The Canadian Radio-television and Telecommunications Commission has released its annual report on the finances of Canada's commercial radio industry. According to the report, total revenues increased from $1.55 billion in 2010 to $1.6 billion in 2011, while expenses increased from $1.21 billion to $1.26 billion, resulting in an increase in profits from $298.3 million to $311 million. The number of FM stations in the country rose by 13 to 535. These stations brought in $1.3 billion in revenues, up from $1.24 billion in 2010. The number of AM stations declined from 141 to 134, but total revenues increased from $307 million to $311 million. Commercial radio stations employed 10,576 people in 2011 and paid $676.3 million in salaries, compared to 10,104 employees and $640.7 million in salaries in 2010.