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Glacier Reports First Quarter Results

Monday, May 14, 2012 6:12 PM


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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/14/12 -- Glacier Media Inc. (TSX:GVC) ("Glacier" or the "Company") reported cash flow, earnings and revenue for the three months ended March 31, 2012.

Summary Results                                                             
                                                                            
----------------------------------------------------------------------------
(thousands of dollars                            Three months   Three months
except share and per share amounts)                     ended          ended
                                                    31-Mar-12      31-Mar-11
----------------------------------------------------------------------------
Revenue                                               $76,421        $61,027
Gross profit                                          $24,755        $22,140
Gross margin (3)                                        32.4%          36.3%
EBITDA (1)                                            $10,878        $10,732
EBITDA margin (1)                                       14.2%          17.6%
EBITDA per share (1)                                    $0.12          $0.12
Interest expense, net                                  $1,577         $1,308
Net income attributable to common shareholders                              
 before non-recurring items (1)(2)                     $3,468         $3,840
Net income attributable to common shareholders                              
 before non-recurring items per share (1)(2)            $0.04          $0.04
Net income attributable to common shareholders         $2,914         $2,740
Net income attributable to common shareholders                              
 per share                                              $0.03          $0.03
Cash flow from operations (1)(2)                       $9,431         $9,885
Cash flow from operations per share (1)(2)              $0.11          $0.11
Capital expenditures                                   $2,974         $1,532
Total assets                                         $588,667       $504,189
Debt net of cash outstanding before deferred                                
 financing charges and other expenses                $127,182        $87,360
Equity attributable to common shareholders           $343,613       $330,249
Weighted average shares outstanding, net           89,358,410     90,633,410
----------------------------------------------------------------------------
Notes:                                                                      
(1) Refer to "Non-IFRS Measures" section for calculation of non-IFRS        
measures used in this table.                                                
                                                                            
(2) 2012 excludes $0.3 million of restructuring expense, $0.1 million of    
transaction costs and $0.2 million loss on disposal of property, plant and  
equipment.                                                                  
                                                                            
(3) Gross profit for these purposes excludes depreciation and amortiztion.  
                                                                            
(4) For non-recurring items in the prior period, refer to the prior year    
financial statements.                                                       

Highlights
--  Consolidated revenue increased 25.2% to $76.4 million for the three
    months ended March 31, 2012 from $61.0 million for the same period in
    the year prior; 
--  Same-store EBITDA for the first quarter of 2012 increased 5.4% as
    compared to the same period in the prior year; 
--  Glacier's consolidated cash flow from operations (before changes in non-
    cash operating accounts and excluding restructuring expenses) for the
    three months ended March 31, 2012 decreased 4.6% to $9.4 million from
    the same period in the year prior; and 
--  Glacier's consolidated cash flow from operations (before changes in non-
    cash operating accounts and excluding restructuring expenses) per share
    for the three months ended March 31, 2012 was flat compared to the same
    period last year at $0.11 per share. 

Review of Operations

Consolidated revenue grew 25.2% during the first quarter of 2012 compared to the same period last year as a result of both organic growth and several acquisitions made in 2011, primarily the November 2011 acquisition of the Postmedia British Columbia community media assets. Consolidated EBITDA grew 1.4% during the quarter compared to last year.

Glacier's consolidated revenue grew 1.7% and consolidated EBITDA grew 5.4% on a same-store basis for the quarter compared to last year.

Sales Performance

The growth in same-store revenue was generated across Glacier's operations. Growth came from both print and digital media sources, and is directly attributable to Glacier's operational, business segment and complementary media platform strategies. New revenues were generated in a wide variety of areas including online, mobile, tablet, electronic product and lead generation developments, special publishing initiatives, special features, supplements, new community magazines, production and promotion of community events, custom publishing, sponsored industry specific research studies, educational offerings, conferences and tradeshows, new directories, and a number of other initiatives. Efforts continue to be successful in leveraging and monetizing content across Glacier's channels and platforms.

Glacier's trade information and business and professional information operations generated strong growth during the quarter. These operations provide essential information for business and industry people who need this content and advertising based information to make prudent decisions. In particular, Glacier's agriculture, energy, mining, environmental, financial and medical operations experienced strong growth. A number of successful new business initiatives as well as core print and digital sales in the trade and business information operations have driven revenue gains in these operations.


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