Glacier Media Inc. (TSX:GVC) ("Glacier" or the "Company") reported
cash flow, earnings and revenue for the period ended June 30,
2013.
Summary Results
Results are reported below on an adjusted basis to include the
Company's share of the results of its joint ventures. Management
bases its operating decisions and performance evaluation utilizing
these results. Refer to Change in Accounting Policy on page 6 for
discussion of the accounting change and results in accordance with
IFRS.
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Three Three
months months Six months Six months
ended June ended June ended June ended June
thousands of dollars except 30, 2013 30, 2012 30, 2013 30, 2012
share and per share amounts (5) (5) (5) (5)
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Revenue $89,070 $91,388 $165,910 $167,809
EBITDA (1) $13,366 $17,130 $21,255 $28,008
EBITDA margin (1) 15.0% 18.7% 12.8% 16.7%
EBITDA per share (1) $0.15 $0.19 $0.24 $0.31
Net income attributable to
common shareholders $2,262 $6,526 $1,832 $9,719
Net income attributable to
common shareholders per share $0.03 $0.07 $0.02 $0.11
Cash flow from operations
(1)(2)(3) $12,161 $15,359 $19,192 $24,790
Cash flow from operations per
share (1)(2)(3) $0.14 $0.17 $0.22 $0.28
Debt net of cash outstanding
before deferred financing
charges $125,616 $137,003 $125,616 $137,003
Dividends paid (4) $1,840 - $1,840 $2,770
Dividends paid per share (4) $0.02 - $0.02 $0.03
Weighted average shares
outstanding, net 89,234,311 89,358,410 89,238,682 89,358,410
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Notes:
(1) Refer to "Non-IFRS Measures" section of the financial statements.
(2) 2013 excludes $1.8 million of restructuring expense and $1.0 million
of transaction and transition costs.
(3) For non-recurring items excluded in the prior period, refer to
previously reported financial statements.
(4) Dividends in 2013 total $0.08 per share paid quarterly, dividends in
2012 total $0.06 per share paid semi-annually, quarterly dividends
totalling $1.8 million or $0.2 per share were declared in May 2013 and
paid on July 5, 2013.
(5) These results are presented on an adjusted basis to include the
Company's share of the results of its joint ventures, as management
bases its operating decisions and performance evaluation on the
adjusted results.
Highlights
-- For the three months ended June 30, 2013, Glacier's adjusted
consolidated revenue decreased 2.5% to $89.1 million from $91.4 million
for the same period in the prior year;
-- Adjusted consolidated earnings before interest, taxes, depreciation and
amortization (EBITDA) decreased by 22.0% to $13.4 million from $17.1
million for the same period in the prior year;
-- Adjusted cash flow from operations (before changes in non-cash operating
accounts and non-recurring items) decreased 20.8% to $12.2 million;
-- Adjusted net income attributable to common shareholders before non-
recurring items was $4.4 million compared to $7.2 million for the same
period in the prior year;
-- Adjusted EBITDA per share decreased 21.9% to $0.15 from $0.19 for the
period compared to the same period in the prior year and net income
attributable to common shareholders before non-recurring items per share
decreased to $0.05 from $0.08 for the same period in the prior year;
-- Adjusted cash flow from operations (before changes in non-cash operating
accounts and non-recurring items) per share decreased 20.8% to $0.14 per
share from $0.17 for the same period in the prior year;
-- Glacier became 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 Glacier in late 2012) and
Weather INnovations Inc. (an agricultural meteorology information
business), of which Glacier acquired an interest in on April 5, 2013;
-- Business information EBITDA reached 56% of Glacier's total EBITDA;
-- Approximately 45% of Glacier's business information EBITDA now comes
from rich information digital data products which continue to grow with
high levels of profitability; and
-- During the quarter, $4.0 million of cash was realized through the sale
of redundant real estate assets and the proceeds were used to pay down
debt.
Review of Operations
Glacier Media Inc. ("Glacier" or the "Company") continued to
generate strong revenue, profit and cash flow from operations
through its diversified base of information communications
businesses. General weakness in the Canadian economy, however, has
impacted year-over-year performance of many of the Company's
assets, particularly those in urban community media markets.
