Welcome!

News Feed Item

Increased results for Mediagrif for its first quarter of fiscal 2015

TSX: MDF
www.mediagrif.com

First quarter highlights:

  • Revenues increased 13% to reach $17.7 million.
  • Adjusted EBITDA reached $6.6 million, up 20% compared to $5.5 million (before acquisition costs of $0.2 million in connection with the acquisition of Jobboom).
  • Operating profit of $4.9 million compared to $3.8 million.
  • Profit of $3.1 million ($0.20 per share), compared to $2.9 million ($0.18 per share).
  • Repayment of $3.2 million on the revolving credit facility in the quarter.

Quarterly dividend:

  • Declaration of a quarterly dividend of $0.10 per share payable on October 15, 2014, to shareholders of record on October 1, 2014.

LONGUEUIL, QC, Aug. 5, 2014 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a Canadian leader in information technology, today announced its financial results for the first quarter of fiscal 2015. Unless indicated otherwise, all amounts are in Canadian dollars.

SUMMARY OF CONSOLIDATED RESULTS

 
In thousands of Canadian dollars, except per share amounts.
Unaudited and not reviewed by independent auditors.
     Three months ended
June 30,
    2014
$
2013
$
Revenues     17,731 15,698
Adjusted EBITDA 1     6,619 5,304
Operating profit     4,891 3,839
Profit for the period     3,132 2,919
Earnings per share (basic & diluted)     0.20 0.18
Weighted average number of shares
outstanding (in thousands) - Basic & diluted
    15,817 15,834

_________________
1 See reconciliation of adjusted EBITDA and profit.

The profit analysis takes into consideration the impact of the acquisitions of Jobboom and Réseau Contact completed respectively on June 1, 2013 and November 29, 2013.

FIRST QUARTER ENDED JUNE 30, 2014

For the first quarter of fiscal 2015, revenues increased by $2.0 million when compared to the first quarter of fiscal 2014 to reach $17.7 million.

The increase in revenues was primarily due to the acquisitions of Jobboom & Réseau Contact for a total of $2.6 million, an increase in revenues of InterTrade Systems and higher revenues from the development of software for a total of $0.4 million.

The Jobboom revenues reflect an adjustment made in the fair value of deferred revenues at the date of acquisition, having the effect of reducing revenues by $0.3 million during the first quarter of fiscal 2015.

The increase in revenues in the first quarter of fiscal 2015 was partly offset by a decrease of $0.5 million in MERX and a decrease in certain other subsidiaries for a net amount of $0.5 million. The decrease in MERX is mainly due to the non-renewal of the contractual agreement with Public Works and Government Services Canada "PWGSC", which expired May 31, 2013. Revenues associated with this agreement totaled $0.8 million in the first quarter of fiscal 2014.

Total operating expenses for the first quarter of fiscal 2015, including the cost of revenues, totaled $12.8 million compared to $11.9 million for the first quarter of fiscal 2014. The increase in operating expenses is primarily due to the addition of the activities of Jobboom & Réseau Contact of $1.2 million (including the additional amortization of the acquired intangible assets of $0.5 million) and to an increase in the sales & marketing and technology work forces. These increases were partially offset by a decrease in professional services, lower termination benefits and a decrease in depreciation expense of certain acquired intangible assets.

Adjusted EBITDA totaled $6.6 million or 37.3% of revenues compared to $5.3 million or 33.8% of revenues during the same quarter of fiscal 2014.

Profit reached $3.1 million ($0.20 per share), compared to $2.9 million ($0.18 per share) during the first quarter of fiscal 2014. Profit for the first quarter of fiscal 2015 includes a foreign exchange loss on assets denominated in U.S. dollars of $0.3 million while a foreign exchange gain of $0.4 million was recorded in the first quarter of fiscal year 2014.

CASH FLOWS AND FINANCIAL POSITION

During the first quarter of fiscal 2015, cash flows generated by operating activities reached $4.0 million, compared to $5.8 million in the first quarter of fiscal 2014. The Company used a portion of these funds to repay an amount of $3.2 million on the revolving credit facility.

As at June 30, 2014, the Company had $5.4 million of cash and cash equivalents and $26.2 million available on its revolving credit facility of $60.0 million.

QUARTERLY DIVIDEND

The Board of Directors of Mediagrif declared a quarterly dividend of $0.10 per share payable on October 15, 2014, to shareholders of record on October 1, 2014.

RECONCILIATION OF ADJUSTED EBITDA AND PROFIT

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, foreign exchange gain (loss) and other revenues (loss) as historically calculated by the Company. The Company modified the terminology used to comply with regulatory requirements.

 
In thousands of Canadian dollars
Unaudited and not reviewed by independent auditors
  Three  months ended
June 30,
    2014
$
2013
$
Profit     3,132 2,919
  Income tax expense recognized in profit     1,163 1,120
  Depreciation of property, plant and equipment and amortization of intangible assets     353 247
  Amortization of acquired intangible assets     1,364 1,249
  Amortization of deferred financing costs     48 48
  Amortization of deferred lease inducement     (30) (31)
  Interest on long-term debt and interest income, net amount     315 (369)
  Foreign exchange loss (gain)     274 121
Adjusted EBITDA     6,619 5,304

About Mediagrif Interactive Technologies Inc.

Mediagrif Interactive Technologies Inc. (TSX: MDF) is a Canadian leader in information technology, owner of several recognized web and mobile platforms including Jobboom, LesPAC, Réseau Contact, MERX, InterTrade, Carrus, BidNet and SourceSuite. Mediagrif's e-commerce solutions are used by millions of consumers and businesses in North America and around the world. The Company has offices in Canada, the United States and China. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.

In addition to providing profit measures in accordance with IFRS, the Company shows operating profit and earnings before interest, taxes, depreciation, amortization, foreign exchange gain (loss) and other revenues (expenses) ("Adjusted EBITDA") as supplementary earnings measures. Operating profit and adjusted EBITDA are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those expected by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Unless otherwise indicated, all amounts are in Canadian dollars.

Unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are available on www.mediagrif.com and have been filed with SEDAR at the following address: www.sedar.com

SOURCE Mediagrif Interactive Technologies Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions with...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...