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
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that EARP Integration 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. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
SYS-CON Events announced today that Loom Systems 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. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., 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. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search and...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze 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. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
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...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze 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. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
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...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that T-Mobile 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. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that WineSOFT 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. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...