Glacier Media Inc. ("Glacier" or the "Company") (TSX:GVC) reported cash flow,
earnings and revenue for the period ended September 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 5 for discussion of the accounting change and results
in accordance with IFRS.
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3 Months 3 Months 9 Months 9 Months
(thousands of dollars) ended ended ended ended
except share and per share 30-Sep-13 30-Sep-12 30-Sep-13 30-Sep-12
amounts (5) (5) (5) (5)
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Revenue $76,616 $78,245 $242,526 $246,054
EBITDA (1) $8,046 $9,815 $29,301 $37,823
EBITDA margin (1) 10.5% 12.5% 12.1% 15.4%
EBITDA per share (1) $0.09 $0.11 $0.33 $0.42
Net income attributable to
common shareholders before
non-recurring items
(1)(2)(3) $555 $3,420 $5,513 $13,245
Net income attributable to
common shareholders per
share before non-recurring
items (1)(2)(3) $0.01 $0.04 $0.06 $0.15
Cash flow from operations
(1)(2)(3) $6,704 $7,934 $25,896 $32,726
Cash flow from operations
per share (1)(2)(3) $0.08 $0.09 $0.29 $0.37
Debt net of cash outstanding
before deferred financing
charges $118,554 $131,482 $118,554 $131,482
Dividends paid (4) $1,840 $2,681 $3,680 $5,362
Dividends paid per share (4) $0.02 $0.03 $0.04 $0.06
Weighted average shares
outstanding, net 89,083,105 89,358,410 89,186,253 89,358,410
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Notes:
(1) Refer to "Non-IFRS Measures" section of the financial statements.
(2) 2013 excludes $2.7 million of restructuring expense and $1.6 million of
transaction and transition costs, $0.2 million gain on acquistion, and $0.9
million of other expenses.
(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 $0.02 per share were declared in August 2013 and paid on
October 4, 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.
Review of Operations and Value Enhancement Initiatives
While the soft economy continues to affect business conditions for parts of the
Company, significant progress was made towards improved performance.
Although adjusted consolidated revenue and EBITDA were off 2.1% and 18.0%
respectively for the quarter compared to last year, same store operating revenue
and EBITDA were flat to last year in September, reflecting the impact of a
variety of business and EBITDA enhancement initiatives that have been recently
implemented.
As well, adjusted consolidated EBITDA for the quarter included a number of
one-time accounting and other expense items. Excluding these items, adjusted
consolidated EBITDA was 12.2% below the same quarter last year - a significant
improvement compared to the first and second quarter of this year.
Value Enhancement Initiatives
The Company has undertaken a number of strategic initiatives to strengthen its
financial position and operating performance, including the following:
-- Sale of real estate assets. The Company has initiated plans to sell a
significant portfolio of real estate properties in the near term. $4
million was realized from the sale of property in April. $6.5 million of
consideration was realized from real estate sales in September. Other
property dispositions are currently being negotiated. Given current
capitalization and interest rates, monetizing real estate value to
reduce leverage has been deemed prudent. The real estate sales have been
targeted to a) cover any required deposit relating to the previously
reported notice of possible re-assessment from Canada Revenue Agency
(CRA) for the 2008-2011 income tax years, should a deposit become
payable and b) result in a net reduction of leverage from current
levels. The timing of any potential CRA re-assessment is not
determinable at this time.
-- The Company (excluding its joint ventures) reduced debt by $8.7 million
during the quarter. The Company's adjusted debt to EBITDA ratio was
reduced to 2.7x at quarter end as a result.
-- Sale of non-core assets. Subsequent to quarter end, the Company sold two
money losing community newspapers and acquired several more profitable
community media assets that provide a better strategic fit with the
Company's operations.
-- Cost reduction initiatives. Given the softness currently being
experienced in the Company's community media operations, a variety of
significant cost reduction measures have and are being implemented to
reduce overall operating costs. The initiatives are targeted to reduce
costs by more than $7 million on an annualized basis. Some of these
savings were realized in the third quarter.
