Canada NewsWire
DARTMOUTH, NS, May 3, 2016
DARTMOUTH, NS, May 3, 2016 /CNW Telbec/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the first quarter ending March 31, 2016.
Highlights
Significant events
"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) | 2016 | 2015 | |
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 |
| | 2016 | 2015 |
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.
About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) owns and operates Newcap Radio which is one of Canada's leading radio broadcasters with 95 licences across Canada. The Company reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.
This press release contains forward looking statements. These forward-looking statements are based on current expectations. The use of terminology such as "expect", "intend", "anticipate", "believe", "may", "will", "should", "would", "plan" and other similar terminology relate to, but are not limited to, our objectives, goals, plans, strategies, intentions, outlook and estimates. By their very nature, these statements involve inherent risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those expressed in such forward-looking statements. As a result, there is no guarantee that any forward-looking statements will materialize and readers are cautioned not to place undue reliance on these statements. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Newfoundland Capital Corporation Limited
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