Glacier’s overall results continued to be soft in the second quarter. While a number of the Company’s divisions performed very well in the quarter, other divisions continue to be challenged, including community media and those with exposure to the impact of low commodity prices. Adjusted(1) consolidated EBITDA, including the Company’s share of its joint venture interests, decreased to $6.3 million for the quarter ended June 30, 2017 compared to $7.4 million for the same period in the prior year. Adjusted consolidated revenue was $58.2 million for the quarter compared to $60.6 million for the same quarter in the prior year.
The Company’s commodity information operations continued to face adverse conditions in the quarter mainly due to the depressed energy and agricultural prices. Adjusted revenues declined by $1.9 million or 13.1% to $13.0 million while adjusted EBITDA declined to $0.1 million from $1.4 million in the same quarter last year. In particular, the energy group’s oilfields services directory was off $1.0 million in advertising revenue. The directory is published once a year and its revenue is recorded in the second quarter.
The environmental, property and financial information operations experienced another very strong quarter. Adjusted revenues grew by 25.3% to $7.6 million while adjusted EBITDA grew by 46.3% to $2.5 million.
Economic challenges in Northern BC and throughout the Prairies continue to weigh on the results of the community media operations. While certain community media operations within BC performed well, overall the remaining operations continue to be challenged. Adjusted revenues for the community media operations declined by 5.0% to $37.6 million while adjusted EBITDA declined by 11.0% to $5.6 million.
Near-term uncertainty and market risk continues to affect the Company, given the ongoing impact of weak energy and commodity market conditions on the Western Canadian economy. The Company’s agriculture, energy and community media operations are continuing to be negatively impacted by these market conditions. In light of these conditions, the Company will continue to evaluate cost reduction initiatives while continuing to invest in and evolve key products and revenue generating initiatives. The Company remains confident in the longer term outlook for the energy and agriculture sectors while a rebound in the mining industry appears to be underway.
Given the varied outlook, management plans to continue the progress of the last few years in strengthening the Company’s financial position by further reducing debt. A strengthened balance sheet will mitigate risk while allowing the ongoing and planned operational and capital investments. These investments are necessary to continue the evolution of the Company’s products, services and operations, and the strong growth being realized in a number of the Company’s businesses that are creating real shareholder value.