Canadian Radio-television and Telecommunications Commission
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CablePulse 24 (CP24)

Pay & Specialty Services
2008-2012 Financial Summaries

[ Table of Contents ]

Undertaking # Service Name Licensee Ultimate Owner Type Year
305417348 CablePulse 24 (CP24) Bell Media Inc. BCE Inc. Specialty (category A service) 2012

Revenue
($) 2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 1,699,014 1,883,378 10.85 1,906,420 1.22 1,903,278 -0.16 1,876,748 -1.39 2.5
DTH revenue 1,319,201 1,547,602 17.31 1,650,501 6.65 1,697,326 2.84 1,670,293 -1.59 6.1
Local advertising revenue 0 0 n/a 0 n/a 8,880,333 n/a 9,635,400 8.50
National advertising revenue 11,178,510 11,924,193 6.67 15,145,662 27.02 9,164,147 -39.49 9,680,270 5.63 -3.5
Other revenue 21,339 0 -100.00 39,106 n/a 30,000 -23.29 71,416 138.05
Total Revenue 14,218,064 15,355,173 8.00 18,741,689 22.05 21,675,084 15.65 22,934,127 5.81 12.7

Expenses
($) 2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Programming and Production 6,289,611 11,524,552 83.23 12,281,961 6.57 12,639,457 2.91 14,031,505 11.01 22.2
Technical 440,451 471,510 7.05 506,510 7.42 753,543 48.77 614,408 -18.46 8.7
Sales and Promotion 495,879 1,167,938 135.53 1,580,394 35.31 1,533,946 -2.94 1,635,169 6.60 34.8
Administration and General 2,513,804 1,003,233 -60.09 1,605,935 60.08 2,324,982 44.77 1,667,375 -28.28 -9.8
Total Expenses 9,739,745 14,167,233 45.46 15,974,800 12.76 17,251,928 7.99 17,948,457 4.04 16.5

Performance
($) 2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Operating Income 4,478,319 1,187,940 2,766,889 4,423,156 4,985,670
Depreciation 1,083,708 1,753,877 61.84 2,664,928 51.94 3,055,871 14.67 2,079,846 -31.94 17.7
P.B.I.T. 3,394,611 -565,937 101,961 1,367,285 2,905,824
Interest Expense 0 3,191 n/a 476 -85.08 0 -100.00 0 n/a
Adjustments - Gain (Loss) -156,464 -1,211,576 674.35 -937,041 -22.66 -634,916 -32.24 -1,555,167 144.94
Pre-tax Profit 3,238,147 -1,780,704 -835,556 732,369 1,350,657

Canadian Programming Expenses
($) 2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Acquisition of rights 0 0 n/a 0 n/a 0 n/a 0 n/a
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a
Filler Programming + Program Production 4,725,972 9,211,938 94.92 9,829,060 6.70 9,851,048 0.22 14,031,505 42.44 31.3
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Canadian Programming 4,725,972 9,211,938 94.92 9,829,060 6.70 9,851,048 0.22 14,031,505 42.44 31.3
Canadian Programming/Revenue (%) 33.24 59.99 52.44 45.45 61.18

Staff
($) 2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Total Salaries 3,642,501 7,320,863 100.98 8,227,204 12.38 8,630,473 4.90 8,095,831 -6.19 22.1
Average Staff Count 63 94 49.21 94 0.00 100 6.38 94 -6.00
Average Salary ($) 57,817 77,882 34.70 87,523 12.38 86,305 -1.39 86,126 -0.21 10.5

Subscribers
2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Subscribers 2,788,766 2,905,076 4.17 2,905,076 0.00 2,988,042 2.86 3,033,805 1.53 2.1

Profitability (%)
2008 2009 Var % 2010 Var % 2011 Var % 2012 Var % CAGR (%)
Operating Margin 31.5 7.7 14.8 20.4 21.7
P.B.I.T. Margin 23.9 -3.7 0.5 6.3 12.7
Pre-tax Margin 22.8 -11.6 -4.5 3.4 5.9

CAGR = Compound Annual Growth Rate