Glacier Media Inc. (TSX:GVC) ("Glacier" or the "Company") reported cash flow,
earnings and revenue for the period ended June 30, 2013.
Summary Results
Results are reported below on an adjusted basis to include the Company's share
of the results of its joint ventures. Management bases its operating decisions
and performance evaluation utilizing these results. Refer to Change in
Accounting Policy on page 6 for discussion of the accounting change and results
in accordance with IFRS.
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Three Three
months months Six months Six months
ended June ended June ended June ended June
thousands of dollars except 30, 2013 30, 2012 30, 2013 30, 2012
share and per share amounts (5) (5) (5) (5)
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Revenue $89,070 $91,388 $165,910 $167,809
EBITDA (1) $13,366 $17,130 $21,255 $28,008
EBITDA margin (1) 15.0% 18.7% 12.8% 16.7%
EBITDA per share (1) $0.15 $0.19 $0.24 $0.31
Net income attributable to
common shareholders $2,262 $6,526 $1,832 $9,719
Net income attributable to
common shareholders per share $0.03 $0.07 $0.02 $0.11
Cash flow from operations
(1)(2)(3) $12,161 $15,359 $19,192 $24,790
Cash flow from operations per
share (1)(2)(3) $0.14 $0.17 $0.22 $0.28
Debt net of cash outstanding
before deferred financing
charges $125,616 $137,003 $125,616 $137,003
Dividends paid (4) $1,840 - $1,840 $2,770
Dividends paid per share (4) $0.02 - $0.02 $0.03
Weighted average shares
outstanding, net 89,234,311 89,358,410 89,238,682 89,358,410
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Notes:
(1) Refer to "Non-IFRS Measures" section of the financial statements.
(2) 2013 excludes $1.8 million of restructuring expense and $1.0 million
of transaction and transition costs.
(3) For non-recurring items excluded in the prior period, refer to
previously reported financial statements.
(4) Dividends in 2013 total $0.08 per share paid quarterly, dividends in
2012 total $0.06 per share paid semi-annually, quarterly dividends
totalling $1.8 million or $0.2 per share were declared in May 2013 and
paid on July 5, 2013.
(5) These results are presented on an adjusted basis to include the
Company's share of the results of its joint ventures, as management
bases its operating decisions and performance evaluation on the
adjusted results.
Highlights
-- For the three months ended June 30, 2013, Glacier's adjusted
consolidated revenue decreased 2.5% to $89.1 million from $91.4 million
for the same period in the prior year;
-- Adjusted consolidated earnings before interest, taxes, depreciation and
amortization (EBITDA) decreased by 22.0% to $13.4 million from $17.1
million for the same period in the prior year;
-- Adjusted cash flow from operations (before changes in non-cash operating
accounts and non-recurring items) decreased 20.8% to $12.2 million;
-- Adjusted net income attributable to common shareholders before non-
recurring items was $4.4 million compared to $7.2 million for the same
period in the prior year;
-- Adjusted EBITDA per share decreased 21.9% to $0.15 from $0.19 for the
period compared to the same period in the prior year and net income
attributable to common shareholders before non-recurring items per share
decreased to $0.05 from $0.08 for the same period in the prior year;
-- Adjusted cash flow from operations (before changes in non-cash operating
accounts and non-recurring items) per share decreased 20.8% to $0.14 per
share from $0.17 for the same period in the prior year;
-- Glacier became a 50% partner in a new venture, Weather INnovations
("WIN") Consulting - created as the result of merging WeatherFarm (a
former Canadian Wheat Board asset acquired by Glacier in late 2012) and
Weather INnovations Inc. (an agricultural meteorology information
business), of which Glacier acquired an interest in on April 5, 2013;
-- Business information EBITDA reached 56% of Glacier's total EBITDA;
-- Approximately 45% of Glacier's business information EBITDA now comes
from rich information digital data products which continue to grow with
high levels of profitability; and
-- During the quarter, $4.0 million of cash was realized through the sale
of redundant real estate assets and the proceeds were used to pay down
debt.
Review of Operations
Glacier Media Inc. ("Glacier" or the "Company") continued to generate strong
revenue, profit and cash flow from operations through its diversified base of
information communications businesses. General weakness in the Canadian economy,
however, has impacted year-over-year performance of many of the Company's
assets, particularly those in urban community media markets.
