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29.11.2019 22:30
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Novra Announces Third Quarter 2019 Financial Results
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Canada NewsWire
WINNIPEG, Nov. 29, 2019
WINNIPEG, Nov. 29, 2019 /CNW/ - Novra Technologies Inc. ("Novra") (TSX-V: NVI) today announced its financial results for the third quarter and nine months ended September 30, 2019. All amounts are in Canadian dollars unless otherwise noted.
Third Quarter 2019 Consolidated Financial Results
The following financial summary shows results for the three and nine months ended September 30, 2019.
| | | | | ||||||
| (in thousands, except for Gross Margin and % Chg) | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||
| | 2019 | 2018 | % Chg | | 2019 | 2018 | % Chg | ||
| Revenue by type: | | | | | | | | ||
| Products | 2,306 | $ | 2,908 | -21% | | 5,973 | $ | 5,494 | 9% |
| Services | 710 | 650 | 9% | | 1,966 | 1,730 | 14% | ||
| Total revenue | 3,016 | 3,558 | -15% | | 7,939 | 7,224 | 10% | ||
| | | | | | | | | ||
| Gross profit | 1,849 | 2,087 | -11% | | 4,077 | 3,725 | 9% | ||
| Gross margin | 61.3% | 58.7% | | | 51.4% | 51.6% | | ||
| Operating expenses | 1,374 | 1,527 | -10% | | 4,617 | 4,808 | -4% | ||
| | | | | | | | | ||
| Operating income (loss) | 475 | 560 | -15% | | (540) | (1,083) | -50% | ||
| Other income (expenses) | 18 | (93) | NM | | (302) | (5) | NM | ||
| Net income (loss) as reported under IFRS | 493 | $ | 467 | 5% | | (842) | $ | (1,088) | -23% |
| | | | | | | | | ||
| Adjusted EBITDA - non-IFRS measure (2) | 796 | $ | 862 | -8% | | 572 | $ | (328) | 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. |
Our first 9 months of 2019 marked a significant improvement as our revenue was up 10% to $7.9 million (2018: $7.2 million) and our adjusted EBITDA, a non-IFRS measure, increased to $572 thousand (2018: loss of $328 thousand), an improvement of $900 thousand. Removing the effect of IFRS 16 implementation in 2019, which changed the accounting for leases, adjusted EBITDA would have improved $356 thousand compared to the first nine months of 2018.
Revenue for this quarter was $3.0 million (2018: $3.55 million), however net income improved to $493 thousand for the quarter (2019: $467 thousand) and our adjusted EBITDA was $796 thousand (2018: $862 thousand).
In the third quarter we began to realize significant reductions in operating expenses for administration and for research and development, as a result of actions taken so far this year. For the nine-month period, general and administrative operating costs were $248 thousand lower than the comparable period in 2018. Additional efficiencies are expected to be implemented in late Q4 to take effect in Q1 2020. We expect a 10% reduction in overall operating expenditures in 2020 compared to 2019 as we complete our integration of Novra Group's three operating companies.
"We saw higher sales for the first 9 months of 2019 with improvement in both our net income and adjusted EBITDA because of the focused work we are doing to reach new customers, expand the networks of current customers, cut costs and provide world-class leading-edge products. Novra has significantly evolved into a strong scalable global company in the growing multimedia broadband content distribution business. We continue to execute on our stated corporate vision to invest in the development of world-class leading-edge products needed in our current and new markets and to capitalize on market opportunities which will be created over the next couple of years by the roll-out of 5G and ATSC 3.0 services. We offer our customers products, services and expertise that enable them to enthusiastically embrace the opportunities new technologies create!" stated Harris Liontas, President and CEO.
A copy of the MD&A and Consolidated Financial Statements for the quarter ended September 30, 2019, are available on SEDAR (www.sedar.com). See these for details of Novra's results and outlook.
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