Canada NewsWire
WINNIPEG, Aug. 29, 2018
WINNIPEG, Aug. 29, 2018 /CNW/ - Novra Technologies Inc. ("Novra") (TSX-V: NVI) today announced its consolidated financial results for the second quarter and six months ended June 30, 2018. All amounts are in Canadian dollars unless otherwise noted.
The results below represent the first six months of operations that include Wegener Communications ("Wegener"), after acquiring a 51.6% controlling interest in Wegener at the end of 2017. The significant variances in our financial highlights from those in 2017 were primarily driven by the inclusion of Wegener's operating results and the lumpy nature of our products revenue.
Second Quarter 2018 Financial Results
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(in thousands, except for Gross margin and % Chg) | Quarter ended June 30, | | Six Months Ended June 30, | |||||||||||||
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| | | 2018 | | 2017 | % Chg | | 2018 | | 2017 | % Chg | |||||
Revenue by type: | | | | | | | | | | | | |||||
| Products | | | $ | 1,081 | | $ | 2,959 | -63% | | $ | 2,593 | | $ | 5,132 | -49% |
| Services | | | 513 | | 302 | 70% | | 1,073 | | 552 | 94% | ||||
Total revenue | | | 1,594 | | 3,261 | -51% | | 3,666 | | 5,684 | -36% | |||||
| | | | | | | | | | | | |||||
Gross profit | | | 758 | | 1,810 | -58% | | 1,638 | | 2,940 | -44% | |||||
Gross margin | | | 47.6% | | 55.5% | | | 44.7% | | 51.7% | | |||||
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Operating expenses (1) | | 1,582 | | 1,074 | 47% | | 3,281 | | 2,027 | 62% | ||||||
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Operating income (loss) (1) | | (824) | | 736 | NM | | (1,643) | | 913 | NM | ||||||
Other income (expenses) (1) | | 32 | | (96) | | | 89 | | (31) | | ||||||
Net income (loss) as reported under IFRS | $ | (792) | | $ | 640 | NM | | $ | (1,554) | | $ | 882 | NM | |||
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Adjusted EBITDA - non-IFRS measure | $ | (592) | | $ | 851 | NM | | $ | (1,178) | | $ | 1,114 | NM |
NM – | Not meaningful |
(1) | Amounts in the table may not reconcile due to rounding differences. |
(2) | Refer to the Management's Discussion & Analysis ("MD&A") for a reconciliation of Adjusted EBITDA to Net income (loss) as reported under IFRS. |
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