As a result, Glacier's senior management has undertaken a comprehensive review
of the Company's operations. In order to provide a stronger financial position
with which to operate the business going forward, and to better take advantage
of growth opportunities, management will initiate a series of cost reduction,
profitability improvement, redundant asset sale and other initiatives.
Notwithstanding prevailing economic conditions, many of the Company's business
information operations (which includes business and professional and trade
information) continue to grow and provide attractive opportunities for future
growth in both existing and new verticals through multi-platform offerings,
including rich information products and solutions.
Business information operations now represent approximately 56% of Glacier's
EBITDA, of which approximately 45.0% comes from rich information digital data
products which continue to grow with high levels of profitability.
Glacier's community media operations offer a broad coverage of Western Canadian
local markets; and continue to offer a strong value proposition through local
information and marketing channel utility. The soft economic conditions that
adversely affected national advertising revenues in the first quarter continued
in the second. This impact is particularly true of community operations in more
urban markets such as the Lower Mainland of British Columbia, where both print
and digital competition compounds the impact of a weaker economy. The Company's
smaller rural community media markets - largely spread across the Prairies -
continue to enjoy stable performances.
The media industry, as a whole, continues to pursue new "business models"
intended to manage the future value of content and marketing solutions against a
backdrop of declining traditional advertising. Glacier is well advanced in this
respect, with internal models structured to balance those losses with innovative
customer solutions - designed to be resilient to the peaks and valleys
associated with economic cycles.
Given the significant growth opportunities available in information services,
the Company's strategy is to invest cash flow generated from the community media
operations and the business information operations in both operational
opportunities and acquisitions. In particular, the Company intends to increase
capital allocated to business information acquisitions and organic growth
opportunities.
Sales Performance
Business Information
Many of Glacier's business information operations continued to deliver growth,
despite prevailing economic conditions, with revenue increases generated across
a wide variety of verticals - driven by a diverse variety of product and
information innovations. While in some verticals this growth was slower than
prior year, the various products and services still performed well in those
sectors. Overall, however, general economic conditions have resulted in
decreased customer activity in many verticals, which in turn, results in
decreased marketing and sales volumes. This is particularly true of sectors that
are most exposed to economic volatility.
A variety of growth initiatives are being pursued and are generating strong
sales results, especially those associated with sectors of the economy which are
experiencing relatively stable conditions in a pan-Canadian context. This is a
result of new product innovation, ongoing development of existing products,
focused sales efforts, and a stronger inter-divisional collaboration framework
created between Glacier's various operations.
In particular, Glacier's business information operations enjoyed success in the
energy, agricultural, environmental risk, environmental compliance networks,
medical and financial information sectors as a result of targeted initiatives
designed to align with growth areas within those sectors. Glacier's business
information portfolio contains many brands that have decades of service in their
respective sectors. The intrinsic equity and market positions associated with
these brands represent a key competitive advantage as the products evolve and
extend.
In addition to core business information print and digital sales, management is
focused on strategies designed to offer customers increasingly richer value
propositions. These include multi-platform solutions - with a key focus on
mobile offerings - designed to integrate more seamlessly with customer
decision-making processes, thus ensuring heightened levels of decision
dependency on specific information tools. Such dependence is enhanced through a
focus on effective pricing and targeted timing. Consequently, these information
tools are increasingly integrated in customer decision-making and as a result
sales efficiency, renewal and retention improves. This includes a focus on
advertising solutions that are underpinned by a strong economic development
framework. As a result, non-traditional customers are turning to Glacier on that
basis. Overall, this strategy is intended to produce products and services that
are more resilient in times of economic stress and are well positioned for
long-term revenue growth.
Key efforts are under way to distinguish different types of digital content,
advertising and subscriptions based on research designed to highlight individual
industry sector needs. Premium subscription and related products are being
enhanced and developed with a particular focus on essential content, data,
search, interpretation, contextualization and analytics. A consistent focus on
various ways of enriching content results in improved rates for advertising
positioned alongside rich information. The Canadian Oilfield Services and Supply
Database, for example, is evolving strategically away from its roots as a phone
book style directory by integrating its services more firmly in the oilfield
procurement process - and is growing its revenues as a result. This
transactional utility creates enriched advertising opportunities by juxtaposing
clients' marketing messages at key points within the database.