As a result, Glacier's senior management has undertaken a
comprehensive review of the Company's operations. In order to
provide a stronger financial position with which to operate the
business going forward, and to better take advantage of growth
opportunities, management will initiate a series of cost reduction,
profitability improvement, redundant asset sale and other
initiatives.
Notwithstanding prevailing economic conditions, many of the
Company's business information operations (which includes business
and professional and trade information) continue to grow and
provide attractive opportunities for future growth in both existing
and new verticals through multi-platform offerings, including rich
information products and solutions.
Business information operations now represent approximately 56%
of Glacier's EBITDA, of which approximately 45.0% comes from rich
information digital data products which continue to grow with high
levels of profitability.
Glacier's community media operations offer a broad coverage of
Western Canadian local markets; and continue to offer a strong
value proposition through local information and marketing channel
utility. The soft economic conditions that adversely affected
national advertising revenues in the first quarter continued in the
second. This impact is particularly true of community operations in
more urban markets such as the Lower Mainland of British Columbia,
where both print and digital competition compounds the impact of a
weaker economy. The Company's smaller rural community media markets
- largely spread across the Prairies - continue to enjoy stable
performances.
The media industry, as a whole, continues to pursue new
"business models" intended to manage the future value of content
and marketing solutions against a backdrop of declining traditional
advertising. Glacier is well advanced in this respect, with
internal models structured to balance those losses with innovative
customer solutions - designed to be resilient to the peaks and
valleys associated with economic cycles.
Given the significant growth opportunities available in
information services, the Company's strategy is to invest cash flow
generated from the community media operations and the business
information operations in both operational opportunities and
acquisitions. In particular, the Company intends to increase
capital allocated to business information acquisitions and organic
growth opportunities.
Sales Performance
Business Information
Many of Glacier's business information operations continued to
deliver growth, despite prevailing economic conditions, with
revenue increases generated across a wide variety of verticals -
driven by a diverse variety of product and information innovations.
While in some verticals this growth was slower than prior year, the
various products and services still performed well in those
sectors. Overall, however, general economic conditions have
resulted in decreased customer activity in many verticals, which in
turn, results in decreased marketing and sales volumes. This is
particularly true of sectors that are most exposed to economic
volatility.
A variety of growth initiatives are being pursued and are
generating strong sales results, especially those associated with
sectors of the economy which are experiencing relatively stable
conditions in a pan-Canadian context. This is a result of new
product innovation, ongoing development of existing products,
focused sales efforts, and a stronger inter-divisional
collaboration framework created between Glacier's various
operations.
In particular, Glacier's business information operations enjoyed
success in the energy, agricultural, environmental risk,
environmental compliance networks, medical and financial
information sectors as a result of targeted initiatives designed to
align with growth areas within those sectors. Glacier's business
information portfolio contains many brands that have decades of
service in their respective sectors. The intrinsic equity and
market positions associated with these brands represent a key
competitive advantage as the products evolve and extend.
In addition to core business information print and digital
sales, management is focused on strategies designed to offer
customers increasingly richer value propositions. These include
multi-platform solutions - with a key focus on mobile offerings -
designed to integrate more seamlessly with customer decision-making
processes, thus ensuring heightened levels of decision dependency
on specific information tools. Such dependence is enhanced through
a focus on effective pricing and targeted timing. Consequently,
these information tools are increasingly integrated in customer
decision-making and as a result sales efficiency, renewal and
retention improves. This includes a focus on advertising solutions
that are underpinned by a strong economic development framework. As
a result, non-traditional customers are turning to Glacier on that
basis. Overall, this strategy is intended to produce products and
services that are more resilient in times of economic stress and
are well positioned for long-term revenue growth.
Key efforts are under way to distinguish different types of
digital content, advertising and subscriptions based on research
designed to highlight individual industry sector needs. Premium
subscription and related products are being enhanced and developed
with a particular focus on essential content, data, search,
interpretation, contextualization and analytics. A consistent focus
on various ways of enriching content results in improved rates for
advertising positioned alongside rich information. The Canadian
Oilfield Services and Supply Database, for example, is evolving
strategically away from its roots as a phone book style directory
by integrating its services more firmly in the oilfield procurement
process - and is growing its revenues as a result. This
transactional utility creates enriched advertising opportunities by
juxtaposing clients' marketing messages at key points within the
database.
