VANCOUVER, British Columbia, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Glacier Media Inc. (TSX: GVC) (“Glacier” or the “Company”) reported revenue and earnings for the period ended September 30, 2026.
Summary Results
| (thousands of dollars) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| except share and per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 38,343 | $ | 40,263 | $ | 98,415 | $ | 105,362 | ||||||||
| EBITDA(1) | $ | 7,697 | $ | 6,518 | $ | 10,127 | $ | 4,841 | ||||||||
| EBITDA(1)margin | 20.1 | % | 16.2 | % | 10.3 | % | 4.6 | % | ||||||||
| EBITDA(1)per share | $ | 0.06 | $ | 0.05 | $ | 0.08 | $ | 0.04 | ||||||||
| Capital expenditures | $ | 2,113 | $ | 899 | $ | 3,815 | $ | 3,673 | ||||||||
| Net income (loss) attributable to common shareholder | $ | 1,284 | $ | 6,742 | $ | 4,948 | $ | (2,765 | ) | |||||||
| Net income (loss) attributable to common shareholder per share | $ | 0.01 | $ | 0.05 | $ | 0.04 | $ | (0.02 | ) | |||||||
| Weighted average shares outstanding, net | 131,131,598 | 131,131,598 | 131,131,598 | 131,131,598 | ||||||||||||
| (1) | EBITDA is considered a non-GAAP measure. Refer to “EBITDA Reconciliation” below for a reconciliation of the Company’s net (loss) income attributable to common shareholders as reported under IFRS to EBITDA. |
Q3 2026 Performance
Consolidated revenue for the period ended September 30, 2026, was $38.3 million, a decrease of $1.9 million or 4.8%. Consolidated EBITDA for the period was $7.7 million, an increase of $1.2 million or 18.1%, from $6.5 million for the same period in the prior year.
Of the $1.9 million decrease in total revenue, $1.6 million related to legacy print community media operations. Certain print operations remain as part of core operations, which are included in Consumer Information. Revenue from core operations decreased $0.3 million, or 0.9%.
While revenues decreased in aggregate, the composition of revenues continued to shift. Changes in revenue mix are as follows: Advertising revenue decreased by $2.2 million, or 16.8%, including sold and closed operations, Data and Subscription revenue increased by $0.2 million or 1.1%, and Events and Services revenue increased $0.2 million or 1.7%.
Advertising revenue has continued to be adversely impacted by persistent economic challenges and the planned closure or sale of community media publications over the past 12 months. The decrease in advertising revenue had an impact on the Commodity Information, Consumer Information and Print Community Media operations. These advertising revenue decreases were partially offset by the increases in Data and Subscription revenues, which were mainly in Environmental Risk and Compliance Information operations, and the Event and Services revenues which were mainly in Commodity Information operations.
The EBITDA increase of $1.2 million was largely driven by improved operating results in core operations. Overall, direct and general and administrative expenses were down $3.1 million. Legacy print operations resulted in decreased expenses of $1.8 million, mostly due to the sale or closure of the operations. The decrease in expenses in core operations was mainly the result of cost containment and rationalization within certain operations, which was partially offset by investment spending in strategic growth areas.
Financial position
In September, the Company paid $27.9 million to the Canada Revenue Agency (“CRA”) for amounts owing in relation to tax notices of reassessments and assessments relating to the taxation years 2008-2017. This payment fully settled the federal tax liability owing, after the application of all interest relief. As at September 30, 2026, the Company had a remaining tax liability of $5.1 million owing to certain provincial tax authorities.
To fund the $27.9 million payment of the CRA tax liability, certain subsidiaries of the Company entered into a term loan facility with a major Canadian bank for $20.0 million, during the quarter. The loan matures on January 1, 2029, with an 84-month amortization period. The term loan is secured by general security agreements against the assets of certain subsidiaries of the Company. In addition, the Company entered into a net $1.9 million loan with Madison Venture Corp. (“Madison”), a related party. The Madison loan is secured by a second ranking charge on the assets and share capital of certain subsidiaries of the Company. The remaining $6.0 million was paid from available cash.
The Company had $6.1 million of non-recourse mortgages (which relate to land for the farm shows in Saskatchewan and Ontario).
As at September 30, 2026, the Company had a cash balance of $4.1 million.
For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.
About the Company
Glacier Media Inc. is a broad portfolio of business information and consumer digital businesses. Serving a diverse array of industries and users, the businesses are typically leaders in their respective industry and/or geographic markets.
Non-IFRS financial measures
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and EBITDA per share, are not generally accepted measures of financial performance under IFRS. Management utilizes EBITDA as a financial performance measure to assess profitability and return on equity in its decision making. In addition, the Company, its lenders and its investors use EBITDA to measure performance and value for various purposes. Investors are cautioned; however, that EBITDA should not be construed as an alternative to net loss attributable to common shareholders determined in accordance with IFRS as an indicator of the Company’s performance.
The Company’s method of calculating these financial performance measures may differ from other companies and, accordingly, they may not be comparable to measures used by other companies. A quantitative reconciliation of these non-IFRS measures is included in the section entitled EBITDA Reconciliation.
EBITDA Reconciliation
| (thousands of dollars) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| except share and per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 1,284 | $ | 6,742 | $ | 4,948 | $ | (2,765 | ) | |||||||
| Add (deduct): | ||||||||||||||||
| Non-controlling interests | $ | 629 | $ | 1,252 | $ | 1,472 | $ | 1,483 | ||||||||
| Interest (recovery) expense, net | $ | (141 | ) | $ | 1,016 | $ | (4,885 | ) | $ | 3,222 | ||||||
| Depreciation and amortization | $ | 2,057 | $ | 2,271 | $ | 6,439 | $ | 6,785 | ||||||||
| Gain on disposal, net | $ | 13 | $ | (510 | ) | $ | (1,007 | ) | $ | (510 | ) | |||||
| Share of losses (earnings) from joint ventures and associates | $ | 89 | $ | (340 | ) | $ | 191 | $ | (1,468 | ) | ||||||
| Other income | $ | (122 | ) | $ | (236 | ) | $ | (1,347 | ) | $ | (508 | ) | ||||
| Restructuring and other expenses | $ | 582 | $ | 226 | $ | 1,292 | $ | 2,316 | ||||||||
| Unrealized foreign exchange (gains) losses | $ | 37 | $ | (440 | ) | $ | (65 | ) | $ | 1,020 | ||||||
| Income tax expense (recovery) | $ | 3,269 | $ | (3,463 | ) | $ | 3,089 | $ | (4,734 | ) | ||||||
| EBITDA(1) | $ | 7,697 | $ | 6,518 | $ | 10,127 | $ | 4,841 | ||||||||
| Notes: | ||||||||||||||||
| (1)Refer to "Non-IFRS Measures" section of MD&A for discussion of non-IFRS measures used in this table. | ||||||||||||||||