Canada NewsWire
VANCOUVER, Aug. 9, 2016
VANCOUVER, Aug. 9, 2016 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces financial results for the three and six months ended on June 30, 2016.
The Company is pleased to report Q2 non-IFRS revenues of $15.9 million (IFRS - $21.0 million), a 218% increase over Q2 2015 non-IFRS revenue of $5.0 million (IFRS $5.0 million). The Company's non-IFRS adjusted EBITDA was positive $5.0 million in the quarter compared to a loss of $1.8 million in 2015. Non-IFRS earth observation imagery revenue increased by approximately 130% from Q1 of fiscal 2016, growing from $1.3 million to $3.1 million. Non-IFRS engineering and value added services revenue also increased at the same rate from Q1 of fiscal 2016, growing from $5.5 million to $12.8 million. At June 30, 2016, the Company had total cash balances of $31.4 million and working capital of $28.4 million.
This continued significant year over year growth allows us to reaffirm our full year 2016 guidance to achieve non-IFRS revenue between $55 million and $60 million (representing an IFRS revenue range of $78 million to $83 million) and non-IFRS adjusted EBITDA guidance between $4.2 million and $6.2 million in fiscal 2016.
"Our financial results are beginning to reflect both the strong revenue momentum and significant operating leverage in our business," explained Wade Larson, CEO and co-founder. "We continue to see a strong expansion of our sales pipeline for our current business as well as significant progress toward realizing our goals for UrtheDaily and OptiSAR."
Business Highlights
UrtheDaily Update
OptiSAR Progress
UrthePlatform Update
SELECTED FINANCIAL INFORMATION
The following table provides selected financial information of the Company, which was derived from, and should be read in conjunction with, the unaudited consolidated financial statements for the three and six months ended June 30, 2016.
| Three Months ended June 30, | Six Months ended June 30, | ||||||
| | 2016 | | 2015 | | 2016 | | 2015 |
Revenue | $ | 20,973 | $ | 4,975 | $ | 33,125 | $ | 8,233 |
Other operating income | | 695 | | 1,385 | | 695 | | 4,065 |
| | 21,668 | | 6,360 | | 33,820 | | 12,298 |
Operating costs | | | | | | | | |
Direct costs, selling, general and | | 13,915 | | 4,992 | | 29,042 | | 8,116 |
Research expenditures | | 1,493 | | 3,172 | | 3,229 | | 5,102 |
Depreciation and amortization | | 6,392 | | 102 | | 12,956 | | 165 |
Share-based payments | | 565 | | 647 | | 1,123 | | 1,351 |
| | 22,365 | | 8,913 | | 46,350 | | 14,734 |
Operating loss | | (697) | | (2,553) | | (12,530) | | (2,436) |
Acquisition costs | | - | | (3,030) | | - | | (3,030) |
Net finance costs | | (580) | | (59) | | (1,101) | | (129) |
Foreign exchange (loss) gain | | (210) | | (34) | | (402) | | 169 |
Loss before income taxes | | (1,487) | | (5,676) | | (14,033) | | (5,426) |
Income tax recovery | | 1,210 | | - | | 2,656 | | - |
Net loss | | (277) | | (5,676) | | (11,377) | | (5,426) |
Other comprehensive (loss) income | | (1,498) | | (16) Werbung Mehr Nachrichten zur Urthecast Aktie kostenlos abonnieren
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