TORONTO, May 15, 2017 /CNW/ - Posera Ltd. (TSX : PAY) ("POSERA" or the "Company"), a leading provider of software and payment solutions for the hospitality industry, today announced its financial results for the three-months ended March 31st, 2017.
During the three-months ended March 31, 2017, Posera recognized $3,947,807 in total revenues(1), a decrease of $467,066 or 10.6% and an increase of $68,668 or 1.8% when compared to the three-months ended March 31, 2016 and December 31, 2016 respectively.
Posera experienced a normalized EBITDA loss(2) for the three-months ended March 31, 2017 of $1,166,382, an increase in the loss of $620,185 (113.5%) and a decrease in the loss of $241,195 (17.1%), for the three-months ended March 31, 2016 and December 31, 2016 respectively. The increase in the loss between the first quarter comparable periods is due to the decrease in sales revenue and gross profit generated by the Company. Additionally, operating expenses were higher between the comparable periods when normalizing for restructuring expenditures, but the balance of this increase was non-cash in nature through the expensing of stock-based compensation.
During the three-months ended March 31, 2017, Posera recognized a net loss(2) of $1,797,233, an increase in the loss of $248,109 (16.0%) from a loss of $1,549,124 for the three-months ended March 31, 2016, and a decrease in the loss of $489,591 (21.3%) from a loss of $2,283,824 for the three-months ended December 31, 2016.
The Company will hold a conference call on Tuesday, May 16th, 2017 to discuss the financial results for the year and three-months ended March 31, 2017, at 1:00 PM Eastern Standard Time hosted by Loudon Owen, Executive Chair, Dan Poirier, Chief Executive Office and Kevin Mills, Chief Financial Officer. A question and answer session will follow the corporate update.
CONFERENCE CALL DETAILS
Date: Tuesday, May 16th, 2017
Time: 1:00 PM Eastern Standard Time
Participant Dial-in Numbers:
Local – Toronto (+1) 647-427-7450
Toll Free - North America (+1) 888-231-8191
Conference ID: 23248593
(1) Amount presented applies the retrospective presentation for discontinued operations for the Zomaron transaction as discussed in this MD&A on Page #3-4 of the Company's Management Discussion and Analysis for the year and three-months ended March 31, 2017.
(2) Presentation of these amounts include the results from discontinued operations as discussed on Page #3-4 of the Company's Management Discussion and Analysis for the year and three-months ended March 31, 2017.
Posera has been a leading provider of hospitality technology for more than 30 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.
Posera's full service solutions include SecureTablePay, which is an EMV compliant Pay-At-The-Table ("PATT") application. Posera's MaitreD'™ and FingerPrints™ restaurant management systems offer a robust and comprehensive solution including hardware integration services, merchant staff training, system installation services, post-sale software and hardware customer support. Posera's solutions are deployed globally including across the full spectrum of restaurants, from large chains and independent table service restaurants to international quick service chains and its products have been translated into eight languages.
Posera Ltd.'s shares are traded on the Toronto Stock Exchange under the symbol "PAY".
More information about Posera can be found on the Company's website at www.posera.com or under the Company's profile on SEDAR at www.sedar.com.
This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Posera's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Annual Information Form to be filed on March 31st 2017 with the regulatory authorities. Posera assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless required by law.
SOURCE Posera Ltd.
For further information: Kevin Mills, Chief Financial Officer, 1.519.434.8017, email@example.com, www.posera.com