-- Evolve, Enrich and Extend strategy. Management is currently reviewing
the spectrum of verticals in which it operates with a view to focusing
resources and efforts on those verticals and opportunities deemed to
have the greatest growth potential that can be realized through
Glacier's Evolve, Enrich and Extend strategy. This strategy focuses on
the provision of richer content, data and information, related analytics
and business and market intelligence, and the achievement of greater
customer utility and decision dependence. The Company is achieving
significant progress in the implementation of this strategy in its
business information operations.
Business Information
Despite prevailing economic conditions, many of the Company's business
information operations continue to grow and provide attractive opportunities in
both existing and new verticals through multi-platform offerings, including rich
information products and solutions.
Business information operations now represent more than half of Glacier's
EBITDA. 45% of the business information EBITDA is derived from rich information
digital data products designed for scalable growth and high levels of
profitability. Many of these product lines offer resiliency in challenging
economic times as they provide critical insight and decision support to
Glacier's customers.
Glacier's business information operations enjoyed growth in the energy,
agricultural, environmental risk, environmental compliance networks, medical,
financial and a variety of other sectors as a result of targeted initiatives
designed to align with growth opportunities within those sectors. Glacier's
business information portfolio contains many brands that have decades of service
in their respective sectors. The intrinsic equity associated with these brands
is a key competitive advantage as the Company pursues its Evolve, Enrich and
Extend strategy with its various products and services.
Consistent with this strategy, management is focused on initiatives 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. Overall,
this strategy is intended to produce products and services that provide growth
opportunities and are also more resilient in times of economic stress.
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 ("COSSD"), for example, is evolving strategically away from its roots
as a phone book style directory and integrating its services more firmly in the
oilfield procurement processes through digital platforms and enhanced
information and search effectiveness. This transactional utility creates
enriched advertising opportunities by juxtaposing clients' marketing messages at
key points within the database. The outcome of this transition has been
continued growth in total revenues for the COSSD.
Based on momentum that accelerated in 2012 and into the first six months of
2013, a variety of initiatives highlighted how sharper focus on sector and
customer needs is facilitating successful product development. These
developments are intended to play important mid-term and long-term roles in the
evolution and extension of Glacier's business franchises. They include:
-- Environmental Risk Information Service ("ERIS") expanded its business
into the United States. The ERIS platform will now operate as a
centralized hub for North America, conforming to both Canadian and
United States standards.
-- WeatherFarm was re-engineered and re-launched to integrate new tools and
data sets that augment the meteorological information and analytics of
the Company's new Weather INnovations Consulting Ltd. business, through
which real-time weather data and intelligence is supplied to Canadian
farmers and agri- business companies.
-- Subsequent to quarter end the Company will be adding the BC and Alberta
Export Awards to its growing stable of events and conferences. Both
events solidify important relationships with the Canadian Manufacturers
and Exporters association, as well as respective provincial governments.
-- Glacier FarmMedia (the new DBA for Glacier's agricultural group)
contracted with the Alberta Wheat Commission to provide syndicated
market information to commission members through its website.
-- Canada's Outdoor Farm Show ("COFS") achieved record results with its
20thAnniversary exposition. Nearly 43,000 paying delegates attended the
show, which included more than 750 exhibitors. COFS attracts both global
delegates and agricultural technology (seed, crop protection and
equipment technology) exhibitors and strengthens Glacier's customer
relationships and revenue opportunities through integrated marketing
solutions along the agricultural value chain.
Digital revenues now represent more than a quarter of Glacier's business
information revenues and are growing steadily. Significant focus and related
investment will cont inue 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.
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 integrated framework which permits the
Company's management teams in various verticals to remain entrepreneurial and
market-focused while benefiting from product, technology and sales collaboration
will enhance the Company's ability to service its key customers with more
integrated solutions.
Community Media
Glacier's community media operations offer broad coverage across Western Canada
in local markets and continue to offer a strong value proposition through local
information and marketing channel utility.
