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SOURCE Newfoundland Capital Corporation Limited
DARTMOUTH, N.S., Oct. 31, 2013 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the third quarter ending September 30, 2013.
"Revenue and EBITDA in the quarter were not up to our expectations; however, we continued to outpace industry results which were negative 8% in the quarter. Future bookings are encouraging and we expect to finish the year on a positive note," commented Rob Steele, President and Chief Executive Officer. "The pending acquisition of five stations in Canada's two largest radio markets is a rare opportunity and is transformational for Newcap. We are eager to get this transaction completed and look forward to welcoming the employees in those markets to the Newcap team."
|Financial Highlights - Third quarter|
|(thousands of dollars except share information)||2013||2012|
|Profit (loss) for the period||8,656||(1,061)|
|Earnings (loss) per share - basic||0.30||(0.04)|
|Earnings (loss) per share - diluted||0.29||(0.04)|
|Share price, NCC.A (closing)||9.40||7.50|
|Weighted average number of shares outstanding (in thousands)||28,528||29,465|
The Company's complete Third Quarter Report, which includes the unaudited condensed interim consolidated financial statements along with related notes in accordance with International Financial Reporting Standards ("IFRS") 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 Third 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 88 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.
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