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Tuesday, May 03, 2016

Newfoundland Capital Corporation Limited - First Quarter 2016 - Period Ended March 31 (unaudited)

Newfoundland Capital Corporation Limited - First Quarter 2016 - Period Ended March 31 (unaudited)

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.


-- 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 million or 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) 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 and

(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

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, 8 Basinview Drive, Dartmouth, Nova Scotia B3B 1G4, Tel: (902) 468-7557, Fax: (902) 468-7558, e-mail:, Web:

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