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
SYS-CON Events announced today that CA Technologies has been named “Platinum 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, 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. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
SYS-CON Events announced today that Cloud Academy 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. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Addteq will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products an...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, 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. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...