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DIRTT Reports First Quarter 2014 Results

CALGARY, ALBERTA -- (Marketwired) -- 05/12/14 -- DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") (TSX: DRT), a leading technology-enabled designer, manufacturer and installer of fully customized, prefabricated interiors, today announced its financial results for the three months ended March 31, 2014.

The following financial information should be read in conjunction with the Company's condensed consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2014, which will be available at www.sedar.com and http://ir.dirtt.net/financial-reports/.

This news release contains references to Canadian dollars and United States ("US") dollars. Canadian dollars are referred to as "$" and US dollars are referred to as "US$".

Selected Highlights

Highlights for the first quarter of 2014 include:


--  Revenue increasing by $10.1 million to $40.5 million or 33.3% over Q1
    2013;
--  Improvement in adjusted gross profit percentage (see "Non-IFRS
    Measures") by 9.8% from 33.7% to 43.5% over Q1 2013;
--  The signing of five significant projects totalling more than $12.0
    million, which are expected to be substantially completed in 2014;
--  Introduction of several new innovative solutions, including the Enzo™
    Approach that enables increased flexibility, enhances aesthetic appeal,
    and is fully compatible with DIRTT's existing solutions. The Enzo
    Approach and other innovations provide the opportunity to increase
    market penetration in all verticals, and are particularly compelling in
    healthcare and residential; and
--  Adoption of an Employee Share Purchase Plan ("ESPP") to be launched in
    the second quarter of 2014.

"Our first quarter results show both improvement over a weaker quarter a year ago and the leverage in our business as growing revenue translates into even greater improvements in margins," said Scott Jenkins, President of DIRTT. "We generated these excellent results, in part, by delivering strong sales performance through the historically slower holiday season, further penetrating markets outside of North America, and by recognizing approximately one-third of the revenue from the $12 million in contracts we announced at the beginning of the quarter."

Summary Financial Results


----------------------------------------------------------------------------
                                                         Three months ended
----------------------------------------------------------------------------
                                            March 31, 2014   March 31, 2013
----------------------------------------------------------------------------
($ thousands, except per share amounts)                  $                $
----------------------------------------------------------------------------
Revenue                                             40,515           30,391
----------------------------------------------------------------------------
Gross profit                                        17,090            9,641
----------------------------------------------------------------------------
Gross profit %                                        42.2%            31.7%
----------------------------------------------------------------------------
Adjusted gross profit % (1)                           43.5%            33.7%
----------------------------------------------------------------------------
Selling, general and administrative                 16,092           12,566
----------------------------------------------------------------------------
Operating income (loss)                                998           (2,925)
----------------------------------------------------------------------------
Finance costs                                          616            1,316
----------------------------------------------------------------------------
Adjusted EBITDA (1)                                  3,715             (404)
----------------------------------------------------------------------------
Income tax expense                                     294                -
----------------------------------------------------------------------------
Net loss                                               (70)          (4,579)
----------------------------------------------------------------------------
Net loss per basic and diluted share:                (0.00)           (0.13)
----------------------------------------------------------------------------
Note:
(1) See "Non-IFRS Measures".

Revenue

Revenue increased by $10.1 million or 33.3% in the three months ended March 31, 2014 compared with the same period in 2013. The increase was mainly due to a general improvement in business levels in the period, resulting from a higher than normal number of project orders received late in the fourth quarter of 2013, during the traditionally slower holiday season, which drove strong revenue early in the first quarter of 2014.

The Company experienced strong momentum in many markets, including a growing presence in the Middle East. One of DIRTT's US Distribution Partners ("DP"), whose primary market is Saudi Arabia, brought in $4.3 million (March 31, 2013 - $0.5 million) of revenue for DIRTT for healthcare-related projects.

As a significant amount of DIRTT's revenue is generated by the US market, the Company also benefitted from the strengthening of the US dollar during the current quarter.

