Published: May 1, 2008
One Caribbean Media shareholders are benefitting from the media group's improved first quarter performance this year.
The group's performance for the first quarter ended March 31, 2008 was a distinct improvement over the comparable period last year, OCM chairman Sir Fred Gollop said in the group's unaudited financial statements published yesterday.
Profit before tax of $20 million was 19.6 per cent better than $16.7 million last year.
Group profit attributable to shareholders of $14.6 million was also 16 per cent better than the $12.6 million in the first quarter of 2007.
Earnings per share, inclusive of unallocated ESOP shares, were $0.22, a 16 per cent increase on the $0.19 in 2007.
Sales and other revenue of $116 million for the quarter reflect an increase of 12 per cent over the $103 million during the corresponding period in 2007.
The integration of radio stations acquired in Trinidad, St Lucia, St Kitts and Antigua within the OCM group proceeded seamlessly, Sir Fred said.
OCM recently won the exclusive right to produce and distribute Jamaica's first Annual Reggae Awards. This programme will be distributed worldwide.
Sir Fred said: "Despite concerns about regional economies, we have put initiatives in place which we anticipate will translate into improved results over 2008."
Source:
Curtis Rampersad
Trinidad and Tobago Express
http://www.trinidadexpress.com/index.pl/article_business?id=161317207
Showing posts with label OCM. Show all posts
Showing posts with label OCM. Show all posts
Thursday, May 1, 2008
Tuesday, April 29, 2008
Michael Carballo elected OCM director
Published: April 29,2008
Chartered accountant Michael Carballo was yesterday elected a director of One Caribbean Media Limited (OCM), during the company's 40th annual general meeting at Express House, Independence Square, Port of Spain.
Carballo replaced Louis Andre Monteil, who was representing the interests of the Colonial Life Insurance Co (Trinidad) Limited (CLICO) on the board of directors. CLICO holds over 15 million ordinary shares in OCM.
He was appointed earlier this month as CL Financial's financial director, after Monteil announced his retirement. Carballo was not present at the meeting, as he was in Tobago.
All other board members, including Chairman Sir Fred Gollop, were present for the meeting. Three of them, Joseph Esau, Harold Hoyte and Grenville Phillips, who had come to the end of their terms recently, were re-elected yesterday. Thirty seven ordinary shareholders were present at the meeting and took time to thank and say farewell to outgoing OCM Chief Executive Officer (CEO) Craig Reynald.
Reynald served as CEO of OCM, holding company for both the Express and TV6, for the last three years. He has been replaced by former deputy governor of the Central Bank Dr Terrence Farrell, who assumes office in June.
OCM group's gross revenue grew from $448 million during the previous year to $482 million in 2007. The company group profit attributable was $88.5 million, an increase of two per cent over the preceding year's $86.8 million.
The board agreed to pay shareholders a final dividend of 47 cents, bringing the total dividend for 2007 to 72 cents, the same as the previous year, the annual report stated.
Source:
Aretha Welch
Trinidad and Tobago Express Newspapers
http://www.trinidadexpress.com/index.pl/article_business?id=161316366
Chartered accountant Michael Carballo was yesterday elected a director of One Caribbean Media Limited (OCM), during the company's 40th annual general meeting at Express House, Independence Square, Port of Spain.
Carballo replaced Louis Andre Monteil, who was representing the interests of the Colonial Life Insurance Co (Trinidad) Limited (CLICO) on the board of directors. CLICO holds over 15 million ordinary shares in OCM.
He was appointed earlier this month as CL Financial's financial director, after Monteil announced his retirement. Carballo was not present at the meeting, as he was in Tobago.
All other board members, including Chairman Sir Fred Gollop, were present for the meeting. Three of them, Joseph Esau, Harold Hoyte and Grenville Phillips, who had come to the end of their terms recently, were re-elected yesterday. Thirty seven ordinary shareholders were present at the meeting and took time to thank and say farewell to outgoing OCM Chief Executive Officer (CEO) Craig Reynald.
Reynald served as CEO of OCM, holding company for both the Express and TV6, for the last three years. He has been replaced by former deputy governor of the Central Bank Dr Terrence Farrell, who assumes office in June.
OCM group's gross revenue grew from $448 million during the previous year to $482 million in 2007. The company group profit attributable was $88.5 million, an increase of two per cent over the preceding year's $86.8 million.
The board agreed to pay shareholders a final dividend of 47 cents, bringing the total dividend for 2007 to 72 cents, the same as the previous year, the annual report stated.
Source:
Aretha Welch
Trinidad and Tobago Express Newspapers
http://www.trinidadexpress.com/index.pl/article_business?id=161316366
Friday, April 25, 2008
Reynald exits One Caribbean Media - Central banker to fill CEO slot
Published: Friday April 25, 2008
Craig Reynald, who has been at the forefront of efforts of One Caribbean Media to transform itself into a genuinely pan-Caribean media company, steps down as CEO at month end and will be succeeded by Terrence Farrell, a former governor of the Trinidad and Tobago central bank.
Reynald, who is retiring early, was celebrated by directors and staff at a function in Port-of-Spain this week, and in the group's just-released report to shareholders, chairman Fred Gallop hailed Reynald's performance in the decade as the group's boss, having taken over from Ken Gordon of what was thenthe Caribbean Communications Network (CCN).
"In his years of service, he was able to significantly improve the group's performance, not only financially, but among viewers, readers and advertisers," Gallop said.
"His contribution to the merger of CCN and the Nation Group deserves the highest commendation."
Cricket world cup loss
For the year to December 31, 2007, One Caribbean reported net profit of TT$88.57, a mere TT$1.71 million or two per cent higher than the previous year.