The soft economic conditions that adversely affected advertising revenues in the
first and second quarters continued in the third quarter. This impact is
particularly true of community operations in urban markets, such as the Lower
Mainland of British Columbia, where economic conditions are soft and both print
and digital competition is stronger. The Company's smaller rural community media
markets - largely spread across the Prairies - have been less affected by
digital competition, although digital shifts have been experienced in some
national advertising categories and others. The Prairie markets have also been
affected by economic conditions, particularly in key economies such as energy
and agriculture (e.g. while agriculture crop volumes have held up commodity
prices have fallen).
As a result of softer print revenues, management has implemented significant
cost reduction measures, with a focus where possible on initiatives that can
maintain or improve productivity and capacity utilization while lowering costs.
These initiatives include repatriation of printing of certain publications to
the Company's printing operations, outsourcing certain functions resulting in
improved product and advertising service at lower production costs, and the sale
of money losing assets.
Balanced against cost control initiatives, operating expense investments are
being made to improve the digital community media products in order to exploit
new revenue opportunities, particularly in the larger markets, with a specific
focus on targeted content delivery and advertising effectiveness. In the third
quarter, for example, Glacier entered into a new social commerce partnership
with the purchase of VitaminDaily, Canada's premiere online magazine for women
readers. VitaminDaily has six editions across Canada in major metropolitan
centres and delivers more than 500,000 e-newsletters a week.
As a result of these efforts Glacier's community media digital revenue continues
to grow and is now contributing a net profit contribution to Glacier.
While economic and market challenges have affected the community media
operations, management believes that these businesses 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. The
Company believes that shareholder value will be maximized by using the cash flow
from these community media operations to pay down debt, invest in opportunities
and acquisitions consistent with the Company's Evolve, Enrich and Extend growth
strategy, and return value to shareholders through dividends and share buy-backs
as appropriate.
Operational Performance
As stated, for the three months ended September 30, 2013, adjusted consolidated
revenue declined 2.1% for the quarter and adjusted consolidated EBITDA declined
$1.8 million or 18.0% to $8.0 million for the quarter compared to $9.8 million
last year. Excluding one-time accounting and other expense items, adjusted
consolidated EBITDA was 12.2% below the same quarter last year - a significant
improvement compared to the first and second quarter this year.
Encouragingly, results improved towards the end of the quarter, with same store
operating revenue and EBITDA being flat to last year in September, reflecting
the impact of a variety of business and EBITDA enhancement initiatives that have
been recently implemented.
Adjusted cash flow from operations (before changes in non-cash operating
accounts and non-recurring items) decreased 15.5% to $6.7 million. Adjusted net
income attributable to common shareholders before non-recurring items) was $0.6
million compared to $3.4 million for the same period in the prior year.
Adjusted EBITDA per share decreased 17.8% to $0.09 from $0.11 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 $0.01 from
$0.04 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 to $0.08 from $0.09 for the same period in the prior year.
One-time accounting and other expense items. Glacier's business information
operations have been impacted in 2013 by a non-cash change in accounting policy
with respect to revenue recognition for certain digital directory products,
which has resulted in a $1.1 million reduction in accounting revenues and EBITDA
for the nine months ending September 30, 2013. These revenues and corresponding
EBITDA will increase by $1.1 million over the same period in 2014 assuming
volumes remain the same. Other one-time accounting changes resulted in expenses
being higher by $0.5 million for the nine months ending September 30, 2013. In
addition, pension costs have increased by $0.7 million for the nine months
ending September 30, 2013 due to lower interest rates and their impact on
pension costs calculations. Collectively these factors have resulted in $2.3
million of increased costs year-to-date.
The Company has also made an operating cost investment of $1.6 million year to
date in its agricultural digital and data information businesses, the U.S.
launch of its ERIS environmental risk information business, and its REW.ca real
estate information business. These operating investments have been deemed
essential and prudent to facilitate the evolution of the Company's information
products and are expected to result in revenue growth, which growth has already
begun to be realized from these investments.