Digital revenues now represent more than a quarter of Glacier's business
information revenues and are growing steadily. Significant focus and related
investment will continue to be made to enhance Glacier's digital business
information verticals, through both organic development and new business
acquisitions. These acquisitions will be targeted to expand the markets that
Glacier covers, extend the breadth of information products and marketing
solutions provided, and to enrich Glacier's digital media staff, technology and
other relevant resources - all focused on consistently enhancing customer
decision dependence on the Company's products.
As stated, approximately 45.0% of Glacier's business information EBITDA now
comes from rich information digital data products which continue to grow with
high levels of profitability.
Overall, the business information operations and various markets offer
attractive opportunities for growth with high levels of profitability -
particularly when aligned with Glacier's leading position in key sectors focused
on the natural resources economy. An integration framework which permits
management teams in various verticals to remain entrepreneurial and
market-focused will enhance the Company's ability to service its key customers
with more integrated solutions.
Community Media
Through the second quarter, Glacier's community media operations continued to
experience weaker revenue performance in a number of markets, primarily the
result of softer national advertising - itself the direct result of a generally
weak overall economy. The B.C. markets in particular were affected by weaker
economic conditions in Victoria, the Lower Mainland and a variety of Vancouver
Island and Northern Interior markets. National advertising revenues were weaker
in most markets, which appear to be the result of ongoing cautiousness due to
prevailing economic conditions, as financial and government revenues have been
significantly lower.
Digital competition also affected print spending levels, although this trend was
greater in the larger urban markets than in the smaller local markets. Local
advertising revenues were lower in both the existing markets where Glacier has
operated, and some of the Lower Mainland and Vancouver Island markets acquired
from Postmedia. However, the Company's community media assets in the Prairies
continued to experience reasonable stability as a result of being in
geographically isolated markets.
As a result of the softer conditions, management has undertaken a detailed
overview of all markets to ensure maximization of cost control measures, with a
focus on integrated initiatives to maximize productivity and capacity.
Balanced against cost control initiatives, digital investments are also being
made to exploit revenue opportunities across Glacier's markets, with a specific
focus on content delivery and advertising effectiveness. In this quarter,
Glacier created a new social commerce partnership, International Social Shopper
Limited Partnership ("Social Shopper"), to collaborate with Glacier's community
media properties to build out an e-commerce platform that connects local
businesses with their clients through local, social and mobile tools. The
partnership builds on the proximity Glacier's community assets have to their
respective retail communities.
While economic and market challenges have affected the community media
operations, management believes that these businesses remain strong and will
continue to generate solid cash flow given the nature of the markets in which
Glacier operates - particularly within the more robust micro-economies of
Western Canada. This cash flow can be used to fund growth through both internal
investment and acquisition of digital business information and community media
assets, as well as debt repayments.
Glacier's small market community media operations offer a unique selling
proposition and competitive advantage through the local information that they
provide - of which they are a primary source - and the primary advertising and
marketing channels they offer. The value of community content is provided to
readers in print and online, by tablet and smartphone platforms. As described
above, a number of new digital sales products and strategies have been
introduced, and new digital sales and product staff are being hired and
technology investments are being made to drive these growth initiatives. Given
that the demand for local community information is expected to exist for the
long term, Glacier expects to be able to monetize the information and marketing
value. As 85% of Glacier's local newspaper distribution is free, this also
provides for a more durable reach of readership for advertisers over time
wherein total market coverage can always be provided. The attributes of these
community media operations are significantly different and stronger than larger
metropolitan paid daily newspapers, which have been reflected in the financial
performance of Glacier's community media group. An important advantage is that
being local often means being integrally rooted in the fabric of a community and
Glacier's community media management and staff work assiduously to remain tied
to the rhythms of the markets they serve.
Operational Performance
As stated, for the three months ended June 30, 2013, adjusted consolidated
EBITDA decreased $3.8 million or 22.0% to $13.4 million compared to $17.1
million in the prior year. The economic environment and related softness
resulted in a lower EBITDA margin from the operations acquired in 2011 and the
community media operations in general.