Included in the total revenue reported for the three months ended March 31, 2014, was approximately one-third of the previously announced $12.0 million of significant projects for leading players in the energy, insurance and healthcare sectors that are scheduled to deliver through 2014 and into 2015.

Adjusted Gross Profit

Adjusted gross profit as a percentage of revenue increased by 9.8% from 33.7% to 43.5% in the three months ended March 31, 2014 compared with the same period in 2013. The increase was due to greater efficiencies driven by higher overall volumes in the Company's production facilities, as well as by the fact that monthly revenue levels were relatively steady during the quarter. Higher production volumes enable better absorption of fixed costs included in cost of goods sold, including facilities costs and indirect labour costs. Consistent manufacturing throughput throughout the quarter also contributes to stronger gross profit, as this allows for more efficient operations over the period versus significant fluctuations in monthly manufacturing volumes. The strengthening of the US dollar also contributed to stronger adjusted gross profit in the quarter as the positive impact on US dollar revenue exceeded the negative impact on US dollar-based production costs.

Selling, General and Administrative ("SG&A") Expenses

SG&A expenses increased by $3.5 million or 28.1% in the three months ended March 31, 2014 compared with the same period in 2013. The most significant change can be attributed directly to sales-related efforts as salaries and benefits and commission expense for internal sales representatives and industry specific experts increased by $1.3 million and $0.7 million, respectively. These costs reflect personnel additions focused on generating and supporting higher business volumes, and are consistent with the use of proceeds as outlined in DIRTT's prospectus filed in respect of its initial public offering (the "IPO"). Included in the $1.3 million increase in salaries and benefits is $0.3 million in accrued bonuses for senior management in accordance with the Board-approved 2014 bonus pool. Higher commission costs are in line with the higher revenue volumes in the current quarter. Other increases in SG&A in the current quarter included travel and marketing expenses of $0.5 million, depreciation expense of $0.4 million, professional services fees of $0.2 million, public company reporting fees of $0.1 million, insurance expense of $0.1 million and $0.2 million in other miscellaneous items. The increase in professional service fees and insurance expense relates to DIRTT being a public company. The strengthening of the US dollar contributed to the overall increase in SG&A across the organization in the current quarter.

Adjusted EBITDA

Adjusted EBITDA increased by $4.1 million in the three months ended March 31, 2014 compared with the same period in 2013. The increase was mainly due to the $10.1 million improvement in revenue, and the resulting improved adjusted gross profit percentage which grew from 33.7% to 43.5%. These amounts were partially offset by increased SG&A of $3.5 million for the reasons discussed above.

Finance Costs

Finance costs decreased by $0.7 million in the three months ended March 31, 2014 compared with the same period in 2013. Finance costs for the three months ended March 31, 2014 were comprised of $0.3 million non-cash and $0.3 million cash compared to $0.9 million and $0.4 million, respectively, for the same period in 2013. In November 2013, upon completion of the IPO, the Class A preferred shares of DIRTT and the convertible notes of DIRTT issued in June 2012 were converted into common shares of DIRTT and as a result there were no accretion or accrued interest amounts reported during the first quarter of 2014 related to those items. Upon completion of the IPO, the Company also repaid US$10.0 million of the original principal US$20.0 million of convertible notes of DIRTT issued in December 2012 ("December 2012 Notes"). Under the terms of the note purchase agreement on the remaining US$10.0 million principal portion of the December 2012 Notes, the interest rate increased from 8% to 14% (12% cash and 2% non-cash) effective March 7, 2014.

Outlook

Construction is a major global industry and consists of building new structures, making additions and modifications to existing structures, as well as conducting maintenance, repair and leasehold improvements on existing structures. The total US construction market was US$900 billion in 2013, of which US$562 billion was attributable to non-residential building (Source: US Census Bureau). This includes both new building and renovation projects. Total US non-residential construction spending is forecasted to grow to US$714 billion in 2017 (Source: FMI US Markets Construction Overview 2014). DIRTT believes conventional construction activities are fraught with challenges including cost overruns, quality issues and time delays and increasingly organizations are looking for a better way to build out their interior spaces, whether for new buildings or renovations. DIRTT's increasing roster of repeat clients is a strong testament to the benefits of technology-enabled prefabricated solutions.