The profit was on the back of revenues of TT$482.26 million, up seven and a half per cent on the previous year.
Part of the reason for the anaemic profit growth, the company explained, was a loss of Cricket World Cup publications last year.
Rising newsprint prices
Projected advertising levels did not materialise because of the early elimination from the tournament of teams like Pakistan, England and India.
The company was also hit by rising newsprint prices and the cost of restructuring.
CCN, which started life as Trinidad's 40-year-old Express Newspaper, was listed on the Port-of-Spain exchange in the early 1990s, shortly after Reynald joined as finance director.
One Caribbean was created earlier this decade when CCN merged with the Nation Group of Barbados, which includes the Starcom radio network and the Nation newspaper, one of several that the Express helped to launch and nurture in the Caribbean.
In fact, One Caribbean officially holds 10 per cent of the Jamaica Observer, which it gained for technical help to the newspaper at the time of its launch in 1993.
Expansion
Reynald and his former boss, Ken Gordon, still appear in the Observer's corporate box as directors.
Apart from the Express and Nation newspapers, One Caribbean, until recently, controlled six radio channels in Barbados, radio and television in Grenada and TV6 in Trinidad.
It recently acquired additional radio stations in Trinidad, St Lucia, Antigua, St Kitts and Montserrat, which Gallop said would lead to the "first truly pan-Caribbean media network".
Vision fulfilled
The group also has commercial printing operations in Barbados and Trinidad.
Gordon had long articulated a vision of, and began the effort to forge, a regionwide media group through a series of mergers.
Reynald has been credited with substantially following through on and fulfilling the idea, although he remained unsuccessful at enticing Jamaican entities into One Caribbean.
While broadly satisfied in establishing itself as a Caribbean media conglomerate, Reynald has identified the failure so far to forge a regional television network as an outstanding mission.
"We originally conceptualised this could be best achieved through strategic relationships and/or acquisitions of television stations throughout the region and, therefore, began the process by acquiring majority shareholding in Grenada Broadcasting Network," Reynald explained.
"This, however, has proven long and tedious, since most of the television stations are government-owned and, therefore, private sector participation is not easily facilitated."
But, he added: "We remain determined, however, to bring this into reality and are currently pursuing other strategies."
Source:
business@gleanerjm.com
http://www.jamaica-gleaner.com/gleaner/20080425/business/business6.html
Craig Reynald, who has been at the forefront of efforts of One Caribbean Media to transform itself into a genuinely pan-Caribean media company, steps down as CEO at month end and will be succeeded by Terrence Farrell, a former governor of the Trinidad and Tobago central bank.
Reynald, who is retiring early, was celebrated by directors and staff at a function in Port-of-Spain this week, and in the group's just-released report to shareholders, chairman Fred Gallop hailed Reynald's performance in the decade as the group's boss, having taken over from Ken Gordon of what was thenthe Caribbean Communications Network (CCN).
"In his years of service, he was able to significantly improve the group's performance, not only financially, but among viewers, readers and advertisers," Gallop said.
"His contribution to the merger of CCN and the Nation Group deserves the highest commendation."
Cricket world cup loss
For the year to December 31, 2007, One Caribbean reported net profit of TT$88.57, a mere TT$1.71 million or two per cent higher than the previous year.
The profit was on the back of revenues of TT$482.26 million, up seven and a half per cent on the previous year.
Part of the reason for the anaemic profit growth, the company explained, was a loss of Cricket World Cup publications last year.
Rising newsprint prices
Projected advertising levels did not materialise because of the early elimination from the tournament of teams like Pakistan, England and India.
The company was also hit by rising newsprint prices and the cost of restructuring.
CCN, which started life as Trinidad's 40-year-old Express Newspaper, was listed on the Port-of-Spain exchange in the early 1990s, shortly after Reynald joined as finance director.
One Caribbean was created earlier this decade when CCN merged with the Nation Group of Barbados, which includes the Starcom radio network and the Nation newspaper, one of several that the Express helped to launch and nurture in the Caribbean.
In fact, One Caribbean officially holds 10 per cent of the Jamaica Observer, which it gained for technical help to the newspaper at the time of its launch in 1993.
Expansion
Reynald and his former boss, Ken Gordon, still appear in the Observer's corporate box as directors.
Apart from the Express and Nation newspapers, One Caribbean, until recently, controlled six radio channels in Barbados, radio and television in Grenada and TV6 in Trinidad.
It recently acquired additional radio stations in Trinidad, St Lucia, Antigua, St Kitts and Montserrat, which Gallop said would lead to the "first truly pan-Caribbean media network".
Vision fulfilled
The group also has commercial printing operations in Barbados and Trinidad.
Gordon had long articulated a vision of, and began the effort to forge, a regionwide media group through a series of mergers.
Reynald has been credited with substantially following through on and fulfilling the idea, although he remained unsuccessful at enticing Jamaican entities into One Caribbean.
While broadly satisfied in establishing itself as a Caribbean media conglomerate, Reynald has identified the failure so far to forge a regional television network as an outstanding mission.
"We originally conceptualised this could be best achieved through strategic relationships and/or acquisitions of television stations throughout the region and, therefore, began the process by acquiring majority shareholding in Grenada Broadcasting Network," Reynald explained.
"This, however, has proven long and tedious, since most of the television stations are government-owned and, therefore, private sector participation is not easily facilitated."
But, he added: "We remain determined, however, to bring this into reality and are currently pursuing other strategies."
Source:
business@gleanerjm.com
http://www.jamaica-gleaner.com/gleaner/20080425/business/business6.html
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