TORONTO — TV and radio broadcaster ZoomerMedia Limited announced today its first-half results for its 2021 fiscal year, which saw a revenue decrease but substantial growth in earnings and net income.
For the six months ended February 28, 2021, ZoomerMedia generated revenues of $25.36 million, which represents an 8.5% decrease compared to revenues of $27.7 million reported by the company for the six-month period ended February 29, 2020, according to ZoomerMedia’s management discussion and analysis (MD&A) containing its financial results.
The company’s adjusted EBITDA from its continuing operations rose 30.3% to almost $6.8 million in the first half of fiscal 2021, compared to $5.2 million of adjusted EBITDA for first-half 2020, says the company’s MD&A.
Net income for the first six months of fiscal 2021 was $3.39 million, a whopping 73% year-over-year increase compared to the first half of fiscal 2020, when the company reported net income of $1.96 million.
The company’s operating expenses fell to 17.4% to $18.57 million in the first half of 2021, compared to $22.49 million in the first half of its 2020 fiscal year.
ZoomerMedia’s TV properties include Vision TV, ONE: Get Fit, JoyTV in Vancouver, Faith TV in Winnipeg, and TVL Channel 5 available to Rogers households in Ontario and New Brunswick. The company’s radio stations include CFMZ-FM Toronto (The New Classical 96.3FM), CFMX-FM Cobourg (The New Classical 103.1FM), CFMO-FM Collingwood (The New Classical 102.9FM), and CFZM-AM 740 Toronto and CFZM-FM 96.7FM Toronto (ZoomerRadio).
The company’s total revenues from its TV division increased 3.3% to reach $16.39 million for the six months ended February 28, 2021, compared to $15.86 million for the first half of fiscal 2020.
“This was primarily attributed to the increase in commercial advertising revenues in Vision TV and ONE: Get Fit as a result of additional programming changes, which has positively impacted viewership and reduced previously unused advertising inventory. Further increases were a result of higher retransmission royalties for JoyTV and Faith TV, partially offset by a decline in subscriber fees due to continuing market-wide cord-cutting,” reads ZoomerMedia’s MD&A.
The company’s radio division revenues decreased 31.8% to $3.13 million in the first half of fiscal 2021, compared to $4.59 million in the first half of 2020.
“This was primarily attributable to the lingering impact of Covid-19 and intermittent lockdowns which severely impacted the live events, hospitality and retail sectors, staple local advertising clients for radio,” the company says in its MD&A.
For more, please see ZoomerMedia’s press release here and its financial documents filed on Sedar here.