The Company's growth strategy consists of five key areas: (1) increase penetration of existing markets by providing continued support and increased investment to existing DPs throughout North America; (2) continue to invest in its proprietary ICE® 3D design, configuration and manufacturing software ("ICE" or "ICE Software")and new innovative interior construction solutions; (3) capitalize on recent and continued investment in new industry verticals such as healthcare; (4) capitalize on recent and continued investment alongside new international DPs such as the Middle East; and (5) penetrate new industries such as the hospitality and residential sectors.

DIRTT believes its solutions are a superior alternative to conventional construction in all sectors of the construction industry, and that a continued increase in construction activity can be expected to result in an ongoing improvement in revenue. DIRTT plans to invest additional resources, including the further development of ICE and the development of new DIRTT solutions and test projects, in order to pursue further opportunities in healthcare, education and government, and new opportunities in the hospitality and residential sectors of the construction industry. The Company's product development team has been, and will continue to be, expanded to address industry specific challenges and opportunities.

In the first quarter of 2014, adverse weather conditions affected businesses across much of North America. On a month-by-month basis, revenue was stronger earlier in the quarter, tailing off toward quarter end. The Company expects there could be significant variability in monthly revenue in the second quarter of 2014 as the impact of the adverse weather conditions experienced in the first quarter fully play out. The Company believes regular business activities on the part of clients, including placing orders, were impacted or delayed, potentially significantly. Prospects for growth in Canada and the US remain positive and management believes each country has the potential to recover fairly promptly.

Liquidity and Capital Resources

At March 31, 2014, the Company had $30.3 million in cash and cash equivalents compared with $34.4 million at December 31, 2013.

Management believes current cash on hand, available credit facilities, and cash flow from operations will be sufficient to meet working capital requirements as well as financial obligations. In addition, DIRTT generally requires a 50% deposit on all orders which also provides additional up-front working capital. Exceptions are US government orders or special contractual situations.

As at March 31, 2014, DIRTT has a US$18.0 million revolving operating facility. DIRTT currently has sufficient productive capacity to satisfy near-term growth.

Looking forward through 2014, management expects to make continued investments in product and software development to further expand the Company's solutions, such as the Enzo Approach, as well as in certain manufacturing equipment to support this development. Management also expects to further invest in its existing display areas, called Green Learning Centers ("GLCs"), to ensure that each location is showcasing the latest DIRTT solutions. DIRTT is investing in a new GLC in Toronto, Ontario, to better serve and support the significant market in Central Canada. The Company is also completing the first phase of leasehold improvements to its manufacturing facility in Savannah, Georgia to improve its functionality in the sales and marketing process.

Non-IFRS Measures

Adjusted gross profit, adjusted gross profit %, EBITDA, and Adjusted EBITDA are non-IFRS measures used by management to assess performance and financial condition. Consequently, they do not have a standard meaning as prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented and calculated by other companies. DIRTT believes that the non-IFRS measures are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by DIRTT's business. The non-IFRS measures should not be considered as the sole measure of DIRTT's performance and should not be considered in isolation from, or as a substitute for, analysis of the financial statements. Please refer to the Company's management's discussion and analysis for three months ended March 31, 2014 for a definition and reconciliation of the non-IFRS measures used herein.

Conference Call Details

DIRTT will host a conference call and webcast on Monday, May 12, 2014 at 7 a.m. MT (9 a.m. ET) to discuss its first quarter results in greater detail. President Scott Jenkins and CFO Derek Payne will participate.

To access the conference call by telephone dial 647.427.7450 (Toronto and international callers) or 1.888.231.8191 (toll-free in North America). Please call 10 minutes prior to the start of the call. In addition, a live webcast (listen only mode) of the conference call will be available at: http://www.newswire.ca/en/webcast/detail/1341257/1482767

Investors are invited to submit questions by email before and during the conference call. Please send them to [email protected].

