Newfoundland Capital Corporation Limited - First Quarter 2013 - Period Ended March 31 (unaudited)

Newfoundland Capital Corporation Limited - First Quarter 2013 - Period Ended March 31 (unaudited)


DARTMOUTH, N.S, May 1, 2013 /CNW/ - Newfoundland Capital Corporation
Limited ("Company") today announces its financial results for the first
quarter ending March 31, 2013.



Highlights


-- Revenue of $29.1 million was $1.6 million or 6% higher than
last year. The majority of the increase was due to organic
(same-station) revenue growth.

-- Earnings before interest, taxes, depreciation and amortization
("EBITDA"(1)) of $5.2 million in the quarter were $0.4 million
or 9% higher than last year primarily a result of increased
revenue and lower stock-based compensation expense.

-- Profit for the period was $2.1 million as compared to $0.8
million the same period last year. The primary reason for this
change was the fluctuations in the mark-to-market value of the
Company's marketable securities. In the first quarter of 2013,
the Company recognized unrealized gains of $0.2 million
compared to unrealized losses of $2.3 million in 2012.



Significant events


-- In January, the Company completed the acquisition of an FM
radio station in Sydney, Nova Scotia, for total cash
consideration of $2.4 million, thereby adding a second station
to complement its existing FM station in that city. The
Company previously held a 29.9% interest in this station.

-- In January, the Company announced that it was exploring the
possible sale of its Western Canadian broadcasting assets which
are located primarily in Alberta. The assets consist of 32
radio stations, 6 repeater licences and 2 television
stations. The Company is continuing this process, however, at
this point, there is no agreement in place to sell these assets
and there is no certainty that any transaction will result from
the process.
--


"Our Broadcasting revenue has continued to show strong growth and
continues to outpace the industry growth which was flat compared to the
same time last year", commented Rob Steele, President and Chief
Executive Officer.  "We have integrated the newly acquired Sydney, Nova
Scotia radio station with our existing station there and we are
currently focusing on launching the new FM stations in Miramichi and
Fredericton, New Brunswick."







Financial Highlights- First Quarter

(thousands of dollars except share information) 2013 2012

Revenue $ 29,052 27,467

EBITDA(1) 5,163 4,716

Profit for the period 2,095 781

Earnings per share - basic 0.07 0.03

Earnings per share - diluted 0.07 0.02

Share price, NCC.A (closing) 9.40 7.84

Weighted average number of shares outstanding (in
thousands) 29,183 30,330

Total assets 232,134 233,523

Long-term debt 50,952 50,759

Shareholders' equity 121,465 121,123



(1)Refer to page 10 "Non-IFRS Accounting Measure" 





The Company's complete First Quarter Report, which includes the interim
financial statements along with related notes 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
Standardsand 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) is one of
Canada's leading radio broadcasters with 86 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

NEWFOUNDLAND CAPITAL CORPORATION LIMITED

CONTACT: REF: Robert G. Steele, President and Chief Executive Officer, Scott G.M. Weatherby, Chief Financial Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 745 Windmill Road, Dartmouth, Nova Scotia B3B 1C2, Tel: (902) 468-7557, Fax: (902) 468-7558, e-mail: investorrelations@ncc.ca, Web: www.ncc.ca


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