Digital revenues now represent more than a quarter of Glacier's
business information revenues and are growing steadily. Significant
focus and related investment will continue to be made to enhance
Glacier's digital business information verticals, through both
organic development and new business acquisitions. These
acquisitions will be targeted to expand the markets that Glacier
covers, extend the breadth of information products and marketing
solutions provided, and to enrich Glacier's digital media staff,
technology and other relevant resources - all focused on
consistently enhancing customer decision dependence on the
Company's products.
As stated, approximately 45.0% of Glacier's business information
EBITDA now comes from rich information digital data products which
continue to grow with high levels of profitability.
Overall, the business information operations and various markets
offer attractive opportunities for growth with high levels of
profitability - particularly when aligned with Glacier's leading
position in key sectors focused on the natural resources economy.
An integration framework which permits management teams in various
verticals to remain entrepreneurial and market-focused will enhance
the Company's ability to service its key customers with more
integrated solutions.
Community Media
Through the second quarter, Glacier's community media operations
continued to experience weaker revenue performance in a number of
markets, primarily the result of softer national advertising -
itself the direct result of a generally weak overall economy. The
B.C. markets in particular were affected by weaker economic
conditions in Victoria, the Lower Mainland and a variety of
Vancouver Island and Northern Interior markets. National
advertising revenues were weaker in most markets, which appear to
be the result of ongoing cautiousness due to prevailing economic
conditions, as financial and government revenues have been
significantly lower.
Digital competition also affected print spending levels,
although this trend was greater in the larger urban markets than in
the smaller local markets. Local advertising revenues were lower in
both the existing markets where Glacier has operated, and some of
the Lower Mainland and Vancouver Island markets acquired from
Postmedia. However, the Company's community media assets in the
Prairies continued to experience reasonable stability as a result
of being in geographically isolated markets.
As a result of the softer conditions, management has undertaken
a detailed overview of all markets to ensure maximization of cost
control measures, with a focus on integrated initiatives to
maximize productivity and capacity.
Balanced against cost control initiatives, digital investments
are also being made to exploit revenue opportunities across
Glacier's markets, with a specific focus on content delivery and
advertising effectiveness. In this quarter, Glacier created a new
social commerce partnership, International Social Shopper Limited
Partnership ("Social Shopper"), to collaborate with Glacier's
community media properties to build out an e-commerce platform that
connects local businesses with their clients through local, social
and mobile tools. The partnership builds on the proximity Glacier's
community assets have to their respective retail communities.
While economic and market challenges have affected the community
media operations, management believes that these businesses remain
strong and will continue to generate solid cash flow given the
nature of the markets in which Glacier operates - particularly
within the more robust micro-economies of Western Canada. This cash
flow can be used to fund growth through both internal investment
and acquisition of digital business information and community media
assets, as well as debt repayments.
Glacier's small market community media operations offer a unique
selling proposition and competitive advantage through the local
information that they provide - of which they are a primary source
- and the primary advertising and marketing channels they offer.
The value of community content is provided to readers in print and
online, by tablet and smartphone platforms. As described above, a
number of new digital sales products and strategies have been
introduced, and new digital sales and product staff are being hired
and technology investments are being made to drive these growth
initiatives. Given that the demand for local community information
is expected to exist for the long term, Glacier expects to be able
to monetize the information and marketing value. As 85% of
Glacier's local newspaper distribution is free, this also provides
for a more durable reach of readership for advertisers over time
wherein total market coverage can always be provided. The
attributes of these community media operations are significantly
different and stronger than larger metropolitan paid daily
newspapers, which have been reflected in the financial performance
of Glacier's community media group. An important advantage is that
being local often means being integrally rooted in the fabric of a
community and Glacier's community media management and staff work
assiduously to remain tied to the rhythms of the markets they
serve.
Operational Performance
As stated, for the three months ended June 30, 2013, adjusted
consolidated EBITDA decreased $3.8 million or 22.0% to $13.4
million compared to $17.1 million in the prior year. The economic
environment and related softness resulted in a lower EBITDA margin
from the operations acquired in 2011 and the community media
operations in general.