A replay of the conference call will be available at 416.849.0833 or 1.855.859.2056, passcode 32955252, from noon (ET) Monday, May 12, 2104 to midnight (ET) Monday, May 19, 2014 or through the webcast archives at http://www.newswire.ca or on DIRTT's website at http://ir.dirtt.net/.

Financial Statements


DIRTT Environmental Solutions Ltd.
Consolidated Statements of Loss and Comprehensive Income (Loss)
(Stated in thousands of Canadian dollars, except per share amounts)
----------------------------------------------------------------------------
                                                 For the three months ended
----------------------------------------------------------------------------
                                            March 31, 2014   March 31, 2013
----------------------------------------------------------------------------
                                                         $                $
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Revenue                                             40,515           30,391
----------------------------------------------------------------------------
Cost of goods sold                                  23,425           20,750
----------------------------------------------------------------------------
Gross profit                                        17,090            9,641
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Selling, general and administrative                 16,092           12,566
----------------------------------------------------------------------------
Operating income (loss)                                998           (2,925)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Foreign exchange loss                                  228              342
----------------------------------------------------------------------------
Interest income                                        (70)              (4)
----------------------------------------------------------------------------
Finance costs                                          616            1,316
----------------------------------------------------------------------------
Income (loss) before tax                               224           (4,579)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Current tax expense                                    312                -
----------------------------------------------------------------------------
Deferred tax recovery                                  (18)               -
----------------------------------------------------------------------------
                                                       294                -
----------------------------------------------------------------------------
Net loss for the period                                (70)          (4,579)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Other comprehensive income (loss)
----------------------------------------------------------------------------
Items that will not be reclassified to
 profit or loss:
----------------------------------------------------------------------------
Exchange differences on translation of
 foreign operations, net of tax of $nil
 (2013 - $nil)                                       1,030              497
----------------------------------------------------------------------------
Total comprehensive income (loss) for the
 period                                                960           (4,082)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Loss per share
----------------------------------------------------------------------------
Basic and diluted                                  $ (0.00)         $ (0.13)
----------------------------------------------------------------------------

DIRTT Environmental Solutions Ltd.
Consolidated Statements of Financial Position
(Stated in thousands of Canadian dollars)
----------------------------------------------------------------------------
                                                               December 31,
As at                                       March 31, 2014             2013
----------------------------------------------------------------------------
                                                         $                $
----------------------------------------------------------------------------
ASSETS
----------------------------------------------------------------------------
Current Assets
----------------------------------------------------------------------------
Cash and cash equivalents                           30,322           34,373
----------------------------------------------------------------------------
Trade and other receivables                         17,789           17,166
----------------------------------------------------------------------------
Inventory                                            9,373           11,376
----------------------------------------------------------------------------
Prepaids and other current assets                    1,986            1,058
----------------------------------------------------------------------------
                                                    59,470           63,973
----------------------------------------------------------------------------
Non-current Assets
----------------------------------------------------------------------------
Long-term deposits                                     570              522
----------------------------------------------------------------------------
Property, plant and equipment                       29,966           29,986
----------------------------------------------------------------------------
Intangible assets                                   10,691           10,112
----------------------------------------------------------------------------
Notes receivable                                       481              486
----------------------------------------------------------------------------
Deferred tax assets                                  2,106            1,967
----------------------------------------------------------------------------
Goodwill                                             1,845            1,845
----------------------------------------------------------------------------
                                                    45,659           44,918
----------------------------------------------------------------------------
Total Assets                                       105,129          108,891
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
----------------------------------------------------------------------------
Current Liabilities
----------------------------------------------------------------------------
Trade accounts payable and accrued
 liabilities                                        11,593           12,550
----------------------------------------------------------------------------
Customer deposits                                    3,978            8,370
----------------------------------------------------------------------------
Current portion of long-term debt                    2,449            2,419
----------------------------------------------------------------------------
Provisions                                             531              469
----------------------------------------------------------------------------
Current tax liabilities                                475              314
----------------------------------------------------------------------------
                                                    19,026           24,122
----------------------------------------------------------------------------
Non-current Liabilities
----------------------------------------------------------------------------
Deferred tax liabilities                               651              592
----------------------------------------------------------------------------
Long-term debt                                       5,183            5,673
----------------------------------------------------------------------------
Convertible notes                                   10,565            9,904
----------------------------------------------------------------------------
                                                    16,399           16,169
----------------------------------------------------------------------------
Shareholders' Equity
----------------------------------------------------------------------------
Common share capital                               123,292          123,127
----------------------------------------------------------------------------
Warrants                                             1,101            1,101
----------------------------------------------------------------------------
Equity component of convertible notes                   57               57
----------------------------------------------------------------------------
Contributed surplus                                  6,171            6,192
----------------------------------------------------------------------------
Accumulated other comprehensive income               2,323            1,293
----------------------------------------------------------------------------
Accumulated deficit                                (63,240)         (63,170)
----------------------------------------------------------------------------
                                                    69,704           68,600
----------------------------------------------------------------------------
Total Liabilities and Shareholders' Equity         105,129          108,891
----------------------------------------------------------------------------

