Welcome!

News Feed Item

iLOOKABOUT Corp. Announces Third Quarter Results

LONDON, ON--(Marketwired - November 29, 2016) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") today announced that its unaudited consolidated financial statements for the nine months ended September 30, 2016 and 2015, and the related Management's Discussion and Analysis, are available at www.sedar.com and on the Company's website at www.ilookabout.com.

The Company reported revenue of $2,255,283 for the three months ended September 30, 2016, which was essentially flat as compared to $2,277,269 for the same period in 2015. The Company's revenue in the current quarter included an increase due to the commencement in February 2016 of a services agreement with the Municipal Property Assessment Corporation ("MPAC") with respect to the channel delivery of the Municipal Connect 2.0 platform to MPAC's municipal clients in the Province of Ontario for which corresponding revenue was not recognized in 2015. This increased revenue was offset by (i) a decrease in the Company's consulting services revenue, and (ii) a decrease in initial deliveries with respect to U.S.-based sales contracts in the third quarter of 2016 as compared to the same period in the prior year.

Revenue increased 13% to $6,597,679 for the nine months ended September 30, 2016 compared to $5,853,498 for the same period in 2015. This increase is primarily attributable to (i) commencement in February 2016 of the services agreement with MPAC discussed above with respect to delivery of the Municipal Connect2.0 platform; (ii) increased licensing of third party real property related data and increased sales of derivative reports; and (iii) increased licensing of the Company's Real Property Tax Analytics software and related data analytics reports. This increase in revenue was partially offset by (i) a decrease in U.S.-based revenue due to a combination of the timing of initial deliveries as discussed above, the expiry of several US contracts and custom development work completed in 2015 for which there was not comparable work completed in 2016; and (ii) a decline in revenue from consulting services.

Comprehensive income for the three months ended September 30, 2016 decreased to $121,719, or 65%, as compared to the three months ended September 30, 2015. In September 2015, the Company recorded a reduction in expense of approximately $197,000 in relation to Ontario Interactive Digital Media Tax Credits received for a prior period, whereas similar tax credits have not been received in 2016. This was the primary driver of the decline in comprehensive income in the third quarter of 2016 as compared to the same period in the prior year.

Comprehensive loss decreased 64% to a loss of $285,792 for the nine months ended September 30, 2016 compared to the same period of the prior year. This improvement in results is largely attributable to (i) increases in revenue and gross margin, (ii) a decrease in share-based compensation expense; and (iii) a decrease in the Company's finance costs resulting from the repayment of its secured term credit facility early in 2016. These improvements in results were offset to some extent by the following items: (i) as discussed above, the Company recorded expense reductions in 2015 with respect to Ontario Interactive Digital Media Tax Credits received for a prior period, whereas similar tax credits have not been received in 2016; (ii) increased human resource related costs within technology expense due to the addition of resources to support development of the Company's product offerings; (iii) changes in foreign exchange gains and losses attributable to fluctuating U.S. foreign exchange rates and U.S. dollar denominated items; and (iv) increased professional fees to support certain sales initiatives.

Adjusted EBITDA, calculated by the Company as comprehensive income (loss) before interest, tax, depreciation, amortization and share based compensation expense, for the three months ended September 30, 2016 and 2015 decreased to $305,697 from $562,481, respectively. For the nine months ended September 30, 2016 and 2015, Adjusted EBITDA increased to $274,951 from $91,201 respectively.

The Company also reported that, subsequent to September 30, 2016 the Company closed a non-brokered private placement of 1,000,000 Units. Each Unit consisted of one common share of the Company and one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company for a period of five years from the date of issuance at an exercise price of $0.40. The subscription price of each Unit was $0.21, for aggregate gross proceeds of $210,000. Net proceeds will be used to help fund the Company's working capital requirements. All of the Units were subscribed for by the Chief Executive Officer of the Company and his spouse.

About iLOOKABOUT

iLOOKABOUT is a software, data analytics and visual intelligence company focused on real property. The Company primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's proprietary StreetScape imagery and web-based geographic information system ("GIS") application, GeoViewPort™, unifies property related data and enables Desktop Review of properties. iLOOKABOUT has integrated powerful data analytics and workflow management applications into GeoViewPort which create highly valued service offerings for its clients. These offerings include Real Property Tax Analytics ("RPTA") and Realty Tax Management ("RTM"). To augment its technology based offerings, the Company provides real estate consulting services, with a focus on the Property Tax and Valuation sectors.

Headquartered in London, Ontario, Canada, iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
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. ...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
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, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...