Glacier's adjusted consolidated EBITDA margin decreased to 15.0%
for the three months ended June 30, 2013 from 18.7% for same period
last year as a result of softness in both community media and some
business information operations. Management will seek to improve
these margins and profit performance through improved print and
digital sales effectiveness, cost efficiency and other
initiatives.
In accordance with IFRS, Glacier's EBITDA was $11.0 million for
the three months ended June 30, 2013, a decrease of $3.0 million or
21.4% and its EBITDA margin decreased to 13.7% from 16.7% for the
same period in the prior year. As discussed above, the economic
environment and related softness resulted in a lower same-store
revenue and EBITDA in certain trade information businesses and in
the community media operations.
As stated, significant cost reduction and profitability
improvement measures are being implemented to offset softer
revenues.
These measures are being implemented consistent with
management's strategy of maintaining strong product and editorial
quality while reducing operating costs where possible through
initiatives that do not impact quality, sales capacity or market
and competitive positions. Management is being careful to maintain
appropriate levels of resources in staff and technology as well as
business development in order to facilitate long-term revenue
growth.
EBITDA was also impacted by increased operating infrastructure
investment made in digital media management, staff, information
technology and related resources, as well as other content and
quality related areas. Glacier's community media digital revenue
continues to grow as a result, as does Glacier's business digital
revenue. These investments were made consistent with Glacier's
complementary media platform and product strategy and business
information strategies.
The complementary media platform and product strategy address
both the risks that digital media represents to the traditional
print platform and the opportunities that digital media offers in
Glacier's local community and business information markets. The
strategy's premise is that customer utility and value should drive
platform utilization and product design and functionality. Online,
mobile, tablet and other information delivery devices will be fully
utilized, while print content and design quality will also be fully
maintained. While digital platforms offer many attractive new
opportunities, print platforms continue to offer effective utility
to both readers and advertisers. Maintaining strong print products
also maintains strong brand image and awareness, which increases
the likelihood of success online. Studies of time spent across
media platforms and reader satisfaction support the complementary
platform and product strategy. Management expects that customer
utility will vary over time and will be affected by what Glacier
and other media providers can creatively provide. Management
believes the complementary platform and product strategy will be
prudent for the foreseeable future, and will maximize revenue and
profit generation.
As indicated, the business information strategies are focused on
increasing the value provided to customers through richer content,
data and analytic value and heightening customer decision
dependence of Glacier's products and services. This dependence
moves Glacier's products and services further up the value ladder,
with the higher revenue, profitability and recurring cash flow that
this value proposition provides.
Acquisitions
Glacier continued its strategy of acquiring businesses that
provide high-value data and information by becoming a 49% partner
in a new venture, Weather INnovations Consulting Limited
Partnership ("WIN") - created as the result of merging WeatherFarm
(a former Canadian Wheat Board asset acquired by Glacier in late
2012) and Weather INnovations Inc. (an agricultural meteorology
business), of which Glacier acquired an interest during the
quarter. 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, and provide valuable information for a
variety of businesses and institutions involved with the
agriculture sector. As well, the partnership will provide
predictive modeling tools to manage disease and pest threats. The
new business will operate closely with Glacier's existing
agriculture portfolio of products and services.
Financial Position
On an adjusted basis to include the Company's share of its joint
ventures, the Company's consolidated debt net of cash outstanding
before deferred financing charges and other expenses was 2.9x
trailing 12 months EBITDA as at June 30, 2013.
The Company (excluding its joint ventures) repaid $4.4 million
of debt, of which $4.0 million was generated from the sale of
redundant real estate assets, during the three months ended June
30, 2013. Glacier's consolidated debt net of cash outstanding
before deferred financing charges was $118.1 million as at June 30,
2013.
Additional redundant asset sales are being undertaken to further
reduce debt levels. As stated, significant cost reduction and other
initiatives are also being undertaken to reduce leverage.
Glacier invested $7.6 million of capital expenditures (excluding
its joint ventures) during the period primarily relating to the
purchase of a new building ($6.2 million), new printing equipment,
new office space and software. The investment capital expenditures
are being made to generate direct revenue and cash flow
improvements and payback consistent with Glacier's targeted return
on investment, as well as quality improvements and other
benefits.