Glacier's consolidated EBITDA margin decreased to 10.5% for the three months
ended September 30, 2013 from 12.5% for same period last year as a result of the
reasons described. As stated, management is seeking to improve these margins and
profit performance through improved print and digital sales effectiveness, cost
reduction measures and other initiatives.
More than $7 million of cost reductions measures have and are being implemented
across a variety of operations to improve profitability. These measures have
been designed to be 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.
Increased operating infrastructure investment continues to be made in digital
media management, staff, information technology and related resources, as well
as other content and quality related areas. Glacier's digital revenue continues
to grow in both community media and business information and has both allowed
this investment to be made and has been in part a result of the digital
investments already made. These investments were made consistent with Glacier's
complementary media platform and product strategy and business information
strategies.
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.
In particular, the Company intends to increase capital allocated to business
information acquisitions and organic growth opportunities and use the cash flow
generated from community media and business information operations to fund this
investment.
Financial Position
On an adjusted basis to include the Company's share of its joint ventures,
Glacier's consolidated debt net of cash outstanding before deferred financing
charges and other expenses was reduced to 2.7x trailing 12 months EBITDA as at
September 30, 2013.
The Company (excluding its joint ventures) reduced debt by $8.7 million during
the quarter, of which $6.5 million was generated from the sale of real estate
assets. Glacier's consolidated debt net of cash outstanding before deferred
financing charges was $109.5 million as at September 30, 2013.
Glacier made $0.8 million of investment capital expenditures during the quarter.
Declaration of Dividend
The Board of Directors declared a quarterly dividend of $0.02 per share on
November 12, 2013 to shareholders of record on December 13, 2013 and payable on
January 3, 2014. The dividend is consistent with the Company's dividend policy
of paying $0.08 per share per annum payable quarterly.
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 continues to
base its operating decisions and performance evaluation on the adjusted results.
----------------------------------------------------------------------------
(thousands of dollars) Three months ended September 30, 2013 (4)
----------------------------------------------------------------------------
except share and per Adjustment
share amounts Per IFRS (4) Adjusted
----------------------------------------------------------------------------
Revenue $ 68,341 $ 8,275 $ 76,616
EBITDA (1) $ 5,610 $ 2,436 $ 8,046
EBITDA margin (1) 8.2% 10.5%
EBITDA per share (1) $ 0.06 $ 0.09
Net income attributable
to common shareholders
before non-recurring
items (1)(2)(3) $ 1,080 $ (525) $ 555
Net income attributable
to common shareholders
per share (1)(2)(3)
before non-recurring
items (1)(2)(3) $ 0.01 $ 0.01
Cash flow from operations
(1)(2)(3) $ 4,635 $ 2,069 $ 6,704
Cash flow from operations
per share (1)(2)(3) $ 0.05 $ 0.08
Debt net of cash
outstanding before
deferred financing
charges $ 109,482 $ 9,072 $ 118,554
Weighted average shares
outstanding, net 89,083,105 89,083,105
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(thousands of dollars) Three months ended September 30, 2012 (4)
---------------------------------------------------------------------------
except share and per Adjustment
share amounts Per IFRS (4) Adjusted
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Revenue $ 71,282 $ 6,963 $ 78,245
EBITDA (1) $ 7,338 $ 2,477 $ 9,815
EBITDA margin (1) 10.3% 12.5%
EBITDA per share (1) $ 0.08 $ 0.11
Net income attributable
to common shareholders
before non-recurring
items (1)(2)(3) $ 3,173 $ 247 $ 3,420
Net income attributable
to common shareholders
per share (1)(2)(3)
before non-recurring
items (1)(2)(3) $ 0.04 $ 0.04
Cash flow from operations
(1)(2)(3) $ 5,938 $ 1,996 $ 7,934
Cash flow from operations
per share (1)(2)(3) $ 0.07 $ 0.09
Debt net of cash
outstanding before
deferred financing
charges $ 129,719 $ 1,763 $ 131,482
Weighted average shares
outstanding, net 89,358,410 89,358,410
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Notes:
(1) Refer to "Non-IFRS Measures" section for calculation of non-IFRS
measures used in this table.
