three months ended March 31

(thousands of Canadian dollars, except share information)

2022

2022

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 

2022

2022

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.


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