GVIC Reports First Quarter Results

The Company's results for the first quarter of 2011 are presented in accordance with International Financial Reporting Standards ("IFRS") for the first time, and comparative information for 2010 has been restated accordingly. Full details of the adjustments resulting from the Company's conversion to IFRS, including reconciliations to amounts previously recorded for 2010 comparative periods under previous Canadian generally accepted accounting principles, are presented in the Company's condensed interim consolidated financial statements for the first quarter of 2011.

Highlights

Consolidated revenue increased 6.2% to $61.0 million for the three months ended March 31, 2011 from $57.5 million for the same period in the year prior; GVIC's consolidated cash flow from operations (before changes in non-cash operating accounts and excluding restructuring expenses) for the three months ended March 31, 2011 increased 16.0% to $9.3 million from $8.1 million for the same period in the year prior; GVIC's consolidated cash flow from operations (before changes in non-cash operating accounts and excluding restructuring expenses) per share increased 16.0% to $0.031 per share for the first quarter of 2011 from $0.027 per share for the same period in the prior year; and EBITDA for the first quarter of 2011 increased 6.1% to $10.8 million from $10.2 million for the first quarter of 2010.

Review of Operations

Revenue grew 6.2% during the first quarter of 2011 compared to the same period last year as a result of both organic growth and several acquisitions and investments. Same-store revenue grew 3.3% for the quarter compared to last year. This was accomplished despite $0.9 million of non-recurring revenue generated in the first quarter of 2010 from the sale of the Official Vancouver 2010 Olympic Souvenir Program and Hockey Guide. Adjusted for the non-recurring revenue, same-store revenue growth was 4.8% in the first quarter of 2011 compared to the year prior.

The growth in revenue occurred across the breadth of GVIC's operations. Growth came from both print and digital media sources, and is directly attributable to GVIC's operational, business segment and complementary media platform strategies. New revenues were generated in a wide variety of areas including online, mobile, tablet, electronic product and lead generation developments, special publishing initiatives, special features, supplements, new community magazines, production and promotion of community events, custom publishing, sponsored industry specific research studies, educational offerings, conferences and tradeshows, new directories, and a number of other initiatives. Efforts continue to be successful in leveraging and monetizing content across GVIC's channels and platforms.

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