Glacier Reports 2020 Results - Seite 2

⁽¹⁾ Certain results are presented to include the Company’s proportionate share of its joint venture and associate operations, as this is the basis on which management bases its operating decisions and performance. The Company’s joint ventures and associates include Great West Media Limited Partnership, the Victoria Times-Colonist, Rhode Island Suburban Newspapers, Inc., Village Media Inc. and Borden Bridge Development Corporation.

⁽²⁾ The Company sold its interest in Fundata for $55.0 million in April 2019. Results were included up to March 31, 2019.

⁽³⁾ Includes $3.1 million purchase of land for Canada’s Outdoor Farm Show in Woodstock, Ontario in Q1 2019.

OPERATIONAL PERFORMANCE, SIGNIFICANT DEVELOPMENTS IN 2020 AND OUTLOOK

Operational Performance

Consolidated revenue for the year ending December 31, 2020 was $151.3 million, down $33.5 million or 18.1% from the same period in the prior year. Consolidated EBITDA was $22.9 million for the year, up $15.0 million from the prior year.

The Company recorded wage subsidies from the Canadian Emergency Wage Subsidy (“CEWS”) of $18.7 million for the year. Consolidated EBITDA was $4.2 million excluding CEWS. The Company’s EBITDA of $4.2 million also includes other grants and subsidies received during the year.

The federal government announced that the CEWS program will continue until June 2021, but at levels significantly reduced from 2020. Other subsidies are also expected to continue in 2021.

The Company is reporting a net loss for the year of $15.0 million and loss per share of $0.12 compared to net income of $34.2 million and income per share of $0.29 in 2019. The Company recorded an impairment charge of $23.5 million in 2020 on the goodwill, intangible assets and investments in joint ventures and associates, primarily within Community Media. In the prior year, 2019, the Company recognized a $47.7 million gain on sale, primarily relating to the sale of the Company’s interest in Fundata.

Including the Company’s share of joint ventures and associates, revenue was $183.5 million, down $45.9 million or 20.0% and EBITDA was $29.8 million, up $13.4 million.

The Company implemented a wide variety of cost reductions in response to the decline in revenues. These included temporary wage roll-backs, reduced work weeks, layoffs and a wide variety of other cost reduction measures.