DIRTT Environmental Solutions Ltd.
Consolidated Statements of Cash Flows
(Stated in thousands of Canadian dollars)


----------------------------------------------------------------------------
                                                 For the three months ended
----------------------------------------------------------------------------
                                            March 31, 2014   March 31, 2013
----------------------------------------------------------------------------
                                                         $                $
----------------------------------------------------------------------------
Cash flows from operating activities:
----------------------------------------------------------------------------
Net loss for the period                                (70)          (4,579)
----------------------------------------------------------------------------
Items not affecting cash:
----------------------------------------------------------------------------
Depreciation included in cost of goods
 sold                                                  533              599
----------------------------------------------------------------------------
Depreciation and amortization included in
 selling, general and administrative                 1,952            1,578
----------------------------------------------------------------------------
Stock-based compensation                                47              142
----------------------------------------------------------------------------
Income tax provision                                   294                -
----------------------------------------------------------------------------
Finance cost                                           616            1,316
----------------------------------------------------------------------------
Non-cash foreign exchange loss on debt
 revaluation                                           413              544
----------------------------------------------------------------------------
Non-cash foreign exchange loss                         433              158
----------------------------------------------------------------------------
Net change in non-cash working capital
 relating to operating activities                   (4,892)            (715)
----------------------------------------------------------------------------
Cash taxes paid                                       (157)               -
----------------------------------------------------------------------------
Net cash flows used in operating
 activities                                           (831)            (957)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Cash flows from investing activities:
----------------------------------------------------------------------------
Purchase of property, plant and equipment           (1,047)            (714)
----------------------------------------------------------------------------
Capital expenditures on internally
 generated intangible assets                        (1,335)          (1,140)
----------------------------------------------------------------------------
Receipt of proceeds from notes receivable                5                -
----------------------------------------------------------------------------
Net cash flows used in investing
 activities                                         (2,377)          (1,854)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Cash flows from financing activities:
----------------------------------------------------------------------------
Issuance of share capital on exercise of
 stock options                                          97                -
----------------------------------------------------------------------------
Interest paid on convertible notes                    (252)            (408)
----------------------------------------------------------------------------
Repayment of long-term debt                           (611)            (582)
----------------------------------------------------------------------------
Interest paid on long-term debt                        (77)             (31)
----------------------------------------------------------------------------
Net cash flows used in financing
 activities                                           (843)          (1,021)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net decrease in cash and cash equivalents           (4,051)          (3,832)
----------------------------------------------------------------------------
Cash and cash equivalents and restricted
 cash, beginning of period                          34,373            8,826
----------------------------------------------------------------------------
Cash and cash equivalents, end of period            30,322            4,994
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Cash and cash equivalents consists of:
----------------------------------------------------------------------------
Cash                                                 2,319            4,994
----------------------------------------------------------------------------
Temporary investments                               28,003                -
----------------------------------------------------------------------------
                                                    30,322            4,994
----------------------------------------------------------------------------

About DIRTT

DIRTT Environmental Solutions (Doing It Right This Time) uses its proprietary 3D software to design, manufacture and install fully customized prefab interiors. DIRTT's customers in the corporate, government, education and healthcare sectors benefit from the Company's precise design and costing; rapid lead times with the highest levels of customization and flexibility; and faster, cleaner construction.

