INTERIM REPORT
For the six months ended June 30, 2010

President’s Message

For the three months ending June 30, 2010, Glacier Media Inc.’s (“Glacier” or the “Company”) revenue  increased  5.7%  to  $67.2 million  from  $63.5 million  for  the  year  prior.    Cash  flow  from  operations  (before changes  in non-cash operating accounts and non-recurring  items)  improved 25.2%  to $12.8  million and earnings before interest, taxes and amortization (EBITA) increased 15.6% to $14.2 million  compared to the year prior.  Net income (before non-recurring items) increased 4.7% to $9.5 million.   

INTERIM REPORT
Three months ended March 31, 2010 

President’s Message

For  the  three  months  ending  March  31,  2010,  Glacier  Media  Inc.’s  (“Glacier”  or  the  “Company”)  revenue  increased  4.9%  to  $57.5  million  from  $54.8  million  for  the  year  prior.    Cash  flow  from  operations (before changes in non-cash operating accounts and non-recurring items) improved 54.4%  to $8.7 million and earnings before interest, taxes and amortization (EBITA) increased 50.6% to $10.1  million compared to the year prior.  Net income (before non-recurring items) increased 59.1% to $5.4  million.

ANNUAL REPORT
December 31, 2009

President’s Message

2009  was  a  challenging  year  for  Glacier  as  revenue  and  EBITA  were  negatively  impacted  by  the  recession.

For the twelve months ending December 31, 2009, Glacier’s revenue declined 8.0% to $229.1 million  from  $249.1  million  for  the  year  prior.    Cash  flow  from  operations  (before  changes  in  non-cash  operating  accounts  and  non-recurring  items)  declined  32.0%  to  $30.5 million  and  earnings  before  interest, taxes and amortization (EBITA) declined 30.9% to $35.8 million compared to the year prior.   Net income (before non-recurring items) declined 36.6% to $22.2 million.

INTERIM REPORT
For the nine months ended September 30, 2009

Report to Shareholders

GLACIER MEDIA  INC.  (“Glacier”  or  the  “Company”)  reported  consolidated  cash  flow  from  operations  (excluding $0.4 million of restructuring expenses) of $4.8 million for the three months ended September  30, 2009, as compared to $8.0 million for the same period last year.  Revenue for the period was $50.8 million compared  to $59.9 million  for the same period  last year, EBITA was $5.7 million compared to  $10.1 million last year, and net income was $4.2 million compared to $4.0 million last year.  For the three months ended September 30, 2009, cash flow from operations per share decreased 40.3%  to $0.05 (excluding restructuring expenses) from $0.09 for the same period last year, EBITA per share  decreased 43.8%  to $0.06 from $0.11 for  the  same  period  last  year and  net  income per  share was  $0.05 compared to $0.04 for the same period last year.

Report to Shareholders

GLACIER MEDIA INC. (“Glacier” or the “Company”) reported consolidated cash flow from operations (excluding restructuring expenses) of $5.6 million for the three months ended March 31, 2009, ascompared to $11.3 million for the same period last year. Revenue for the period was $54.8 millioncompared to $58.8 million for the same period last year, EBITA was $6.7 million compared to $13.1 million last year, and net income was $2.4 million compared to $8.0 million last year.

Report to Shareholders

GLACIER MEDIA  INC.  (“Glacier”  or  the  “Company”)  reported  consolidated  cash  flow  from  operations  (excluding $0.4 million of restructuring expenses) of $10.3 million for the three months ended June 30,  2009, as compared to $16.4 million  for the same period  last year.   Revenue for the period was $63.5 million compared to $68.9 million for the same period  last year, EBITA was $12.3 million compared to  $18.5 million last year, and net income was $8.7 million compared to $13.1 million last year.  For the three months ended  June 30, 2009, cash  flow  from operations per share decreased 37.0% to  $0.11 (excluding  restructuring expenses)  from $0.18 for  the same period  last year, EBITA per  share  decreased 33.1%  to $0.13 from $0.20 for  the  same  period  last  year and  net  income per  share was  $0.09 compared to $0.14 for the same period last year.

President’s Message

Glacier continued to focus on strengthening operations during 2008 through a variety of measures  that resulted in improved revenue performance and increased cost efficiency.   

For the twelve months ending December 31, 2008, Glacier’s revenue grew 15.1% to $249.1 million  from $216.4 million for the year prior.  Cash flow from operations (before changes in non-cash  operating accounts and non-recurring item) grew 15.1% to $44.4 million and earnings before interest,  taxes and amortization (EBITA) grew 8.6% to $51.4 million compared to the year prior.  The growth in  cash flow was higher than the growth in EBITA due to the reduction in interest expense that was  achieved through reduced leverage levels.  

Annual Report 2008 - for the period ended December 31, 2008

Report to the Shareholders

GLACIER MEDIA INC. (“Glacier” or the “Company”) reported consolidated cash flow from operations of $8.0 million for the three months ended September 30, 2008, as compared to $7.1 million for the same period last year. Revenue for the period was $59.9 million compared to $49.6 million for the same period last year, EBITA was $10.1 million compared to $9.5 million last year, and net income was $4.0 million compared to $3.8 million last year.

Q3 2008 Report - for the period ended September 30, 2008

Report to Shareholders

GLACIER MEDIA INC. (“Glacier” or the “Company”) reported consolidated cash flow from operations of $16.4 million for the three months ended June 30, 2008, as compared to $11.1 million for the same period last year. Revenue for the period was $68.9 million compared to $56.3 million for the same period last year, EBITA was $18.5 million compared to $13.6 million last year, and net income was $13.1 million compared to $10.4 million last year.

Q2 2008 Report - for the period ended June 30, 2008

Report to Shareholders

GLACIER VENTURES INTERNATIONAL CORP. (“Glacier” or the “Company”) reported consolidated
cash flow from operations of $11.3 million for the three months ended March 31, 2008, as compared to $9.3 million for the same period last year. Revenue for the period was $58.8 million compared to $53.5 million for the same period last year, EBITA was $13.1 million compared to $11.8 million last year, and net income was $8.0 million compared to $4.4 million last year.

Q1 2008 Report - for the period ended March 31, 2008