Glacier’s results for the first quarter were soft. Adjusted consolidated EBITDA, including the Company’s share of its joint venture interests, decreased to $7.3 million for the period ended March 31, 2017 compared to $8.2 million for the same period in the prior year. Adjusted consolidated revenue was $55.4 million for the quarter compared to $58.5 million for the same period in the prior year.
The Company’s commodity information operations continued to face adverse conditions in the quarter mainly due to the depressed energy, metals and agricultural prices; and the challenged Prairies’ economy weighed on the community media operations. While certain community media operations outside of the Prairies experienced EBITDA growth, overall the remaining operations had a difficult quarter.
The environmental, property and financial information operations experienced another strong quarter with solid revenue growth in all operations. Even though the Company continues to invest in these businesses, adjusted EBITDA for these operations experienced strong growth.
Near-term uncertainty and market risk continues, especially given the ongoing impact of weak energy and commodity market conditions on the Western Canadian economy. Despite this, the Company remains confident in the longer term outlook for the energy and mining sectors and 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 strong growth in a number of the Company’s businesses that are creating real shareholder value.