For the three months ended March 31, 2013, excluding its share of revenues and expenses from its joint ventures and in accordance with IFRS, consolidated revenues were $70.5 million, an increase of 8.7% over the same period in the prior year; EBITDA was $6.4 million, a decrease of $1.0 million or 14.2%; and cash flow from operations was $5.2 million, a decrease of $0.2 million or 4.2%. On a per share basis, EBITDA decreased $0.004 for the three months ended March 31, 2013, and cash flow from operations was $0.001. Under IFRS, the results of ANGLP are included in the statement of operations as earnings from joint ventures and associates for the three months ended March 31, 2012.
GVIC continued its strategy of acquiring businesses that provide high-value data and information by becoming 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 GVIC in late 2012) and Weather INnovations Inc. (an agricultural meteorology business), of which GVIC acquired an interest in subsequent to March 31, 2013. 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. As well, the partnership will provide predictive modeling tools to manage disease and pest threats. The new business will operate closely with GVIC's existing agriculture portfolio of products and services.
Outlook and Summary
While economic conditions have adversely impacted some community media operations and business and trade information verticals and digital competition is stronger in the larger community media markets, management expects that growth will continue in most of GVIC's business and trade information operations, as well as a variety of community media markets where local market conditions are stronger. In this regard, management will continue to closely monitor economic conditions in various markets and verticals to ensure appropriate decisions are made in a timely fashion.
Management will focus in the short-term on a balance of reducing certain operating expenses where appropriate, paying down debt, integrating the operations acquired, enhancing existing operations, targeting select acquisition opportunities and returning value to shareholders.
Given continued significant cash flow resulting from operations and acquisitions as indicated, an increasing portion of cash generated can also be returned to shareholders through increased dividends. In January 2013, the Board of Directors reviewed the Company's dividend policy and announced a 33% increase in the annual dividend to $0.024 from $0.018 per share - to be paid quarterly instead of semi-annually, the first dividend of which was paid on April 5, 2013. The second quarterly dividend of $0.006 per share has been declared on May 14, 2013, to shareholders of record on June 14, 2013 and payable on July 5, 2013.
As indicated, significant focus and related investment will continue to be made to enhance GVIC's business and trade information verticals, through both organic development and acquisition. These acquisitions will be targeted to expand markets that GVIC covers; expand the breadth of information products and marketing solutions; and expand GVIC's digital media staff, technology and related resources.
Management will continue to seek a balance of maintaining debt at manageable levels and delivering growth through both operations and acquisitions. In particular, management will seek to time investment in the acquisition and organic growth opportunities to allow cash flow from operations to be used to pay down the increased borrowings incurred in the fourth quarter of 2011.
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