Newfoundland Capital Corporation Limited - Fourth Quarter 2013 - Period Ended December 31 (unaudited)

Newfoundland Capital Corporation Limited - Fourth Quarter 2013 - Period Ended December 31 (unaudited)


DARTMOUTH, N.S., March 3, 2014 /CNW/ - Newfoundland Capital Corporation
Limited ("Company") today announces its financial results for the
fourth quarter ending December 31, 2013.


Highlights


-- Revenue in the fourth quarter of $35.6 million improved by 2%
or $0.6 million and for the year ended December 31, 2013,
revenue of $132.6 million was 3% or $3.3 million higher than
2012. This improvement came from a combination of organic
growth and incremental revenue from the acquired property in
Sydney, Nova Scotia and the new FM stations launched in
Fredericton and Miramichi, New Brunswick.

-- Earnings before interest, taxes, depreciation and amortization
("EBITDA"(1)) of $10.3 million in the quarter were $0.7 million
or 6% lower than last year while year-to-date EBITDA was $33.2
million; $0.2 million or 1% lower than 2012. The reduction in
EBITDA was a result of higher operating expenses in the
Broadcasting segment due to incremental costs associated with
the acquisition and new station launches, costs associated with
re-branding a station in Nova Scotia, higher advertising
expenses and increased variable costs related to higher revenue
and inflation.

-- Profitfor the fourth quarter of $10.3 million was $2.9 million
or 39% higher than the same quarter last year due primarily to
the $3.8 million gain on disposal of the Fort McMurray, Alberta
operations. There were several factors impacting profit
year-over-year which at $27.0 million was $16.1 million or 148%
higher than 2012. This year, the Company recognized the gain
on disposal of Fort McMurray operations, benefited from lower
mark-to-market unrealized losses in addition to a $5.3 million
reduction of the income tax provision. In contrast during
2012, the Company recorded a net impairment charge of $6.6
million, and $2.2 million of mark-to-market unrealized losses
which negatively impacted profit.

Significant events


-- In December, the Company finalized the sale of CHFT-FM in Fort
McMurray, Alberta for cash proceeds of $5.0 million plus an
amount for certain working capital balances.
-- In December the Board of Directors declared dividends totaling
$0.09 per share, bringing the total dividends declared for 2013
to $0.15 per share which was on par with 2012.
-- Subsequent to year end, the CRTC approved two new FM licences
to serve Fox Creek and Hinton, Alberta. These stations will be
launched later in 2014.


"The Company maintained a healthy 3% revenue increase over last year in
contrast to the radio industry which experienced flat growth in 2013",
commented Rob Steele, President and Chief Executive Officer. "2014
will be a transformational year for us having entered into the largest
acquisition in the Company's history to acquire radio stations in
Canada's largest markets, Toronto and Vancouver. If approved by the
CRTC, management's attention will be focused on effectively integrating
the operations of these radio stations so that results are accretive
immediately."






Financial Highlights- Fourth quarter

(thousands of dollars except share information) 2013 2012

Revenue $ 35,649 35,099

EBITDA(1) 10,331 11,024

Profit for the period 10,295 7,405

Earnings per share - basic 0.37 0.25

Earnings per share - diluted 0.35 0.24

Share price, NCC.A (closing) 8.75 9.00

Weighted average number of shares outstanding (in 28,128 29,168
thousands)

Total assets 235,605 232,396

Long-term debt 42,642 47,904

Shareholders' equity 133,785 119,128






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 27, 2014.


(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 found in the Company's annual Management's Discussion
and Analysis.

About Newfoundland Capital Corporation Limited


Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 89 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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