Glacier's adjusted consolidated EBITDA margin decreased to 15.0% for the three
months ended June 30, 2013 from 18.7% for same period last year as a result of
softness in both community media and some business information operations.
Management will seek to improve these margins and profit performance through
improved print and digital sales effectiveness, cost efficiency and other
initiatives.
In accordance with IFRS, Glacier's EBITDA was $11.0 million for the three months
ended June 30, 2013, a decrease of $3.0 million or 21.4% and its EBITDA margin
decreased to 13.7% from 16.7% for the same period in the prior year. As
discussed above, the economic environment and related softness resulted in a
lower same-store revenue and EBITDA in certain trade information businesses and
in the community media operations.
As stated, significant cost reduction and profitability improvement measures are
being implemented to offset softer revenues.
These measures are being implemented consistent with management's strategy of
maintaining strong product and editorial quality while reducing operating costs
where possible through initiatives that do not impact quality, sales capacity or
market and competitive positions. Management is being careful to maintain
appropriate levels of resources in staff and technology as well as business
development in order to facilitate long-term revenue growth.
EBITDA was also impacted by increased operating infrastructure investment made
in digital media management, staff, information technology and related
resources, as well as other content and quality related areas. Glacier's
community media digital revenue continues to grow as a result, as does Glacier's
business digital revenue. These investments were made consistent with Glacier's
complementary media platform and product strategy and business information
strategies.
The complementary media platform and product strategy address both the risks
that digital media represents to the traditional print platform and the
opportunities that digital media offers in Glacier's local community and
business information markets. The strategy's premise is that customer utility
and value should drive platform utilization and product design and
functionality. Online, mobile, tablet and other information delivery devices
will be fully utilized, while print content and design quality will also be
fully maintained. While digital platforms offer many attractive new
opportunities, print platforms continue to offer effective utility to both
readers and advertisers. Maintaining strong print products also maintains strong
brand image and awareness, which increases the likelihood of success online.
Studies of time spent across media platforms and reader satisfaction support the
complementary platform and product strategy. Management expects that customer
utility will vary over time and will be affected by what Glacier and other media
providers can creatively provide. Management believes the complementary platform
and product strategy will be prudent for the foreseeable future, and will
maximize revenue and profit generation.
As indicated, the business information strategies are focused on increasing the
value provided to customers through richer content, data and analytic value and
heightening customer decision dependence of Glacier's products and services.
This dependence moves Glacier's products and services further up the value
ladder, with the higher revenue, profitability and recurring cash flow that this
value proposition provides.
Acquisitions
Glacier continued its strategy of acquiring businesses that provide high-value
data and information by becoming a 49% partner in a new venture, Weather
INnovations Consulting Limited Partnership ("WIN") - created as the result of
merging WeatherFarm (a former Canadian Wheat Board asset acquired by Glacier in
late 2012) and Weather INnovations Inc. (an agricultural meteorology business),
of which Glacier acquired an interest during the quarter. The partnership blends
two key weather information provision systems that enable farmers and other crop
producers to make near real-time decisions for operations such as seeding,
spraying and harvesting, and provide valuable information for a variety of
businesses and institutions involved with the agriculture sector. As well, the
partnership will provide predictive modeling tools to manage disease and pest
threats. The new business will operate closely with Glacier's existing
agriculture portfolio of products and services.
Financial Position
On an adjusted basis to include the Company's share of its joint ventures, the
Company's consolidated debt net of cash outstanding before deferred financing
charges and other expenses was 2.9x trailing 12 months EBITDA as at June 30,
2013.
The Company (excluding its joint ventures) repaid $4.4 million of debt, of which
$4.0 million was generated from the sale of redundant real estate assets, during
the three months ended June 30, 2013. Glacier's consolidated debt net of cash
outstanding before deferred financing charges was $118.1 million as at June 30,
2013.
Additional redundant asset sales are being undertaken to further reduce debt
levels. As stated, significant cost reduction and other initiatives are also
being undertaken to reduce leverage.