To find out more about DIRTT (TSX: DRT) please visit our website www.dirtt.net or contact us at [email protected].

Forward-Looking Information

Certain information and statements contained in this news release constitute "forward-looking information" and "forward-looking statements" (collectively, "Forward-Looking Information") as defined under applicable Canadian securities laws and the Company hereby cautions investors about important factors that could cause the Company's actual results or outcomes to differ materially from those projected in any Forward-Looking Information contained in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "believes", "estimated", "intends", "plans", "projection" and "outlook"), are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Information.

In particular and without limitation, this news release contains Forward-Looking Information pertaining to the following: comments with respect to the Company's revenue, objectives and priorities for 2014 and beyond; project timetables; its growth strategies and opportunities; its ability to meet working capital requirements and financial obligations; the launch of the ESPP; use of proceeds from the IPO; and its outlook for its operations and the Canadian, US and international economies, and in particular, the US construction industry.

With respect to Forward-Looking Information contained in this news release, assumptions have been made regarding the Company, among other things:


--  its ability to manage our growth;
--  competition in our industry;
--  its ability to enhance current products and develop and introduce new
    products;
--  its ability to obtain components and products from suppliers on a timely
    basis and on favourable terms;
--  its ability to obtain qualified staff and equipment in a timely and
    cost-efficient manner;
--  the regulatory framework governing taxes in Canada and the US and any
    other jurisdictions in which the Company may conduct its business in the
    future;
--  future development plans for its assets unfolding as currently
    envisioned;
--  future capital expenditures to be made by the Company;
--  future sources of funding for its capital program;
--  the impact of increasing competition on the Company; and
--  its success in identifying risks to its business and managing the risks
    mentioned below.

The Company's actual results or outcomes could differ materially from those expressed in the Forward-Looking Information as a result of the risks normally encountered in its industry such as:


--  maintaining and managing growth;
--  history of losses;
--  risks related to global financial crisis;
--  risks related to new technology;
--  competition risks;
--  operating results and financial condition fluctuations on a quarterly
    and annual basis;
--  risks related to intellectual property;
--  risks related to additional capital requirements;
--  customer base and market acceptance;
--  software and product defects and design risks;
--  availability of key supplies;
--  dependence on key personnel and consultants;
--  commodity price risk;
--  risks related to restricted covenants;
--  credit risk;
--  the effect of government regulation;
--  risks related to international expansion;
--  risks related to physical facilities;
--  legal risks;
--  foreign currency and fiscal matters;
--  risks related to future acquisitions;
--  risks related to Forward-Looking Information;
--  reliance on third parties; and
--  conflicts of interest.

Since actual results or outcomes could differ materially from those expressed in the Forward-Looking Information provided by or on behalf of the Company, investors and others should not place undue reliance on any such Forward- Looking Information.

DIRTT cautions that the foregoing lists of factors are not exhaustive. Further, Forward-Looking Information is made as of the date hereof, and the Company undertakes no obligation to update Forward-Looking Information to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable Canadian securities laws. New factors emerge from time to time, and it is not possible for DIRTT's management to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in Forward-Looking Information. No assurance can be given that these expectations will prove to be correct and such Forward-Looking Information contained in this news release should not be unduly relied upon. In addition, this news release may contain Forward-Looking Information attributed to third party industry sources.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's annual financial statements, management's discussion and analysis and annual information form for the 12 months ended December 31, 2013, all of which are available at www.sedar.com.

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