Change in Accounting Policy
As a result of a change in IFRS accounting policies effective
January 1, 2013, the Company is now required to account for its
joint venture operations under the equity method. Previously, the
Company's joint venture operations were accounted for using
proportionate consolidation. As a result of the change in
accounting, the Company no longer includes the revenues, expenses,
assets and liabilities of its share of these operations in the
Company's results. The Company now carries its interest as a net
investment on its balance sheet and includes the net results from
these operations in its statement of operations.
Despite this accounting change, management believes that
including its share of revenues and expenses in the Company's
results (consistent with its prior accounting treatment) provides
an important basis for assessing the overall operations of the
Company. The table below adjusts the Company's reported results
under IFRS to include the revenues and expenses of its joint
venture operations, consistent with its historical presentation.
Management bases its operating decisions and performance evaluation
on the adjusted results.
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thousands of Three months ended June 30, Three months ended June 30,
dollars except 2013 (4) 2012 (4)
share and per Adjust- Adjust-
share amounts Per IFRS ment (4) Adjusted Per IFRS ment (4) Adjusted
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Revenue $ 80,680 $ 8,390 $ 89,070 $ 83,797 $ 7,591 $ 91,388
EBITDA (1) $ 11,021 $ 2,345 $ 13,366 $ 14,029 $ 3,101 $ 17,130
EBITDA margin
(1) 13.7% 15.0% 16.7% 18.7%
EBITDA per
share (1) $ 0.12 $ 0.15 $ 0.16 $ 0.19
Net income
attributable
to common
shareholders $ 1,386 $ 876 $ 2,262 $ 6,914 $ (388) $ 6,526
Net income
attributable
to common
shareholders
per share $ 0.02 $ 0.03 $ 0.08 $ 0.07
Cash flow from
operations
(1)(2)(3) $ 10,021 $ 2,140 $ 12,161 $ 12,901 $ 2,458 $ 15,359
Cash flow from
operations per
share
(1)(2)(3) $ 0.11 $ 0.14 $ 0.14 $ 0.17
Debt net of
cash
outstanding
before
deferred
financing
charges $ 118,148 $ 7,468 $ 125,616 $ 136,173 $ 830 $ 137,003
Weighted
average shares
outstanding,
net 89,234,311 89,234,311 89,358,410 89,358,410
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(1) Refer to "Non-IFRS Measures" section for calculation of non-IFRS
measures used in this table.
(2) 2013 excludes $0.3 million of restructuring expense and $0.5 million
of transaction and transition costs.
(3) For non-recurring items excluded in the prior period, refer to
previously reported financial statements.
(4) Adjustment to include the Company's share of revenues, expenses and
cash flows from its joint venture operations consistent with the
Company's treatment on a historical basis and prior to implementing
the new accounting standards.
For the three months ended June 30, 2013, excluding its share of
revenues and expense from its joint ventures and in accordance with
IFRS, revenues decreased 3.7% to $80.7 million from $83.8 million
for the same period in the year prior. Cash flow from operations
(before changes in non-cash operating accounts and non-recurring
items) decreased 22.3% to $10.0 million, and earnings before
interest, taxes, depreciation and amortization (EBITDA) decreased
21.4% to $11.0 million compared to the same period in the year
prior. Net income attributable to common shareholders decreased by
$5.5 million to $1.4 million.
Outlook and Summary
While economic conditions have impacted some community media
operations and some business information verticals, and digital
competition has affected the community media revenues, management
expects that growth will continue in Glacier's business information
operations, as well as a variety of community media markets where
local market conditions are stronger.
While the print advertising business is maturing, it is
important to recognize that the softer economy is playing a
significant role in dampening revenues, and a strengthening of the
economy should result in improved revenues at the margin. In this
regard, management will continue to closely monitor economic
conditions in various markets and verticals to ensure appropriate
decisions are made that maintain long-term viability.
