First quarter highlights:
- Revenues up 25% or $3.2 million to $15.8 million.
- EBITDA of $6.1 million, up 53% compared to $4.0 million.
- Solid contribution from LesPAC during the quarter.
- Net earnings of $3.6 million ($0.26 per share), compared to $2.2 million ($0.16 per share).
- Repayment of $2.0 million (including $1.0 million in advance) on the term loan.
- Board of Directors declared a quarterly dividend of $0.09 per share payable on October 15, 2012 to shareholders of record at the close of markets on October 1, 2012.
LONGUEUIL, QC, Aug. 7, 2012 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce solutions, today announced its financial results for the first quarter of fiscal 2013 ended June 30, 2012. Unless indicated otherwise, all amounts are in Canadian dollars.
SUMMARY OF CONSOLIDATED RESULTS
| Three months ended
| (in thousands of Canadian dollars, except for
numbers related to shares - unaudited)
|Earnings per share|
||- Basic & Diluted||0.26||0.16|
|Weighted average number of share outstanding (in thousands)|
The earnings analysis summary takes into consideration the impact of the acquisition of LesPAC completed on November 14, 2011.
FIRST QUARTER RESULTS
For the first quarter of fiscal 2013, revenues reached $15.8 million, an increase of $3.2 million when compared to the first quarter of fiscal 2012 revenues of $12.6 million.
The increase is mainly due to the revenues of LesPAC which amounted to $3.6 million in the first quarter of fiscal 2013, partly offset by a reduction in revenues, in original currencies, due to certain subsidiaries, amounting to $0.3 million. Moreover, the changes in the value of the Canadian dollar compared to the US dollar, combined with hedge coverage in place, generated a negative impact on revenues of $0.1 million during the quarter ended June 30, 2012.
Total operating expenses for the first quarter of fiscal 2013 reached $11.0 million compared to $9.4 million for the corresponding quarter of fiscal 2012. The increase in operating expenses is mainly due to the addition of LesPAC related operating expenses of $2.0 million while operating expenses of the other subsidiaries decreased by a net amount $0.4 million as a result of lower salaries and professional fees as well as additional tax credits.
EBITDA totalled $6.1 million or 38.7% of revenues compared to $4.0 million or 31.6% of revenues during the first quarter of fiscal 2012.
Net earnings reached $3.6 million ($0.26 per share) during the first quarter of fiscal 2013, compared to $2.2 million ($0.16 per share) in the corresponding quarter of 2012.
CASH FLOW AND FINANCIAL POSITION
During the first quarter of fiscal 2013, operating activities generated $2.3 million of cash flow compared to $0.1 million for the corresponding period of 2012.
The Company used a portion of these funds and a portion of its cash and cash equivalents to repay an amount of $2.0 million on the term loan during the first quarter of fiscal 2013.
As at June 30, 2012, a total of $8.0 million (including an amount of $6.0 million in advance) had been reimbursed on the $40.0 million term loan that was put in place to fund the acquisition of LesPAC.
At that same date, the Company had $4.8 million of cash and cash equivalents and $15.5 million available on its revolving credit facility of $20.0 million.
The Board of Directors of Mediagrif approved and declared a quarterly dividend of $0.09 per share payable on October 15, 2012, to shareholders of record at the close of markets on October 1, 2012.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. The Company provides e-commerce solutions in the fields of electronic components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine & spirits, diamonds and jewelry, classified ads, supply chain collaboration and government opportunities. Mediagrif has its headquarters in Longueuil and has offices in North America and Asia. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.
In addition to providing an earnings measure in accordance with IFRS, the Company shows operating profit and earnings before interest, taxes, depreciation and amortization ("EBITDA") as supplementary earnings measures. The Company sometimes refers to the free cash flow measure in its documents. Free cash flow is defined as cash flows from operating activities less the acquisition of fixed assets and intangible assets presented in investing activities and less dividends paid that are presented in financing activities. Operating profit, EBITDA and free cash flow 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 contemplated 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.
SOURCE: MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.
For further information:
Mediagrif InteractiveTechnologies Inc.
President and Chief Executive Officer
Tel.: 450-449-0102 ext. 2004
Toll Free: 1 877 677-9088 ext. 2004
Email: [email protected]
Chief Financial Officer
Tel.: 450-449-0102, ext: 2135
Toll Free: 1 877 677-9088 ext. 2135
Email: [email protected]