Glacier invested $7.6 million of capital expenditures (excluding its joint
ventures) during the period primarily relating to the purchase of a new building
($6.2 million), new printing equipment, new office space and software. The
investment capital expenditures are being made to generate direct revenue and
cash flow improvements and payback consistent with Glacier's targeted return on
investment, as well as quality improvements and other benefits.
Change in Accounting Policy
As a result of a change in IFRS accounting policies effective January 1, 2013,
the Company is now required to account for its joint venture operations under
the equity method. Previously, the Company's joint venture operations were
accounted for using proportionate consolidation. As a result of the change in
accounting, the Company no longer includes the revenues, expenses, assets and
liabilities of its share of these operations in the Company's results. The
Company now carries its interest as a net investment on its balance sheet and
includes the net results from these operations in its statement of operations.
Despite this accounting change, management believes that including its share of
revenues and expenses in the Company's results (consistent with its prior
accounting treatment) provides an important basis for assessing the overall
operations of the Company. The table below adjusts the Company's reported
results under IFRS to include the revenues and expenses of its joint venture
operations, consistent with its historical presentation. Management bases its
operating decisions and performance evaluation on the adjusted results.
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thousands of Three months ended June 30, Three months ended June 30,
dollars except 2013 (4) 2012 (4)
share and per Adjust- Adjust-
share amounts Per IFRS ment (4) Adjusted Per IFRS ment (4) Adjusted
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Revenue $ 80,680 $ 8,390 $ 89,070 $ 83,797 $ 7,591 $ 91,388
EBITDA (1) $ 11,021 $ 2,345 $ 13,366 $ 14,029 $ 3,101 $ 17,130
EBITDA margin
(1) 13.7% 15.0% 16.7% 18.7%
EBITDA per
share (1) $ 0.12 $ 0.15 $ 0.16 $ 0.19
Net income
attributable
to common
shareholders $ 1,386 $ 876 $ 2,262 $ 6,914 $ (388) $ 6,526
Net income
attributable
to common
shareholders
per share $ 0.02 $ 0.03 $ 0.08 $ 0.07
Cash flow from
operations
(1)(2)(3) $ 10,021 $ 2,140 $ 12,161 $ 12,901 $ 2,458 $ 15,359
Cash flow from
operations per
share
(1)(2)(3) $ 0.11 $ 0.14 $ 0.14 $ 0.17
Debt net of
cash
outstanding
before
deferred
financing
charges $ 118,148 $ 7,468 $ 125,616 $ 136,173 $ 830 $ 137,003
Weighted
average shares
outstanding,
net 89,234,311 89,234,311 89,358,410 89,358,410
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(1) Refer to "Non-IFRS Measures" section for calculation of non-IFRS
measures used in this table.
(2) 2013 excludes $0.3 million of restructuring expense and $0.5 million
of transaction and transition costs.
(3) For non-recurring items excluded in the prior period, refer to
previously reported financial statements.
(4) Adjustment to include the Company's share of revenues, expenses and
cash flows from its joint venture operations consistent with the
Company's treatment on a historical basis and prior to implementing
the new accounting standards.
For the three months ended June 30, 2013, excluding its share of revenues and
expense from its joint ventures and in accordance with IFRS, revenues decreased
3.7% to $80.7 million from $83.8 million for the same period in the year prior.
Cash flow from operations (before changes in non-cash operating accounts and
non-recurring items) decreased 22.3% to $10.0 million, and earnings before
interest, taxes, depreciation and amortization (EBITDA) decreased 21.4% to $11.0
million compared to the same period in the year prior. Net income attributable
to common shareholders decreased by $5.5 million to $1.4 million.
Outlook and Summary
While economic conditions have impacted some community media operations and some
business information verticals, and digital competition has affected the
community media revenues, management expects that growth will continue in
Glacier's business information operations, as well as a variety of community
media markets where local market conditions are stronger.
While the print advertising business is maturing, it is important to recognize
that the softer economy is playing a significant role in dampening revenues, and
a strengthening of the economy should result in improved revenues at the margin.
In this regard, management will continue to closely monitor economic conditions
in various markets and verticals to ensure appropriate decisions are made that
maintain long-term viability.
Management will focus in the short-term on paying down debt, reducing costs and
improving profitability, enhancing existing operations, and improving value for
shareholders. The profitability enhancement and asset sale initiatives outlined
are intended to significantly improve Glacier's financial position as indicated
and place the Company in a better position with which to take advantage of
growth opportunities.