Management will focus in the short-term on paying down debt,
reducing costs and improving profitability, enhancing existing
operations, and improving value for shareholders. The profitability
enhancement and asset sale initiatives outlined are intended to
significantly improve Glacier's financial position as indicated and
place the Company in a better position with which to take advantage
of growth opportunities.
As indicated, significant focus will continue to be made to
enhance Glacier's business information verticals, through both
organic development and acquisition. Significant product and market
progress is being achieved with these efforts through a wide
variety of initiatives as described. Nearly 56% of Glacier's
profitability now comes from these operations, and this percentage
is expected to grow as continued development is achieved and
acquisitions are completed. These acquisitions will be targeted to
expand markets that Glacier covers; expand the breadth of
information products and marketing solutions; and expand Glacier's
digital media staff, technology and related resources.
Once leverage is reduced to moderate levels, management will
seek an ongoing balance of maintaining debt at moderate levels and
delivering growth through both operations and acquisitions.
Specifically, management will time investment in the acquisition
opportunities to allow cash flow from operations to be used to pay
down the increased borrowings incurred in the fourth quarter of
2011 and align financial position and risk with current economic
and industry conditions.
Shares in Glacier are traded on the Toronto Stock Exchange under
the symbol GVC.
About the Company: Glacier Media Inc. is an information
communications company focused on the provision of primary and
essential information and related services through print,
electronic and online media. Glacier is pursuing this strategy
through its core businesses: the local newspaper, trade information
and business and professional information markets.
Financial Measures
To supplement the consolidated financial statements presented in
accordance with International Financial Reporting Standards (IFRS),
Glacier uses certain non-IFRS measures that may be different from
the performance measures used by other companies. These non-IFRS
measures include cash flow from operations (before changes in
non-cash operating accounts and non-recurring items), net income
attributable to common shareholders before non-recurring items and
earnings before interest, taxes, depreciation and amortization
(EBITDA), which are not alternatives to IFRS financial measures.
Management focuses on operating cash flow per share as the primary
measure of operating profitability, free cash flow and value.
EBITDA per share is also an important measure as the Company has
low ongoing capital expenditures and depreciation and amortization
largely relates to acquisition goodwill and copyrights and does not
represent a corresponding sustaining capital expense. These
non-IFRS measures do not have any standardized meanings prescribed
by IFRS and accordingly they are unlikely to be comparable to
similar measures presented by other issuers.
Forward-Looking Statements
This news release contains forward-looking statements that
relate to, among other things, the Company's objectives, goals,
strategies, intentions, plans, beliefs, expectations and estimates.
These forward-looking statements include, among other things,
statements under the headings "Review of Operations", "Sales
Performance", "Operational Performance", "Acquisitions", "Financial
Position" and "Outlook and Summary" and statements relating to the
Company's expectations regarding revenues, expenses, cash flows and
future profitability, including its expectations that growth will
continue in Glacier's business segments, its expectations as to
acquisitions and organic revenue and profitability growth, that
cost savings will be realized, and that annual dividends are
expected to be declared, and that the Company expects to repurchase
shares. These forward looking statements are based on certain
assumptions, including continued economic growth and recovery and
the realization of cost savings, and are subject to risks,
uncertainties and other factors which may cause results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward -looking statements, and undue
reliance should not be placed on such statements.
Important factors that could cause actual results to differ
materially from these expectations are listed in the Company's
Annual Information Form under the heading "Risk Factors" and in the
Company's MD&A under the heading "Business Environment and
Risks", many of which are out of the Company's control. These
factors include, but are not limited to, the ability of the Company
to sell advertising and subscriptions related to its publications,
foreign exchange rate fluctuations, the seasonal and cyclical
nature of the agricultural industry, discontinuation of the
Department of Canadian Heritage's Canada Periodical Fund, general
market conditions in both Canada and the United States, changes in
the prices of purchased supplies including newsprint, the effects
of competition in the Company's markets, dependence on key
personnel, integration of newly acquired businesses, technological
changes, tax risk and financing and debt service risk.
The forward-looking statements made in this news release relate
only to events or information as of the date on which the
statements are made. Except as required by law, the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
Contacts: Glacier Media Inc. Mr. Orest Smysnuik Chief Financial
Officer 604-708-3264
Glacier Media (TSX:GVC)
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