(2) 2013 excludes $1.8 million of restructuring expense, $0.7 million of
transaction and transition costs, $0.2 million gain on acquistion, and $0.4
million of other expenses.
(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.
Under IFRS, revenues for the three months ended September 30, 2013 decreased
4.1% to $68.3 million from $71.3 million for the year prior. Cash flow from
operations (before changes in non-cash operating accounts and non-recurring
items) decreased 21.9% to $4.6 million and earnings before interest, taxes,
depreciation and amortization (EBITDA) decreased 23.5% to $5.6 million compared
to the year prior. Net income attributable to common shareholders (before
non-recurring items) decreased by $2.1 million to $1.1 million.
Cash flow from operations (before changes in non-cash operating accounts and
non-recurring items) per share for the three months ended September 30, 2013
decreased to $0.05 from $0.07 for the same period prior year. EBITDA per share
decreased to $0.06 from $0.08 and net income attributable to common shareholders
(before non-recurring items) per share decreased to $0.01 from $0.04.
Outlook
The Company will continue to focus on the growth of its business information
operations through its Evolve, Enrich and Extend strategy, which focuses on the
provision of richer content, data and information, related analytics and
business & market intelligence, and the achievement of greater customer utility
and decision dependence. While economic conditions have impacted some community
media operations and business information verticals, and digital competition is
stronger in the larger urban community media markets, management expects that
long-term growth will continue in Glacier's business information operations and
community media digital operations, as well as a variety of community media
markets where local market conditions are stronger.
While media maturation factors are having an impact as described, 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.
As indicated, management has undertaken a number of Value Enhancement
Initiatives to strengthen the Company's financial position and operating
performance in the near term, including a) sale of real estate assets to reduce
leverage and cover a potential tax re-assessment deposit, b) sale of non-core
assets including the disposition of several money losing community newspapers,
c) significant cost reduction measures targeted to reduce costs by more than $7
million, and d) focusing operating and financial resources on those verticals
and opportunities deemed to have the greatest growth potential through the
Evolve, Enrich and Extend strategy. The profitability enhancement and asset sale
initiatives outlined are intended to significant ly improve Glacier's financial
position and business strength as indicated and place the Company in a better
position with which to take advantage of growth opportunities.
Management will focus in the short-term on a balance of paying down debt,
reducing costs and improving profitability, enhancing existing operations,
targeting select acquisition opportunities and returning value to shareholders
through growth in cash flow per share and payment of dividends.
Once leverage is reduced to moderate levels, management will seek an ongoing
balance of maintaining debt at those levels and delivering growth through both
operations and acquisitions.
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 relating to the Company's expectations regarding
revenues, expenses, cash flows and future profitability and the effect of
Glacier's strategic initiatives, including its expectations to strengthen its
financial position, business and operating performance, to grow its business
information operations, to implement cost reduction measures, to sell real
estate properties and utilize proceeds of such sales to cover required CRA
re-assessment deposits and reduce leverage, to sell other non-core and
money-losing assets, to produce products and services that provide growth
opportunities, to organic development and new business acquisitions, to improve
EBITDA margins and profitability, to grow cash flow per share, to pay dividends,
to repurchase shares and to reduce leverage and debt levels. These forward
looking statements are based on certain assumptions, including continued
economic growth and recovery and the realization of cost savings in a timely
manner and in the expected amounts, 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 include failure to implement or achieve the intended results
from Glacier's strategic initiatives, the failure to implement or realize cost
savings in a timely manner or in the expected amounts, the failure to negotiate
or complete the sale of real estate and other non -core assets, the failure to
identify, negotiate and complete the acquisition of new businesses, the failure
to develop new products, and the other risk factors 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 other risk 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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