Newfoundland Capital Corporation Limited - Fourth Quarter 2015 - Period Ended December 31 (unaudited)

Newfoundland Capital Corporation Limited - Fourth Quarter 2015 - Period Ended December 31 (unaudited)

DARTMOUTH, NS, March 3, 2016 /CNW/ - Newfoundland Capital Corporation Limited ("Company") today announces its financial results for the fourth quarter ending December 31, 2015.

Highlights


-- Revenue was $45.5 million in the fourth quarter, a $1.1 million or 2%
increase over the fourth quarter of 2014. Annual revenue of $164.6
million was $10.1 million or 7% higher than last year. The annual growth
was primarily attributable to the inclusion of radio stations acquired
in 2014 in Toronto, Ontario, Vancouver, British Columbia, and Saint
John, New Brunswick for the full year as compared to nine months in
2014. Also contributing to the increase in revenue was organic growth of
2%.
-- Earnings before interest, taxes, depreciation and amortization
("EBITDA"((1))) in the fourth quarter of $14.5 million was $0.5 million
or 3% lower than the same time last year and annual EBITDA of $46.0
million was $4.3 million or 10% higher than 2014 due to the incremental
EBITDA derived from the acquired stations as well as the organic revenue
growth and cost control.
-- Profit for the fourth quarter of $8.0 million was $5.4 million higher
than the same quarter last year due primarily to the impairment charge
recognized in the prior year. Annual profit of $23.2 million was $12.0
million higher than the prior year, primarily as a result of the
acquisition costs of $8.9 million and impairment charge of $5.7 million
recorded in 2014. Also contributing to higher profit during 2015 was the
inclusion of the Toronto and Vancouver stations for the full year in
2015 compared to nine months in 2014.
Significant events


-- In December the Board of Directors declared dividends totaling $0.09 per
share, bringing the total dividends declared for 2015 to $0.15 per share
which was on par with 2014.
"2015 was a record year for our radio business," commented Rob Steele, President and Chief Executive Officer. "The Company's success was attributable to the integration of the Toronto and Vancouver operations as well as the reduction of operating costs and growth in organic revenue. Ratings results in late 2015 had many of our radio stations ranked within the top three in their respective markets, which should contribute to solid financial performance in 2016."





Financial Highlights -Fourth
quarter

(thousands of Canadian dollars
except share information) 2015 2014
============================== ==== ====

Revenue $45,493 44,438

EBITDA(1) 14,456 14,942

Profit for the period 8,016 2,593
--------------------- ----- -----

Earnings per share - basic 0.30 0.09

Earnings per share - diluted 0.28 0.08

Share price, NCC.A (closing) 11.00 8.76

Weighted average number of shares
outstanding (in thousands) 27,355 28,155
--------------------------------- ------ ------

Total assets 364,246 356,677

Long-term debt, including current
portion 145,908 138,525

Shareholders' equity 145,991 140,529
==================== ======= =======
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, 2016.



(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.

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: investorrelations@ncc.ca, Web: www.ncc.ca

Web Site: http://www.ncc.ca


-------
Profile: intent