Canada NewsWire
DARTMOUTH, NS, March 9, 2017
DARTMOUTH, NS, March 9, 2017 /CNW/ - Newfoundland Capital Corporation Limited (the "Company") today announces its financial results for the fourth quarter ending December 31, 2016.
Highlights
Significant events
"We achieved record success in 2016 as a result of our ability to grow revenue in spite of modest declines within the industry and certain challenged economic regions" commented Rob Steele, President and Chief Executive Officer. "The Company has also had a keen focus on cost control which will continue in anticipation of persistent economic challenges."
Financial Highlights – Fourth quarter | ||||
| Three months ended December 31 | |||
(thousands of Canadian dollars, except share information) | 2016 | 2015 | ||
Revenue | $ | 46,972 | 45,493 | |
EBITDA (1) | 16,696 | 14,456 | ||
Profit (2) | 10,375 | 7,916 | ||
Earnings per share – basic (2) | 0.41 | 0.30 | ||
Earnings per share – diluted (2) | 0.39 | 0.28 | ||
Weighted average number of shares outstanding (in thousands) | 25,598 | 26,619 | ||
| | | ||
| December 31 | December 31 | ||
| 2016 | 2015 | ||
| | | ||
Share price, NCC.A (closing) | 9.76 | 11.00 | ||
Total assets (2) | 372,663 | 369,281 | ||
Long-term debt, including current portion | 129,455 | 145,908 | ||
Shareholders' equity (2) | 151,155 | 136,174 | ||
| | |
The Company's annual audited consolidated financial statements along with related notes and the annual Management's Discussion and Analysis are available on the Company's website at www.ncc.ca and www.sedar.com. The Company's Annual Report will be available on the Company's website at www.ncc.ca and www.sedar.com by March 31, 2017.
(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 found in the Company's annual Management's Discussion and Analysis.
(2) Restated for change in accounting policy
Profit and earnings per share for the fourth quarter ended December 31, 2015, and total assets and shareholders' equity as at December 31, 2015, have been restated as a result of the retrospective application of a change in accounting policy related to the measurement of deferred income taxes on indefinite life intangible assets. For further details, refer to note 3 of the annual audited consolidated financial statements for the year ended December 31, 2016.
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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