Glacier’s overall results for the year ended December 31, 2016 were encouraging in light of the many challenges faced in the year. Adjusted consolidated EBITDA increased to $32.2 million for the year ended December 31, 2016 compared to $32.1 million in the prior year. Increases in EBITDA were achieved despite significantly reduced revenue and weaker energy and commodity markets in Western Canada, which had an overall effect on Glacier’s results.
EBITDA growth occurred across a variety of the Company’s business information divisions. Additionally, the Company’s community media operations generated EBITDA increases as a result of the successful restructuring of newspaper and printing operations and growth in digital revenue and profitability.
Adjusted consolidated revenue was $236.1 million for the year ended December 31, 2016 compared to $260.0 million in the prior year. Revenue continues to be impacted by the maturing community media industry, along with the weak energy and commodity markets.
A number of the business information divisions had increased revenue compared to prior year including environmental and property information, agricultural information and financial information. Approximately $7.7 million of the revenue decline was due to the closure of the Printwest printing plant and consolidation. Digital community media revenues have performed well in comparison to traditional community media revenues.