As indicated, significant focus will continue to be made to enhance Glacier's
business information verticals, through both organic development and
acquisition. Significant product and market progress is being achieved with
these efforts through a wide variety of initiatives as described. Nearly 56% of
Glacier's profitability now comes from these operations, and this percentage is
expected to grow as continued development is achieved and acquisitions are
completed. These acquisitions will be targeted to expand markets that Glacier
covers; expand the breadth of information products and marketing solutions; and
expand Glacier's digital media staff, technology and related resources.
Once leverage is reduced to moderate levels, management will seek an ongoing
balance of maintaining debt at moderate levels and delivering growth through
both operations and acquisitions. Specifically, management will time investment
in the acquisition opportunities to allow cash flow from operations to be used
to pay down the increased borrowings incurred in the fourth quarter of 2011 and
align financial position and risk with current economic and industry conditions.
Shares in Glacier are traded on the Toronto Stock Exchange under the symbol GVC.
About the Company: Glacier Media Inc. is an information communications company
focused on the provision of primary and essential information and related
services through print, electronic and online media. Glacier is pursuing this
strategy through its core businesses: the local newspaper, trade information and
business and professional information markets.
Financial Measures
To supplement the consolidated financial statements presented in accordance with
International Financial Reporting Standards (IFRS), Glacier uses certain
non-IFRS measures that may be different from the performance measures used by
other companies. These non-IFRS measures include cash flow from operations
(before changes in non-cash operating accounts and non-recurring items), net
income attributable to common shareholders before non-recurring items and
earnings before interest, taxes, depreciation and amortization (EBITDA), which
are not alternatives to IFRS financial measures. Management focuses on operating
cash flow per share as the primary measure of operating profitability, free cash
flow and value. EBITDA per share is also an important measure as the Company has
low ongoing capital expenditures and depreciation and amortization largely
relates to acquisition goodwill and copyrights and does not represent a
corresponding sustaining capital expense. These non-IFRS measures do not have
any standardized meanings prescribed by IFRS and accordingly they are unlikely
to be comparable to similar measures presented by other issuers.
Forward-Looking Statements
This news release contains forward-looking statements that relate to, among
other things, the Company's objectives, goals, strategies, intentions, plans,
beliefs, expectations and estimates. These forward-looking statements include,
among other things, statements under the headings "Review of Operations", "Sales
Performance", "Operational Performance", "Acquisitions", "Financial Position"
and "Outlook and Summary" and statements relating to the Company's expectations
regarding revenues, expenses, cash flows and future profitability, including its
expectations that growth will continue in Glacier's business segments, its
expectations as to acquisitions and organic revenue and profitability growth,
that cost savings will be realized, and that annual dividends are expected to be
declared, and that the Company expects to repurchase shares. These forward
looking statements are based on certain assumptions, including continued
economic growth and recovery and the realization of cost savings, and are
subject to risks, uncertainties and other factors which may cause results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such forward
-looking statements, and undue reliance should not be placed on such statements.
Important factors that could cause actual results to differ materially from
these expectations are listed in the Company's Annual Information Form under the
heading "Risk Factors" and in the Company's MD&A under the heading "Business
Environment and Risks", many of which are out of the Company's control. These
factors include, but are not limited to, the ability of the Company to sell
advertising and subscriptions related to its publications, foreign exchange rate
fluctuations, the seasonal and cyclical nature of the agricultural industry,
discontinuation of the Department of Canadian Heritage's Canada Periodical Fund,
general market conditions in both Canada and the United States, changes in the
prices of purchased supplies including newsprint, the effects of competition in
the Company's markets, dependence on key personnel, integration of newly
acquired businesses, technological changes, tax risk and financing and debt
service risk.
The forward-looking statements made in this news release relate only to events
or information as of the date on which the statements are made. Except as
required by law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are made or
to reflect the occurrence of unanticipated events.
FOR FURTHER INFORMATION PLEASE CONTACT:
Glacier Media Inc.
Mr. Orest Smysnuik
Chief Financial Officer
604-708-3264
Glacier Media (TSX:GVC)
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